New York Attorney General Andrew M. Cuomo has demanded that AIG recover the money it spent on lavish outings, bonuses and golden parachutes — and threatened sanctions if the insurer didn’t heed the order.
Major life insurance companies’ investments in non-prime mortgages are going to continue hurting their capital positions as the year rolls on, according to a study from Fitch Ratings Ltd.
The Securities and Exchange Commission has reopened the comment period for its proposed rule on federal regulation of index annuities.
Insurance revenue at banks jumped by 9.5% to $23.7 billion in the first six months of the year, according to the American Bankers Insurance Association.
Inflation is no longer the nation's chief economic problem; it is deflation, according to Jeffrey L. Knight, deputy head of investments and chief investment officer at Putnam Investments of Boston.
Prudential Financial Inc. yesterday pre-released third quarter results for its financial services businesses, warning investors of large investment losses.
MetLife Inc. of New York recently approached Hartford (Conn.) Financial Services Group Inc. about a merger, insiders told The Wall Street Journal.
Bank revenue from the sale of annuities rose 39.6% in the first half to $1.3 billion, from $935.9 million in the first half of 2007, according to a report released today by bank insurance consulting firm Michael White Associates LLC of Radnor, Pa.
Under the terms of the binding agreement, Allianz will purchase, at $31 per share, $750 million in preferred shares convertible to common stock.
The Securities and Exchange Commission today charged five brokers in the Los Angeles area with securities fraud.
Not mentioning its broker-dealer network, AIG said it wants to sell a number of business lines, but not its core property and casualty insurance lines.
The proposed legislation would have specified the requirements to obtain a life settlement license, as well as disclosure requirements at the point of solicitation.
As part of the agreement, Hilb Rogal shareholders could either choose to receive Willis common stock or a combination of stock and cash.
Jon A. Boscia has joined Sun Life as its president and will handle the company’s overall U.S. business, with the exception of Massachusetts Financial Services Co. He will oversee worldwide marketing.
Companies that sell equity index annuities are preparing to take the Securities and Exchange Commission to court if the agency finalizes its proposal to regulate the products as securities.
Thirteen banking and insurance executives have been selected to join the Washington-based trade association’s board.
Second-quarter variable annuity sales fell to $41.9 billion, down 11.2% from the comparable period last year, according to NAVA Inc.
The bond ratings agency said it has “sufficient” cash and government securities to fund potential termination payments related to guaranteed insurance contracts even if the notes issued by its MBIA Insurance Corp. unit are downgraded.
Financial advisers could soon find themselves paying more for AIG's variable annuities.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
