LONDON (Reuters) – Global commercial insurance rates rose 19% in the second quarter, driven higher by claims related to COVID-19 and other large losses, insurance broker Marsh said on Monday. The rate rise was the highest since Marsh began its commercial insur... More »
(Reuters) – Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios. Executives, lawyers and a... More »
(Reuters) – Geico Corp, part of billionaire Warren Buffett’s Berkshire Hathaway Inc, said on Tuesday it will offer about $2.5 billion of credits to its 19 million auto and motorcycle policyholders, reflecting the decline in driving stemming from the coronaviru... More »
LONDON (Reuters) – Thousands of London’s underwriters took their stamps and fountain pens home last week, which they use to sign insurance contracts, but they won’t need them. Working at home due to the coronavirus lockdown, they have abandoned the normal tool... More »
(Reuters) – William Ackman’s publicly traded hedge fund gained nearly 3% this year, though the billionaire investor warned of volatility ahead as world markets reel under the economic hit from the coronavirus epidemic. Pershing Square Holdings Ltd on Monday sa... More »
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Wednesday proposed changes to its decades-old definition of a professional investor in order to allow more Americans to buy shares in private companies. The agency hopes the changes will boo... More »
LONDON (Reuters) – Big insurance losses from hurricanes, wildfires and other natural disasters over the past two years are set to push reinsurance renewal rates higher in January, ratings agencies said. After falling for several years due to competition and fe... More »
(Reuters) – Canada’s largest insurer insurer Manulife Financial Corp on Wednesday edged past estimates for second-quarter profit, helped by strength in Asia unit, its biggest. Insurers in Canada have been increasingly pivoting toward Asia for growth, looking t... More »
OMAHA, Neb. (Reuters) – Preventing injuries from running shoes is a science for Jim Weber, the chief executive of Brooks Running, a unit of Warren Buffett’s Berkshire Hathaway Inc. “The worst nightmare is to get injured,” Weber said in an interview during Berk... More »
(Reuters) – Last March, a 103-year-old resident of a Sunrise Senior Living facility in Willowbrook, Illinois, went on a field trip to the movies. Ruth Smith, who used a walker, fell down two concrete steps in the theater and died about six weeks later. Now Smi... More »
FILE PHOTO: Film producer Harvey Weinstein attends the 2016 amfAR New York Gala at Cipriani Wall Street in Manhattan, New York, U.S., February 10, 2016. REUTERS/Andrew Kelly/File Photo (Reuters) – Insurer Chubb Ltd is refusing to pay for Harvey Weinstein’s leg... More »
Travelers Cos Inc (TRV.N) plans to stick to its recent growth pace for sales of cyber insurance, which protects businesses against hacking and other liabilities, despite potential to boost it, as the insurer assesses risks in the segment, its head of specialty... More »
Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe's single market, according to a Reuters survey of firms employing the bulk of workers in international finance. More »
Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe's single market, according to a Reuters survey of firms employing the bulk of workers in international finance. More »
Insurers are counting on real-time technology to help them cut back payouts, from a system warning ships of nearby pirates to an app offering to buy sleepy drivers a coffee on the motorway. More »
ZhongAn Online Property and Casualty Insurance Co, China's first internet-only insurer, has covered the institutional tranche of its up to $1.5 billion initial public offering (IPO) multiple times over, sources close to the deal said on Monday. More »
European shares rose on Monday, led by insurers as the downgrade of Hurricane Irma in the United States raised the prospect that costs for the industry may be lower than initially feared. More »
Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars' worth of property damage in less than two weeks. More »
UBS Group's (UBSG.S) asset management unit said on Thursday it aims to launch its first Chinese private fund by the end of the year, as Europe's fourth-biggest money manager seeks a slice of China's fast-growing, 10 trillion yuan ($1.54 trillion) private fund ... More »
ZhongAn Online Property and Casualty Insurance Co Ltd, China's first internet-only insurer, secured Hong Kong stock exchange approval for its planned initial public offering which could raise more than $1 billion, sources with direct knowledge of the deal said... More »
American International Group Inc's (AIG.N) new Chief Executive Brian Duperreault has pledged to revive the insurer's glory days of top talent, underwriting discipline and fat profit margins. More »
Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc (GS.N) and Wells Fargo & Co (WFC.N) that could complicate efforts to regulate them, according to ... More »
The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. Anbang Insurance Group, whose chairman was detained in June, on Tuesday denied a report that it had been told by regulators in China to sell its overseas asset... More »
FILE PHOTO: A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural... More »
