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AXA, Europe's second biggest insurer, undershot expectations with its 2007 profit rise, knocking its shares lower, but said it expected further growth in 2008 despite a tough business environment.
European earnings failed to drive broader European markets higher, as disappointing numbers from bigger names and cautious guidance mostly pushed shares in reporting companies lower.
In a live on-set interview during today's Closing Bell on CNBC, MBIA's new CEO Jay Brown told us he's "comfortable" going up against Warren Buffett's new bond insurance company, although he acknowledges that Berkshire Hathaway can be "tough" competition. In response to a question about Buffett "going after" his business, Brown suggested Buffett might not be in it for the long haul.
Cramer makes the call on viewers' favorite stocks.
Insurer UnitedHealth Group won U.S. antitrust approval on Monday to buy Sierra Health Services, despite criticism of the deal.
QBE Insurance Group, Australia's top insurer by premium income, missed market estimates with a 30 percent rise in full-year profit because of negative currency movements, sending its shares down more than 13 percent.
A federal jury has found five former insurance company executives guilty of a scheme to manipulate the financial statements of the world's largest insurance company.
Four former executives of Berkshire Hathaway's General Re have just been found guilty in a closely watched criminal fraud trial that could have brought Warren Buffett to the witness stand. A former executive of American International Group was also convicted by the jury, following a one-month federal court trial in Hartford, Connecticut.
Munich Re is aiming to achieve net profit of up to 3.4 billion euros ($5 billion) in 2008 despite its expectations of a tough year for financial markets, it said on Monday.
Warren Buffett's new bond insurance company has backed more than 100 municipal bonds in the past two days, according to Reuters, which calls it a "development that shows just how fast the new unit is growing in a field where rivals are struggling."
Bond insurer MBIA said Tuesday that former Chairman and CEO Joseph "Jay" Brown was returning to replace current CEO Gary Dunton as the company, beset by mortgage-related losses, scrambles to maintain a top credit rating.
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Troubled bond insurer Ambac Financial Group said it has rejected extra guarantees on municipal bonds offered by billionaire investor Warren Buffett -- and it may not be the first to have done so.
This morning on CNBC's Squawk Box, Warren Buffett publicly revealed for the first time that he has offered to reinsure $800 billion in municipal bonds now covered by the troubled insurers MBIA, Ambac and FGIC. Here is a video and transcript of the second part of this morning's live phone conversation, which also includes Buffett's comment that stocks are in the "general range of fair value" right now.
This morning on CNBC's Squawk Box, Warren Buffett publicly revealed for the first time that he has offered to reinsure $800 billion in municipal bonds now covered by the troubled insurers MBIA, Ambac and FGIC. That would effectively give those bonds a AAA credit rating. So far, he says one insurer has turned him down and he hasn't heard from the other two. Here is a transcript of the first part of this morning's live phone conversation.
Warren Buffett tells Fox Business that Berkshire Hathaway won't be investing in any troubled bond insurer, including Ambac and MBIA
Warren Buffett tells CNBC this morning that he has a plan to help the troubled bond insurance situation, but so far it's not getting a very warm reception.In a live telephone call to Squawk Box just a few minutes ago, Buffett offered to reinsure $800 billion in municipal bonds now insured by Ambac, MBIA and FGIC, effectively giving them a AAA credit rating. Those insurers are in danger of losing their AAA credit ratings due to problems with subprime mortgages and other loans.Buffett tells us he sent that offer to the bond insurers last week, and that he's giving them 30 days to find a better deal. Buffett says one bond insurer turned him down, and he hasn't yet heard from the other two.
Banks are a good long-term investment, but in the short and probably medium term fears of further writedowns will still send shockwaves through the market, analysts said on Tuesday.
Marsh & McLennan Tuesday said quarterly net income fell 62 percent, short of Wall Street expectations, as it digested higher costs and hefty restructuring charges.
The disclosure that losses from risky debt may be billions of dollars more than previously reported could eventually put CEO Martin Sullivan's job in jeopardy, people within the company told CNBC.
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