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American International Group Chairman Robert Willumstad said Wednesday the global insurance giant's directors stand behind Chief Executive Martin Sullivan, fending off concerns raised by investors frustrated by two quarters of record losses.
I like to think I have a nose for news. And, some might say, too much of a penchant for puns and alliteration. Impotence drug profits won't be going up big pharma's nose. The tiny New Jersey-based biotech company Palatin Technologies says it's giving up on its experimental nasal spray for erectile dysfunction.
Warren Buffett's new bond insurer has seen its business "skyrocket" since opening for business just five months ago. In a big-picture piece summarizing first quarter results, Dow Jones Newswires compares the early numbers from Berkshire Hathaway Assurance Corp. to the established, and struggling, bond insurers.
Maurice "Hank" Greenberg, former chief executive of American International Group, has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board.
New York Insurance Superintendent Eric Dinallo said it may make sense to discuss regulating certain segments of the credit derivatives market as if they were insurance products.
MBIA, the world's largest bond insurer, posted a quarterly loss of $2.4 billion on Monday as it took charges on billions of dollars of exposure to bonds linked to subprime mortgages.
Martin Sullivan is so bad that the stock could jump 20% if he's canned, Cramer says.
Occasionally -- when the bosses will let me -- I take a day to network, learn and maybe pick up a story idea by attending a biotech or healthcare investment conference. Many firms put on the events for their clients and they often invite reporters to hang out. ... The PR guy told me a couple of sessions during the day would be "closed" to me. It wasn't clear what the closed sessions were all about, and so my curiousity was piqued...
American International Group reported a larger-than-expected quarterly loss, and the company's shares fell sharply in late trading.
Chief executives from around Europe discussed their companies' earnings, opportunities and the challenges they face in 2008 with CNBC Europe Wednesday.
Germany's Adidas was the highest flyer among European companies reporting earnings Tuesday, with shares surging 5.7 percent higher.
Swiss bank UBS will cut almost 7 percent of its workforce and said it has a preliminary deal with BlackRock to sell a $15 billion portfolio of subprime mortgages.
Wish you bought into Warren Buffett's Berkshire Hathaway before it was $130,000 per share? James Altucher, managing director at Formula Capital, told CNBC about three stocks that just may be "the next Berkshires." If he's right, investors will want to buy'em while they're low.
First-quarter net profit at Swiss Re dropped by half, a bigger fall than expected, and the world's biggest reinsurer announced fresh credit writedowns of 819 million Swiss francs ($776.3 million).
First-quarter premium income from continuing operations at Swiss Life dropped 3 percent to 6.6 billion Swiss francs ($6.26 billion), but the life insurer saw no reason to revise its targets.
Private equity firm Texas Pacific Group is considering a bid for Royal Bank of Scotland's 8 billion pound ($15.9 billion) insurance arm, the Daily Telegraph said on Friday.
MetLife,the largest life insurer in he United States by assets, said on Thursday first-quarter net income fell 37 percent, hurt by investment losses.
I didn't post yesterday because I was in Philadelphia shooting a story for an upcoming episode of "The Business of Innovation" on CNBC. It's a piece about big pharma and we went to Philly to interview the still very busy former CEO of Merck (two CEOs ago), Dr. Roy Vagelos.
Europe's biggest insurer Allianz unveiled writedowns from the global financial crisis of 900 million euros ($1.4 billion) in the first quarter and said the turmoil could endanger its medium-term goals.
Insurer and takeover target Insurance Australia Group said on Monday it has lowered its insurance margin forecast for fiscal 2008 to 6-8 percent due to storm costs and widening credit spreads.
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