PIMCO’s Daniel Ivascyn in a file photo. Bond firm Pacific Investment Management Co added longer-term U.S. Treasury securities to its portfolio this week and also sold some investments tied to volatility against the backdrop of stable economic growth and a slow... More »
CIT Bank and Allstate Corp have entered a joint venture to provide loans to middle-market companies across various industries, the bank said in a statement on Monday. More »
The burnt out remains of the Grenfell apartment tower are seen in North Kensington, London, Britain, June 29, 2017. REUTERS/Hannah McKay The insurer of London’s Grenfell Tower, where at least 80 people died in a devastating fire, raised its estimate for proper... More »
American International Group Inc. (AIG) headquarters seen on the day of the company’s 2017 annual shareholder meeting at 175 Water Street, New York, U.S., June 28, 2017. REUTERS/Suzanne Barlyn American International Group Inc’s new global chief operating offic... More »
American International Group Inc. (AIG) headquarters seen on the day of the company’s 2017 annual shareholder meeting at 175 Water Street, New York, U.S., June 28, 2017. REUTERS/Suzanne Barlyn American International Group Inc is expected to hire the head of Ma... More »
The offices of Pacific Investment Management Co (PIMCO) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake The Pimco Income Fund, overseen by Pimco group chief investment officer Dan Ivascyn, attracted $2.8 billion of inflows during the ... More »
Jackson National, the largest U.S. provider of variable annuities, said in a filing on Tuesday it plans to remove Pimco’s Total Return Bond investment strategy from Jackson National’s product line-up and assign management of the $3.5 billion in that fund offer... More »
A.M. Best Co affirmed its financial strength rating on American International Group Inc on Tuesday, lifting some uncertainty over the New York-based insurer’s ability to meet its long-term debt obligations, which had unsettled some investors. More »
FILE PHOTO: A man types on a computer keyboard in front of the displayed cyber code in this illustration picture taken on March 1, 2017. REUTERS/Kacper Pempel/Illustration/File Photo Many companies outside the United States may not have cover for a recent comp... More »
A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake A U.S. appeals court on Friday granted a 60-day pause in the long-running case in which the country’s largest life insurer, MetLife Inc, has challenged the federa... More »
People exit the AIG building in New York’s financial district March 19, 2015. REUTERS/Brendan McDermid American International Group (AIG.N) is planning to name Brian Duperreault as its new chief executive, the Wall Street Journal reported, citing sources. More »
An emergency sign points to the entrance to Scripps Memorial Hospital in La Jolla, California, U.S. March 23, 2017. REUTERS/Mike Blake The Trump administration on Thursday issued a final rule that will shorten the Obamacare enrollment period and give insurers ... More »
FILE PHOTO – AIG CEO Peter Hancock speaks during the White House summit on cybersecurity and consumer protection in Palo Alto, California on February 13, 2015. REUTERS/Robert Galbraith/File Photo American International Group Inc’s (AIG.N) board of directors de... More »
A California pension fund has fired Franklin Templeton Investments, JPMorgan Chase & Co and Pacific Investment Management Co from some portfolio-management responsibilities in a shakeup that puts more of its assets in lower-fee, index-tracking investments, the... More »
The offices of Pacific Investment Management Co (PIMCO) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake Pacific Investment Management Co regained its perch as the manager behind the world’s largest actively managed bond fund, data fro... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo A federal judge on Thursday said Wells Fargo & Co (WFC.N) must face litigation seeking to hold it responsible for billions of doll... More »
Investors recoiled from debt issued by low-rated companies during the latest week, pulling the most cash since August 2014 from U.S.-based, high-yield bond funds, Lipper data showed on Thursday. More »
U.S. House Majority Leader Kevin McCarthy speaks during a news conference on the American Health Care Act on Capitol Hill in Washington, U.S. March 7, 2017. REUTERS/Eric Thayer House of Representatives Majority Leader Kevin McCarthy said on Friday it would be ... More »
Fund managers who are usually seen as the market’s more patient investors are not holding shares long enough to encourage firms to adjust for a more environmentally sustainable future or deal with other long-term risks, an influential think-tank said. More »
A Pacific Investment Management Co (PIMCO) sign is shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake Pacific Investment Management Co (Pimco) is replacing the full slate of managers on its Total Return Active Exchange-Traded Fund (BOND.P) a... More »
Samuel Merksamer, who represents billionaire Carl Icahn on several corporate boards, has exited the activist investor’s firm and a source familiar with his plans said that he is exploring launching his own hedge fund. More »
FILE PHOTO – Warren Buffett, Chairman, CEO and largest shareholder of Berkshire Hathaway takes part in interviews before a fundraising luncheon for the nonprofit Glide Foundation in New York, U.S. on September 8, 2015. REUTERS/Lucas Jackson/File Photo Warren B... More »
