Swiss Reinsurance Co. Ltd. today introduced a $75 million catastrophe bond, covering extreme mortality risks.
Life insurers are concerned that legislation the House Financial Services Committee is likely to approve after Thanksgiving will increase costs substantially for the 28 carriers that have assets of more than $50 billion.
Insurers with at least $10 billion in assets would be required to pay into a federal fund to cover the costs of resolving failures at financial services companies under legislation to be taken up next week by the House Financial Services Committee.
When cold calling chilled prospective clients, insurance agent Eric S. Klarman brought his business outside — to subway stations and on the streets of New York.
The House Financial Services Committee this morning unanimously approved legislation that would create a federal insurance office within the Treasury Department. The legislation is part of a broad financial services regulatory reform package that is scheduled to be voted on next week by the full House of Representatives.
Even as long-term care costs skyrocket, many Americans have unrealistic plans for how they expect to pay for those services, according to a new survey from the LIFE Foundation.
California Insurance Commissioner Steve Poizner today kicked off an investigation into whether insurers based there have investments in Iran or its agents.
Already under pressure from credit rating agencies, U.S. life insurers are about to be rocked again — by defaults on their investments in commercial real estate and mortgages, according to a report from Fitch Ratings Ltd.
Earlier today, Robert Benmosche, CEO of AIG, sent a memo to employees at the insurance company addressing speculation about his potential departure. The text of his memo is below:
State insurance regulators yesterday voted in favor of using a new method to evaluate residential mortgage-backed securities that would allow them to reduce the capital requirements related to these investments.
Swiss Reinsurance Co. Ltd. today issued a $150 million natural-catastrophe bond using the capital markets to protect itself from natural disasters.
Annuities coupled with long-term-care benefits could make a splash next year if the IRS and insurers can hammer out a tax kink that threatens to dull the appeal of the new hybrid.
MBIA Insurance Corp. will reinsure a $184 billion portfolio of bonds previously backed by the troubled Financial Guaranty Insurance Co.
John Brown told Bloomberg that the insurer would either divide its guarantee business into two entities or raise capital.
Financial Guaranty Insurance Co. wants to split itself into two companies.
FundQuest has added Fidelity Investments Life Insurance Co.'s Personal Retirement Annuity to its platform, marking the first time that the Fidelity variable annuity will be available to fee-based advisers through a managed-account provider.
A Wells Fargo Securities analyst today speculated that Prudential Financial Inc. may target ING's U.S. retirement business as an acquisition.
Sales of fixed annuities fell during the third quarter to $21.9 billion, reflecting a decline of 21% from the year-ago period, according to data from Beacon Research.
American International Group Inc. today said it would sell its Hong Kong consumer finance unit to the China Construction Bank Asia Corp. Ltd.
Life insurance agents' advocacy groups teamed up on Friday to ask Connecticut Senate Banking Committee Chairman Christopher Dodd, D-Conn., to reconsider a legislative provision that would require life agents to become registered investment advisers.
