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Insurance Reinsurance

  • LONDON, Dec 16- Correctly predicting the outcome of June's Brexit vote and last month's U.S. presidential election was no guarantee of stock market success in a tumultuous 2016 of whipsawing asset prices and extremes in investor sentiment. This may provide a template for investors who face another busy political calendar in 2017, particularly in Europe,...

  • LONDON, Dec 13- Underwriters at Lloyd's of London lost money in 2016, driving the 90- plus syndicates in the insurance market to be more selective in the risks they take on and forcing Lloyd's to cut its subscription rates. "Current year underwriting is not profitable in aggregate at the moment... this is a matter of great concern to us," Lloyd's Chairman John Nelson...

  • WASHINGTON, Dec 12- The U.S. Supreme Court on Monday rejected former American International Group CEO Maurice "Hank" Greenberg's bid to escape civil fraud charges in New York accusing him of orchestrating sham transactions at the insurer. A spokesman for New York Attorney General Eric Schneiderman had no immediate comment. Greenberg led the New York- based...

  • WASHINGTON, Dec 12- The U.S. Supreme Court on Monday rejected former American International Group CEO Maurice "Hank" Greenberg's bid to escape civil fraud charges in New York accusing him of orchestrating sham transactions at the insurer, even as his trial continues. The justices left in place a June ruling by the New York Court of Appeals that his trial on charges...

  • NEW YORK, Dec 9- The Beechwood group of reinsurance companies is in talks to sell most or all of itself after a backlash from some clients due to its relationship with troubled hedge fund manager Platinum Partners, according to a person familiar with the situation. The Bermuda-, Grand Cayman- and New York- based firm has been working to sever its links with Platinum...

  • PARIS, Dec 4- French voters elected Francois Hollande in 2012 on promises to fix the floundering economy. Once in office, Hollande hiked taxes on households by more than 50 billion euros- 2.5 percent of GDP- inadvertently snuffing out a nascent recovery in a move most economists now consider a mistake. Now with France having the highest tax burden in Europe at 47.9...

  • PARIS, Dec 4- French voters elected Francois Hollande in 2012 on promises to fix the floundering economy. Once in office, Hollande hiked taxes on households by more than 50 billion euros- 2.5 percent of GDP- inadvertently snuffing out a nascent recovery in a move most economists now consider a mistake. Now with France having the highest tax burden in Europe at 47.9...

  • LONDON, Nov 21- Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. The group of 20 economies agreed after the 2007-09 financial crisis that top banks, whose size and complexity mean a collapse could...

  • LONDON, Nov 21- Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. HSBC joins BNP Paribas and Deutsche Bank in the next category down, with a surcharge of 2 percent. Industrial and Commercial Bank of...

  • LONDON, Nov 21- Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. HSBC joins BNP Paribas and Deutsche Bank in the next category down, with a surcharge of 2 percent. Industrial and Commercial Bank of...

  • *Q3 net profit 304 mln euros vs Rtrs poll avg 252 mln. LONDON/ FRANKFURT, Nov 10- German reinsurer Hannover Re could make a net profit of 1 billion euros this year while the dividend payout is likely to be in line with last year, the firm's chief financial officer said after reporting better than expected third-quarter earnings. "Analysts' expectations are just above 1...

  • NEW YORK, Nov 9- A California movie producer who heads a private equity firm was arrested on Wednesday on charges that he and another man defrauded investors in hedge funds overseen by a New York- based investment adviser out of $26 million, prosecutors said. Bergstein, 54, and Wellner, 49, were arrested at their respective residences in California and New York, a...

  • *Swiss Re invested in social media data storage platform. *Behavior analysis increasingly used to price premiums. ZURICH, Oct 23- When people take to Twitter to comment on the great evening they enjoyed with good food and wonderful friends, reducing their monthly insurance bill is probably the last thing on their mind.

  • *Iran insurance market $9 bln, may double in next decade. LONDON, Oct 21- Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions. Shut out of international financial markets for years,...

  • Underwriting gains reflected a $39 million benefit from an adjustment in reserves for claim-related expenses, compared with a gain of $199 million. P&C insurer, said pretax catastrophe losses, net of reinsurance, rose to $89 million from $85 million. The company's net income fell to $716 million, or $2.45 per share, in the third quarter ended Sept. 30, from $928...

  • Heavy waves caused by Hurricane Matthew pounds the boat docks at the Sunset Bar and Grill, October 7, 2016 on Cocoa Beach, Florida.

    Hurricane Matthew, which cut a deadly swath across the Caribbean and sent Florida residents scrambling, has left behind billions in damages.

  • *Fitch says Matthew no great challenge for Florida insurers. LONDON, Oct 7- A catastrophe modelling firm slashed its estimate for insurance losses from Hurricane Matthew on Friday, as the storm skirted Florida but failed to make landfall. Hurricane Matthew killed more than 800 people and left tens of thousands homeless in its rampage through Haiti, the poorest...

  • Oct 7- Hurricane Matthew is threatening the Atlantic coast from Florida to South Carolina and could deliver tens of billions of dollars in damage, according to experts, after the storm killed 500 people and left thousands homeless in Haiti. CoreLogic, a California- based real estate data firm, estimated the storm could cause up to $189 billion in storm surge...

  • LONDON, Oct 7- A hurricane threatening the first direct hit on the United States in more than a decade could cause insurance losses of $25- 30 billion and be the second costliest U.S. hurricane on record for insurers, according to initial industry estimates. Hurricane Matthew is just off the east coast of Florida near Cape Canaveral, the National Hurricane Center...

  • LONDON, Oct 7- A hurricane threatening the first direct hit on the United States in more than a decade could cause insurance losses of $25- 30 billion and be the second costliest U.S. hurricane on record for insurers, according to initial industry estimates. Hurricane Matthew is just off the east coast of Florida near Cape Canaveral, the National Hurricane Center...