Investment consultants Mercer, Aon Hewitt and Willis Towers Watson said they had banded together to propose market changes that help them avoid a competition review by Britain’s regulator, but released no details. More »
The AIG logo is seen at its building in New York’s financial district March 19, 2015. REUTERS/Brendan McDermid Insurance giant American International Group sees “considerable uncertainty” about U.S. regulations that deem non-bank financial institutions as bein... More »
A doorman looks out as workers walk in the rain past the Lloyd’s of London building in the City of London, Britain, January 7, 2016. REUTERS/Toby Melville Lloyd’s of London [SOLYD.UL], home for much of the world’s insurance trade, has finally called “last orde... More »
The AIG logo is seen at its building in New York’s financial district March 19, 2015. REUTERS/Brendan McDermid American International Group Inc (AIG.N), the largest commercial insurer in the United States and Canada, reported a bigger-than-expected quarterly l... More »
The offices of Pacific Investment Management Co (PIMCO) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake Investors pulled $1.6 billion from the Pimco Total Return Fund in January, leaving assets under management of $75 billion, Morning... More »
Scott Ozawa brushes his teeth with a Beam toothbrush at his home in Belmont, California, U.S. December 18, 2016. Picture taken December 18, 2016. REUTERS/Noah Berger Twice a day, Scott Ozawa’s Bluetooth-enabled toothbrush tells his dental insurer if he brushed... More »
Florida’s insurance commissioner is allowing MetLife Inc and Unum Group boost long-term care premiums, alleviating financial stress the insurers have been facing from rising medical costs and policyholders living longer. More »
The offices of Pacific Investment Management Co (PIMCO) (L) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake/Files Investors pulled $3.2 billion from the Pimco Total Return Fund, once the world’s largest bond fund, in December, bringin... More »
George Twopointoh, brand ambassador for Genworth, speaks with Ugo Dumont, a volunteer for the Genworth R70i Aging Experience, during a demonstration at the Liberty Science Center in Jersey City, New Jersey in this file photo dated April 5, 2016. REUTERS/Shanno... More »
The MetLife building is seen in New York, March 8, 2010. REUTERS/Shannon Stapleton/File Photo The U.S. government and the country’s largest life insurer are set for a rematch in a U.S. appeals court on Monday over how federal regulators decide a company is “to... More »
The offices of Pacific Investment Management Co (PIMCO) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake Bond fund manager Bill Gross on Friday said Pacific Investment Management Co and its lawyers should be punished for unfairly imped... More »
NEW YORK In a conservative suit and tie, Jim McCann does not look like a hippie. But the founder of 1-800-Flowers is using flower power to push a powerful social agenda. In June, McCann transitioned to the role of chairman of the company he founded 40 years ag... More »
FRANKFURT Allianz set aside 2.5 billion to 3 billion euros for acquisitions in the euro zone this year and will use the funds to buy back shares if no takeover targets are found, Chief Financial Officer Dieter Wemmer told Boersen-Zeitung. Allianz would like to... More »
NEW YORK Investors pulled approximately $1 billion from the Pimco Total Return Fund, one of the world’s largest bond funds, in May following cash withdrawals of the same amount the previous month, the Newport Beach, California-based firm said on Thursday. Pimc... More »
NEW YORK Hedge fund manager David Einhorn has built a reputation on his ability to crater a company’s stock. His prescient short calls such as Allied Capital and Lehman Brothers had been announced in previous years at the annual Sohn Investment Conference in N... More »
NEW YORK A new type of investment fund starts trading on Wall Street on Friday amid hope from backers that it could become big enough to supplant traditional mutual funds. The Eaton Vance Stock NextShares is the first so-called actively managed nontransparent ... More »
NEW YORK – In recent years, bond investor Jeffrey Gundlach has been outperforming his rival Bill Gross. He has even been dubbed the “Bond King” by the media – a title Gross has held for many years. Now, Gundlach has replaced Gross on a high-profile investor pa... More »
BOSTON A rash of hacking attacks on U.S. companies over the past two years has prompted insurers to massively increase cyber premiums for some companies, leaving firms that are perceived to be a high risk scrambling for cover. On top of rate hikes, insurers ar... More »
ZURICH Zurich Insurance Group AG (ZURN.VX) abandoned its proposed 5.6 billion pound ($8.7 billion) bid for British insurer RSA Insurance Group PLC (RSA.L) on Monday after forecasting a $200 million loss in its general insurance business due to explosions at th... More »
NEW YORK Mohamed El-Erian, the chief economic adviser at Allianz SE, said Thursday that the Federal Reserve’s decision to hold off on a rate hike reflects policymakers’ reluctance to add to international financial fragility. The Fed kept interest rates unchang... More »
NEW YORK Investors pulled $3 billion in assets from Pacific Investment Management Co’s flagship fund in June, compared with $2.7 billion the previous month, in another sign Pimco is stabilizing since last fall’s departure of star manager Bill Gross. The Pimco ... More »
