Insurance industry
Regulators in four countries are intensifying investigations into finite reinsurance contracts, a complex financial instrument at the center of a scandal that has shaken the industry. The Irish Financial Services Regulatory Authority, along with its international counterparts in the United Kingdom, Australia, and the United States, is probing deals involving
Insurance industry
The General Reinsurance Corp. is grappling with growing regulatory scrutiny over its use of finite reinsurance transactions. Investigations by U.S. regulators have attracted international attention, threatening the careers of several executives. The reinsurer's London-based subsidiary, Faraday Group, has placed its chief executive officer on administrative leave, while
Insurance industry
Manulife Financial Corp. reported a significant surge in first-quarter profit, driven primarily by the acquisition of U.S.-based John Hancock Financial Services Inc. in April 2004. The Canadian life insurance giant's net income soared to C$801 million, or 99 cents a share, from C$425 million,
Insurance industry
The John Hancock Tax-Advantaged Dividend Income Fund has declared its monthly dividend, yielding an annualized 6.66 percent based on the fund's closing market price as of May 6, 2005. This fund, managed by John Hancock Advisers, LLC, focuses on providing a high level of after-tax total return
Insurance industry
Prudential Financial Derivatives, LLC, a unit of Prudential Financial, Inc., has begun using the New York Board of Trade's electronic order-routing (EOR) system, streamlining the process of sending orders directly to the trading floor over the Internet. This integration allows for fast order flow, timely confirmations, order tracking,
Insurance industry
JMP Securities LLC, a leading research-driven investment bank, has strengthened its healthcare research capabilities with the addition of Robert C. Faulkner as a managing director and senior research analyst. Faulkner brings extensive experience in covering the medical device industry, having previously worked with Prudential Equity Group and JPMorgan. His expertise
Insurance industry
A class action lawsuit led by General Practitioners (GPs) against the General Practice Finance Corporation (GPFC) over excessive redemption penalties on surgery loans is on the brink of collapse. The GPs, who want to recover millions of pounds from Norwich Union's subsidiary, are facing significant financial hurdles. Law
Insurance industry
DJ Hewer, a leading building services installation and maintenance provider, has implemented Cybit's Fleetstar-Online telematics solution, generating significant cost savings and productivity gains. The company's successful trial of the Cybit system resulted in a reduction of GBP12,000 in operational costs over a 12-week period. By
Insurance industry
Aon's updated terrorism map for 2005 identifies Iraq, Israel/Palestine, India, Nepal, and Russia as the top five locations for terrorist incidents. The map ranks 40 countries by terrorist incidents and rates countries for their level of terrorist risk by five levels: low, guarded, elevated, high, and severe.
Insurance industry
Office supply retailer OfficeMax has named former Shopko CEO Sam Duncan, 53, as its new president and chief executive. Duncan takes the helm as shareholder K Capital pushes for outgoing interim CEO George Harad to forgo $14.3 million in compensation due to the company's weak performance. Meanwhile,
Insurance industry
Billionaire investor Warren Buffett was questioned by regulators Monday in connection with federal and state inquiries into American International Group Inc., a major insurance company. The investigation focuses on transactions between AIG and General Re Corp., a unit of Buffett's holding company, Berkshire Hathaway Inc. Meanwhile, Russian tycoon
Insurance industry
AIG's complex reinsurance arrangements have set off a chain reaction of investigations, regulatory scrutiny, and calls for reform in the insurance industry. The New York state Attorney General, Eliot Spitzer, the U.S. Securities and Exchange Commission, and the U.S. Department of Justice are all involved in
