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Insurance Reinsurance

  • NEW YORK, May 15- American International Group Inc on Monday named an insurance industry veteran as its new chief executive officer, luring him from the firm he started with a lucrative financial package that includes buying a big piece of his company. In hiring Brian Duperreault, who is 70, AIG is giving into the demands of billionaire investor Carl Icahn, AIG's...

  • In hiring Brian Duperreault, who is 70, AIG is giving into the demands of billionaire investor Carl Icahn, AIG's fourth largest shareholder, who has been pushing for big changes at the insurance giant. AIG said it will pay as much as $40 million to free Duperreault from a noncompete agreement with Hamilton Insurance Group Ltd, the firm he founded and ran, in...

  • May 15- American International Group named Brian Duperreault as its new chief executive officer on Monday, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. Duperreault, age 70, is the founder and chief executive officer of Hamilton Insurance Group Ltd in Bermuda, and is seen as a short-to-medium term...

  • May 15- American International Group named Brian Duperreault as its new chief executive officer on Monday, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. Duperreault, age 70, is the founder and chief executive officer of Hamilton Insurance Group Ltd in Bermuda, and is seen as a short-to-medium term...

  • OMAHA, Neb., May 9- It has been decades since anyone thought of Warren Buffett's Berkshire Hathaway Inc, or even its insurance operations, as "very, very small." The biBERK chief operating officer, Rakesh Gupta, said the year-old operation, known as "Cover Your Business" until a March name change that could benefit from Berkshire's cachet, was the brainchild of Ajit Jain,...

  • OMAHA, Neb., May 5- Berkshire Hathaway Inc, the conglomerate run by billionaire investor Warren Buffett, reported a 27 percent decline in first-quarter profit on Friday, and said a loss from insurance underwriting contributed to operating results that fell short of forecasts. Net income fell to $4.06 billion, or $2,469 per Class A share, from $5.59 billion, or...

  • MUNICH, April 27- Joachim Wenning admitted he would not be to everyone's liking long before taking the helm of Germany's Munich Re. While shareholders praised von Bomhard for navigating the global financial crisis, low interest rates and declining reinsurance prices have eroded profit in recent years. "I'm glad that Mr Wenning has already agreed to take this on...

  • The company also authorized a $5 billion share buyback program. Wind and hail storms in several regions of the United States, as well as a winter storm in the eastern part of the country resulted in higher catastrophe losses during the quarter. Net income fell to $617 million, or $2.17 per share, in the first quarter ended March 31, from $691 million, or $2.30 per share,...

  • ZURICH, April 13- Cyclone Debbie cost Swiss Re an estimated $350 million and the insurance industry roughly $1.3 billion, the world's second-biggest reinsurer said on Thursday, an unusually high loss that could see reinsurance prices rise in Australia. Cyclone Debbie, a Category 4 storm, slammed into Australia on March 28. The disaster zone stretched 1,000 km...

  • NEW YORK, April 6- HSB Ventures Inc, the venture capital subsidiary of German reinsurer Munich Re, has led a $45 million investment in Trov, a U.S.-based technology startup that provides on-demand insurance. In addition to investing, Munich Re and Sompo will work with Trov as underwriting partners as the company expands into Europe, Asia and South Africa,...

  • *Brussels beats Luxembourg and Dublin as base. LONDON, March 30- Insurance market Lloyd's of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its European Union subsidiary because of its strong regulatory framework, it said on Thursday. Nelson said the Brussels subsidiary would employ dozens of...

  • *Brussels, Luxembourg seen more flexible on capital. LONDON, March 27- Lloyd's of London, the world's largest speciality insurance market, will this week pick Brussels or Luxembourg for its planned European Union subsidiary, after Dublin had been an early favourite, sources say. Lloyd's shortlist of six locations has been reduced to Brussels and Luxembourg,...

  • ZURICH, March 19- Reinsurer Swiss Re, usually involved in mega-deals on natural disaster coverage, is branching out on its own to do individually tailored schemes to boost returns, such as one in China to protect farmers against floods or drought. "We feel very strongly that our ability to figure out solutions to the problems that our clients have means they will...

  • Q4@ WELLINGTON, March 15- New Zealand posted its smallest current account deficit in more than two years, according to data released on Wednesday, as surging tourism and reinsurance claims from a deadly November earthquake pour into the country. Statistics New Zealand said in a statement that the number of tourists and the amount they spent was strong in...

  • LONDON, March 10- Britain's 6 billion pounds terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, chief executive Julian Enoizi said. Pool Re, set up in 1993, acts as a backstop to insurers paying out claims on property damage and business interruption. In 2002, Pool Re extended its cover to include chemical and biological...

  • 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...

  • 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,...