Iran's Revolutionary Guard said the British tanker, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
More than a quarter of the S&P 500 companies report earnings in the week ahead, and that could buffet the market as investors await the Fed's meeting at the end of the month.Market Insiderread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
Executives from United Airlines and American Airlines were "shocked" that state-owned airline Qatar Airways CEO Akbar Al Baker was also invited to the meeting, according to a...Airlinesread more
J.C. Penney on Friday afternoon issued a statement responding to a report that the embattled department store chain had hired advisers to explore debt restructuring options,...Retailread more
Earlier this week, a lawyer said Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, had "improper sexual contact" with at least one woman under the...Politicsread more
Walmart is making further organizational changes as it continues to integrate its store and digital operations and leadership, according to a memo obtained by CNBC that was...Retailread more
American International Group on Monday said it would buy property and casualty reinsurer Validus for $5.56 billion in cash to strengthen its reinsurance business, the company's first deal under Chief Executive Brian Duperreault.
Duperreault, who replaced Peter Hancock last year, is seen as a turnaround expert and has promised to streamline AIG's operations and improve its financial performance.
AIG's $68 per share offer represents a 45.5 percent premium to Validus' Friday close.
Validus, through its subsidiaries, offers crop insurance, and property and catastrophe reinsurance. Its Lloyd's of London syndicate business focuses on specialty insurance.
Reinsurers play a little-known but important role in the financial industry by assuming risks that are either too large or too unpredictable for their insurance clients to take on their own.
The Validus deal is expected to close in mid-2018 and immediately add to AIG's earnings per share and return on equity.
Citigroup Global Markets, Perella Weinberg Partners, and Debevoise & Plimpton advised AIG. Validus was advised by J.P. Morgan Securities and Skadden, Arps, Slate, Meagher & Flom.
Shares of Bermuda-based Validus were trading close to the offer price before the bell. AIG shares were down 2.3 percent in premarket trading.