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Insurance Reinsurance

  • Feb 25- Warren Buffett on Saturday mounted a forceful and upbeat defense of the prospects for American business, as his Berkshire Hathaway Inc reported a higher quarterly profit though operating income fell. For the fourth quarter, Berkshire's net income rose to $6.29 billion, or $3,823 per Class A share, from $5.48 billion, or $3,333 per share, a year earlier,...

  • Feb 25- Warren Buffett on Saturday mounted a forceful and upbeat defense of the prospects for American business, as his Berkshire Hathaway Inc reported a higher quarterly profit though operating income fell. For the fourth quarter, Berkshire's net income rose to $6.29 billion, or $3,823 per Class A share, from $5.48 billion, or $3,333 per share, a year earlier,...

  • Feb 24- Fannie Mae said on Friday it secured commitments for a second transaction under which the U.S. mortgage finance agency will transfer some credit risk to reinsurers on $15 billion worth of single-family home loans it plans to buy from lenders. The Washington- based company said it will retain risk for the first 50 basis points of loss on the pool of loans...

  • PEMBROKE, Bermuda _ Third Point Reinsurance Ltd. on Thursday reported a fourth-quarter loss of $46.7 million, after reporting a profit in the same period a year earlier. Third Point Reinsurance shares have climbed 5 percent since the beginning of the year. Keywords: Third Point Reinsurance, Earnings Report.

  • District Judge Kevin Castel in Manhattan to forfeit $19.04 million and serve three years of supervised release. The sentencings came after Jason Galanis, a former Los Angeles investment banker once dubbed "Porn's New King," was sentenced to 135 months in prison by Castel on Wednesday. David Touger, a lawyer for John Galanis, said: "The court came to a very just and...

  • District Judge Kevin Castel in Manhattan to forfeit $19.04 million, after pleading guilty last summer to securities fraud and conspiracy charges. Both sentencings came after Jason Galanis, a former Los Angeles investment banker once dubbed "Porn's New King," was sentenced to 135 months in prison by Castel on Wednesday. David Touger, a lawyer for John Galanis,...

  • Feb 15- A former Los Angeles investment banker was sentenced to more than 11 years in prison by a federal judge on Wednesday for his role in a stock manipulation scheme, resolving one of two criminal cases facing the man once dubbed "Porn's New King." Jason Galanis, 46, admitted last year to securities fraud, investment adviser fraud and two conspiracy charges in...

  • SAO PAULO, Feb 15- Regardless of whether Banco do Brasil SA misses quarterly profit estimates on Thursday, Chief Executive Officer Paulo Caffarelli has won the trust of investors betting he will be able to restore the earnings power of Brazil's No. 1 bank by assets. Shares in Banco do Brasil have risen 93 percent since the federal government put Caffarelli in...

  • SAO PAULO, Feb 13- State-controlled insurance holding company BB Seguridade Participações SA on Monday forecast slower profit growth this year, reflecting the impact of Brazil's harshest recession ever and a rapid decline in interest rates. The outlook reflects Chief Executive Officer Jose Mauricio Coelho's challenge of increasing BB Seguridade's...

  • Feb 10- Maurice "Hank" Greenberg, the former American International Group Inc chief executive, has reached a settlement that ends his 12- year battle with the New York attorney general's office, which accused him of orchestrating sham transactions at the insurer. Greenberg has finally admitted to his role in these fraudulent transactions, " New York Attorney...

  • Feb 10- Former American International Group Inc Chief Executive Maurice "Hank" Greenberg admitted to his involvement in two fraudulent reinsurance deals as part of a settlement of an accounting fraud lawsuit, New York Attorney General Eric Schneiderman said on Friday. The lawsuit was brought in 2005 after AIG said it had engaged in certain improper...

  • Thierry Olive, former global head of equity capital markets at BNP Paribas, has been appointed co-head of investment banking for Asia Pacific with Philippe de Caraman. The London- based asset management group appointed Philippe Broadhead as head of distribution. The financial services firm said it appointed three former executives from Jefferies Group LLC...

  • The investment and financial planning company named Justin Ogilvie investment manager in its Bristol office. The insurer, a subsidiary of U.S.-based holding company Markel Corp, appointed Warren Towner as head of underwriting management and reinsurance placement. The London- based asset manager appointed Douglas Anderson head of consultant relations.

  • NEW YORK, Feb 6- A consortium aimed at developing ways blockchain can be used to improve processes in the insurance sector has added 10 new members as it prepares to test the emerging technology in a data-sharing experiment. New members joining the Blockchain Insurance Industry Initiative include Hannover Re, Assicurazioni Generali SpA, Ageas NV, Liberty...

  • NEW YORK, Feb 6- A consortium aimed at developing ways blockchain can be used to improve processes in the insurance sector has added 10 new members as it prepares to test the emerging technology in a data-sharing experiment. New members joining the Blockchain Insurance Industry Initiative include Hannover Re, Assicurazioni Generali SpA, Ageas NV, Liberty...

  • The plan by Washington- based SmarterSafer.org calls for the National Flood Insurance Program, to use cutting-edge technology that would more precisely determine flood-prone areas, and to price flood insurance premiums in accordance with those specific risks. The program, operated by the Federal Emergency Management Agency, is $24.6 billion in debt to the...

  • LONDON, Jan 31- A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. Nine insurers and reinsurers staged two weeks of catastrophe simulations in London last November, dealing with a cyber attack on power...

  • LONDON, Jan 31- A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. Nine insurers and reinsurers staged two weeks of catastrophe simulations in London last November, dealing with a cyber attack on power...

  • LONDON, Jan 31- A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. Nine insurers and reinsurers staged two weeks of catastrophe simulations in London last November, dealing with a cyber attack on power...

  • LONDON, Jan 31- A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. Nine insurers and reinsurers staged two weeks of catastrophe simulations in London last November, dealing with a cyber attack on power...