A critique of state regulatory missteps from The Allstate Corp.’s Tom Wilson, did not sit well with Michael T. McRaith, director of the Illinois Division of Insurance.
The Phoenix Cos. walked away from TARP assistance after a bank it was hoping to acquire failed and was seized by the Federal Deposit Insurance Corp.
Mergers and acquisitions in the U.S. insurance industry lost value last year, while non-U.S. transactions plummeted, according to data from Conning Research and Consulting.
Insurance stocks have outperformed the overall market during the past four weeks, but financial advisers are reluctant to jump in.
Insurance companies that have been eliminated from the TARP pool are running up against a new obstacle: financial advisers who are reconsidering whether they want to do business with them.
MetLife Inc. has backed out of the Department of the Treasury’s Troubled Asset Relief Program, saying its strong balance sheet shows it doesn’t need federal aid.
The Richmond, Va.-based insurer’s shares fell as low as $1.92 in this morning’s trading, as the impact of Genworth’s ineligibility for help through the Department of the Treasury’s Troubled Asset Relief Program took hold.
Financial advisers are viewing the market gains of the past month with skepticism as they weigh whether it is time to dip a toe back into equities.
Although life insurers may be able to get a federal lifeline through the Troubled Asset Relief Program, it remains to be seen whether the money would be enough to help carriers survive mounting losses and decreased financial flexibility.
Genworth Financial Inc. won’t be able to participate in the Department of the Treasury’s Troubled Asset Relief Program.
