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WaMu and Marsh leaders out the door
Washington Mutual board chairman Kerry Killinger and Marsh & McLennan CFO and VP Matthew B. Bartley will leave their jobs.
Age not automatic criterium for class actions
Plaintiff’s attorneys are going to have a tougher time seeking class action status in alleging the improper sale of an annuity.
New annuity-wrapped managed account sparks interest, confusion
The first income guarantee wrap-per around a managed-account portfolio hasn't even been sold yet, but its mere existence has sparked growing interest in retirement income products within the managed-accounts industry.
MassMutual to buy First Mercantile
MassMutual announced that it had completed its purchase of First Mercantile Trust Co. from SunTrust Banks Inc. of Atlanta.
Fixed-annuity sales up 35%
Estimated sales of fixed annuities were $18.1 billion in the first quarter, a 35% increase from the level a year earlier.
Retirement income products just can’t get adviser love
Like Goldilocks, financial advisers can't seem to find many new retirement income products that are "just right."
Brokers face insurance kickback investigation
A group of single-premium annuity pension plan brokers who allegedly took kickbacks from insurance carriers is under investigation by the state of Connecticut and may face steep penalties, according to Attorney General Richard Blumenthal.
Hartford rejiggers life insurance operations
The Hartford Financial Services has divided its life insurance operations into four market groups.
Symetra Life offers income annuity
This deferred payout annuity allows clients to buy a stream of guaranteed income for a minimum of $10,000.
Florida pension fund sues AIG
A Florida pension fund yesterday filed suit against AIG and four executives of making misleading statements about the company’s finances.
Ex-AIG chief may face civil charges
A Wells notice was sent to Maurice Greenberg, former chief executive of AIG, last Friday, The Wall Street Journal reported.
Report: AIG to raise $20 billion
American International Group Inc.’s will raise $20 billion to guard against further write-downs, according to published reports.
Health care is part of wealth care
What would be the financial consequence if one of your clients lost his or her physical and/or mental independence?
Mutual of Omaha to pay $1.5M in kickback case
The insurer settled with the Connecticut Attorney General’s Office following an investigation into its practices.
Iowa cracks down on Stoli policies
Chet Culver, Iowa’s governor, has signed a law to discourage stranger-originated-life-insurance practices.
AIG invests in Brazilian agriculture
AIG Investments has announced an $65 million investment in Calyx Agro Ltd., making its foray into Brazilian agriculture.
AIG should delay meeting, ex-CEO says
"The shareholders need to absorb the significance of the company’s first-quarter losses,” said ex-chief Hank Greenberg.
Bank-owned life insurance at record levels
Bank-owned life insurance hit $120.4 billion in assets in 2007, up 15.9% from the previous year, according to Michael White Associates LLC.
Insurance carriers gear up for VA product season
As the weather heats up in May, so does the competition among insurance carriers that are releasing new features for their variable annuities.
Report: AIG unit mulls split
One of American International Group Inc.’s units is considering splitting from the insurer, The Wall Street Journal reported.
