American International Group Inc. said today director Harvey Golub will become Monday its non-executive chairman, replacing retiring Chairman Edward M. Liddy. Golub, 70, was elected to the AIG board in May 2009.
Standard & Poor's Rating Services today downgraded The Phoenix Cos. Inc., a day after the insurer reported a huge second-quarter loss.
A sudden and dramatic pullback in lending by banks in developed countries threatens to stall the global economic recovery, according to a report out today by Hennessee Group LLC in New York.
The Financial Industry Regulatory Authority Inc. has slapped Ameritas Investment Corp. with a fine after one of its brokers encouraged clients to buy unsuitable variable universal life insurance policies to help pay for college costs and retirement.
Although the biggest equity gains continue to come from markets outside the United States, some analysts wonder how long the winning streak can continue for funds that are fueled by emerging markets.
Goldman Sachs Group Inc., one of the banking industry's top performers, said today that government agencies have asked about its compensation practices and use of credit derivatives.
The Ohio Department of Insurance is examining storied insurance firm Barry Kaye Associates Inc. after a civil suit on a failed life settlements transaction accused the firm of fraud and negligence.
Conseco Inc. reaped a second-quarter profit of $27.6 million, or 15 cents a share, marking its second consecutive quarter in the black.
The New York-based insurance broker and consulting firm said it lost $193 million, or 37 cents per share. It earned $65 million, or 12 cents per share, during the same quarter last year.
AIG Investments, the asset management arm of American International Group Inc., is close to being sold to a group that includes private equity firm Crestview Partners for $300 million to $400 million, Reuters reported today, citing a source.
Although improving financial markets have helped lift some life insurance carriers, the firms still have a ways to go before they recover fully, according to a report from Moody's Investors Service.
Bank holding companies raked in $3.03 billion in insurance brokerage fee income during the first quarter, down from $3.21 billion a year earlier, according to a report.
Assets of money market mutual funds declined by $215 billion, or 6%, in the second quarter, according to Crane Data LLC, a Westborough, Mass.-based research firm.
Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported today.
Massachusetts regulators sent subpoenas to four brokerage firms on Friday asking about their sales practices relating to inverse and leveraged exchange traded funds weeks after Edward D. Jones, Ameriprise, LPL and UBS restricting the sale of the products or stopped selling them altogether.
Mutual fund assets are on the rise and as a result, investor fees may not go up as much as analysts had expected, according to Chicago-based Morningstar Inc.
Even as Americans suffer rising unemployment, foreclosure rates in three states hit hardest by the housing bust — California, Arizona and Florida — stabilized in June, offering hope that the worst of the real estate crisis is over, according to The Associated Press' monthly analysis of economic stress in more than 3,100 U.S. counties.
MetLife Inc. ended the second quarter in the red, reporting a net loss of $1.4 billion, or $1.74 per share.
Annuities will continue to take a back seat to other insurance and wealth management products at Genworth Financial, according to the insurer's finance chief.
Investors are flocking to emerging markets with the anticipation of hefty returns, though analysts doubt that the performance will last.
