Insurance industry
Warren Buffett, chairman and CEO of Berkshire Hathaway Inc., will be questioned by state and federal regulators regarding his company's involvement in finite reinsurance transactions, a practice that has been under investigation for its potential to manipulate financial statements. The investigation, led by a joint group representing the
Insurance industry
DaimlerChrysler AG won a major victory in a federal court ruling Thursday, with the company emerging victorious in a high-profile securities lawsuit brought by billionaire investor Kirk Kerkorian. The lawsuit, which claimed that DaimlerBenz engineered a takeover of Chrysler Corp. in 1998 and cheated Kerkorian out of an acquisition fee,
Insurance industry
Maurice "Hank" Greenberg is retiring as chairman of American International Group Inc. after being ousted as CEO due to regulatory probes into the company's financial transactions. Greenberg, who will end his 37-year career atop AIG later this week, faces an expanding probe by the Securities and
Insurance industry
The Securities and Exchange Commission (SEC) has sent subpoenas to a dozen executives at American International Group (AIG) as part of an investigation into several transactions that may have been used to artificially bolster the insurance company's financial standing. Federal investigators have identified at least 10 transactions that
Insurance industry
American International Group Inc. (AIG) has fired two executives, Howard I. Smith and Christian M. Milton, after they refused to answer certain questions from state and federal investigators probing into finite reinsurance transactions. The move comes as AIG is being scrutinized for its involvement in certain finite reinsurance transactions, particularly
Insurance industry
Visual Frontier, Inc. has recently signed a contract with Japanese electronics dealer, Third Wave Corporation, to supply various products to customers throughout the Japanese market. This significant extension of their product distribution marks a further milestone in business sales for the company. The products to be supplied include a variation
Insurance industry
Maurice "Hank" Greenberg, the longest-serving CEO in American International Group (AIG) history, has stepped down as chief executive officer amid widening investigations into the company's business practices. Greenberg, who will turn 80 in May, will remain as nonexecutive chairman and help AIG with its transition of
Insurance industry
Investors cheered a new wave of merger deals and management changes on Wall Street on Monday, leading to a slight increase in stock prices. The Dow Jones industrial average rose 30.15 points, or 0.28 percent, to 10,804.51 points, while the Nasdaq composite index added 9.44
Insurance industry
Aviva's acquisition of RAC is set to yield significant cost savings and cross-selling opportunities for the insurer. Richard Harvey, Aviva's chief executive, announced the deal yesterday, and the rationale behind it is to tap into RAC's 2.2 million members and 4.5 million
Insurance industry
At the European Indoor Championships in Madrid, Jason Gardener showcased his dominance, claiming his third successive 60 meters title. As part of the Norwich Union Great Britain team, Gardener and his teammates collected five silvers and a bronze in the Spanish capital. Gardener, the reigning 60m world champion, expressed his
Insurance industry
John Hancock Patriot Premium Dividend Fund I, a diversified closed-end fund, has announced its monthly dividend declaration. The dividend payout is based on the fund's closing market price of February 28, 2005, and represents an annualized yield of 6.78 percent. The fund's investment objective is
Insurance industry
John Hancock's President and Chief Executive Officer, John D. DesPrez III, announced the appointment of John J. Danello as vice president and chief counsel for the company's U.S. Wealth Management Division. Danello will oversee the legal team and services for all U.S. Wealth Management
