Insurance Reinsurance

  • NEW YORK, Sept 29- CNO Financial Group Inc on Thursday said that two of its subsidiaries were terminating agreements with reinsurer Beechwood Re, after regulators in two states said that many assets managed by Beechwood were not compliant with insurance company guidelines because of exposure to troubled hedge fund manager Platinum Partners.

  • NEW YORK, Sept 28- Maurice "Hank" Greenberg, the 91- year-old former chairman of former American International Group Inc, said at his fraud trial that he never would have considered doing a transaction that failed to pass muster with the insurer's lawyers and accountants. The trial finally got under way this month after more than 11 years of pursuit by three New...

  • Gary Hirst, 64, was found guilty by a federal jury in Manhattan on all four counts he faced, including conspiracy, securities fraud and wire fraud charges, according to court records. District Judge Kevin Castel increased Hirst's bond from $1 million to $3 million and ordered the Florida resident be placed in custody until he could meet the new bail conditions.

  • Gary Hirst, 64, was found guilty by a federal jury in Manhattan on all four counts he faced, including conspiracy, securities fraud and wire fraud charges, according to court records. Noam Biale, a lawyer for the Lake Mary, Florida- resident, said he was disappointed and planned to appeal. Galanis, a Los Angeles resident whose father and two brothers were also charged,...

  • *Britain won't start Brexit negotiations this year. LONDON, Sept 22- The Lloyd's of London insurance market is already working on plans to move some business to the European Union, aiming to be ready for the shift as soon as Britain starts divorce proceedings from the bloc, its chairman said on Thursday. Britain is not expected to leave the EU for several years but...

  • Hank Greenberg

    Opening arguments began on Tuesday in the trial of Maurice "Hank" Greenberg over accounting fraud at the insurance giant some 16 years ago.

  • Greenberg, 91, is facing civil charges from the New York Attorney General's Office of orchestrating a $500 million transaction to inflate the insurer's reserves and a $200 million transaction to hide underwriting losses. Greenberg, who sat at the defense table in New York state court in Manhattan, is expected to testify during the trial.

  • MONACO, Sept 13- Insurance executives meeting in Monaco are preparing for another wave of mergers and acquisitions, driven by competition and new money entering the market and driving down returns. Eye-watering valuations, such as the 2.4 times book value Japanese insurer Mitsui Sumitomo paid for Lloyd's insurer Amlin in a 3.5 billion pound deal last year, had...

  • *Bicycle company says Berkshire illegally diverted premiums. *Berkshire does not immediately provide comment. The complaint, filed late Friday by Breakaway Courier Systems, came as Berkshire's Applied Underwriters unit faces scrutiny over its workers' compensation policies, including some that have been banned by California, Vermont and Wisconsin.

  • * "Good chance" Britain will not keep passporting rights. MONACO, Sept 12- The Lloyd's of London insurance market has a queue of companies wanting to join, Chairman John Nelson said on Monday, even as Britain's vote to leave the European Union casts doubt over its European business. Nelson said last week that Lloyd's, the world's leading specialty insurance market,...

  • MONACO, Sept 12- Global reinsurance firms gathered in Monaco are hopeful premiums will stabilise in the coming year, although they expect competition to remain tough and returns low. That has put pressure on profits and prompted insurance companies- many of which are also in Monte Carlo this week to fix deals- to keep more risk, and profit, on their own books.

  • MONACO, Sept 11- Reinsurance prices are continuing to fall though at a slower pace than in previous years, Munich Re, the world's largest reinsurer, said on Sunday, echoing brokers and ratings agencies who also see moderate continued pressure on premiums. "Pressure on prices, terms and conditions has eased off slightly in recent renewal rounds," Munich Re said in a...

  • MONACO, Sept 11- Reinsurance prices are continuing to fall but at a slower pace than in previous years, Munich Re, the world's largest reinsurer, said on Sunday, as the reinsurance industry faces a fifth year of falling premiums. "Pressure on prices, terms and conditions has eased off slightly in recent renewal rounds," Munich Re said in a statement at the reinsurance...

  • LONDON, Sept 7- Reinsurance premiums could fall by up to 5 percent next year and may continue to weaken into 2018, pressured by competition in the sector, ratings agency Moody's said on Wednesday. "Prices will continue softening through 2017 and possibly even 2018," senior Moody's analyst Brandan Holmes told a media briefing, adding price falls of up to five...

  • LONDON, Sept 6- Reinsurance premiums are likely to continue to fall next year, ratings agencies said on Tuesday, following years of weaker prices due to competition in the sector and a lack of natural catastrophe losses. "The soft reinsurance market is a bit deeper and longer than many people expected a few years ago," S&P Global's senior director Dennis Sugrue told...

  • LONDON, Sept 6- Reinsurance premiums are likely to continue to fall next year, ratings agencies said on Tuesday, following years of weaker prices due to competition in the sector and a lack of natural catastrophe losses. "The soft reinsurance market is a bit deeper and longer than many people expected a few years ago," S&P Global's senior director Dennis Sugrue told...

  • *Hungary, Poland investments post biggest fall in years. BUDAPEST, Aug 31- Central European currencies steadied on Wednesday, shrugging off a plunge in investments in Hungary and Poland as U.S. job figures failed to give more impetus for a Federal reserve interest rate hike. The volume of investments in Hungary plunged by 20.3 percent in annual terms in the second...

  • NEW YORK, Aug 15- CNO Financial Group reinsurance provider Beechwood Re sought on Monday to minimize damage from its links to Platinum Partners, the hedge fund manager embroiled in dual federal probes. New York- based Platinum is being investigated by the Department of Justice and the U.S. Securities and Exchange Commission. Beechwood said Monday that it was in...

  • SINGAPORE/ TOKYO, Aug 10- Asian shares hit a one-year high on Wednesday while the dollar and Treasury yields slid on weak U.S. productivity data and sterling recovered from a one-month low. MSCI's broadest index of Asia-Pacific shares excluding Japan rose 0.35 percent to the highest level since August 2015. Wall Street eked out gains on Tuesday following a...

  • MSCI's broadest index of Asia-Pacific shares excluding Japan rose 0.1 percent, staying near a one-year high hit the previous day. "Following strong U.S. payrolls data last week, we are in a sweet spot where the U.S. economy seems to be doing okay while the chances of a near-term Fed rate hikes are still relatively small," said Hirokazu Kabeya, chief global strategist...