Category: Insurance

HSBC Said Close to Naming AIA’s Mark Tucker as Chairman

HSBC Holdings Plc has made insurance executive Mark Tucker the preferred candidate to be chairman, replacing Douglas Flint, according to two people familiar with the decision, as Europe’s largest bank takes the first step to overhaul its top management team. Tucker, 59, chief executive officer of AIA Group Ltd. and former head of Prudential Plc, is in discussions with the bank, according to the people who asked not to be identified because the succession process is private.

Caterpillar denies that it broke tax laws

Caterpillar is denying that it broke federal tax laws a week after its headquarters and other facilities were raided by the Internal Revenue Service and other federal agencies. The exact reason for the raids remains unclear, but Caterpillar told the Securities and Exchange Commission in a filing last month that the IRS had notified the company it owed $2 billion in additional taxes because of profits from a Swiss unit.

AIG Chief Undone by Lost Credibility, Frustrated Investors

Before he lost the confidence of big-name investors and his company’s board members, Peter Hancock squandered the faith of many of his staff. It was November 2015, after a disappointing quarter for American International Group Inc., and Hancock — then a year into his tenure as chief executive officer — told employees they shouldn’t count on lifetime jobs.

AIG Says CEO Hancock to Quit as Swelling Losses Hurt Icahn

Peter Hancock will resign as American International Group Inc.’s chief executive officer after the insurer suffered losses four of the past six quarters and faces pressure from activist investors including Carl Icahn and John Paulson. Hancock, 58, will remain CEO until a successor is named, the New York-based insurer said Thursday in a statement.

Caterpillar Sued by a Shareholder After Federal Raid

Caterpillar Inc was sued on Friday for allegedly deceiving shareholders about its business, one day after federal law enforcers raided three of its buildings in connection with a probe into the heavy machinery manufacturer’s offshore tax practices. In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it “unlawfully used foreign subsidiaries” to avoid paying billions of dollars of U.S. taxes.

Progressive Leans on Flo as Texting Drivers Lead to `Rate Shock’

Progressive Corp., the fourth-largest U.S. auto insurer, boosted spending on marketing this year to win customers after scaling back in the second half of 2016 when increased costs from car accidents threatened the company’s profit goals. “We’re excited to be back in, with full advertising,” Chief Executive Officer Tricia Griffith said Friday in a conference call discussing results at the Mayfield Village, Ohio-based company.

Caterpillar CEO Umpleby Apologizes Following Thursday’s Raids

Caterpillar CEO Jim Umpleby reiterated that Catepillar remains an ‘honorable company’ in a memo to employees following raids by federal authorities. Caterpillar CEO Jim Umpleby has apologized to the company’s employees for raids that took place on Thursday by federal authorities at the company’s Illinois facilities, including its headquarters in Peoria.

Caterpillar, a Trump Darling, Lands in Government Crosshairs

Caterpillar Inc., the bellwether U.S. equipment maker praised just last week by President Donald Trump, now finds itself a government target as federal tax and banking authorities raided its Illinois offices. The investigation comes as new Chief Executive Officer Jim Umpleby shifts its global headquarters to Chicago to bolster the machinery maker’s push into foreign markets.

Wall St Slips After Record Rally; Caterpillar Drags Dow

U.S. stocks retreated on Thursday as investors booked profits after a record run a day earlier, with Caterpillar’s slump dragging down the Dow Jones Industrial Average. The S&P 500 and the Nasdaq on Wednesday had their best day since the November election, boosted by President Donald Trump’s more measured tone in a speech to Congress and as bank stocks surged on increased chances of an interest rate hike this month.

Caterpillar Office Raid Fuels Biggest Slump in Eight Months

Caterpillar Inc. shares headed for the steepest decline in eight months as the world’s biggest maker of machinery for mining and construction had its offices raided by law enforcement officials. Searches were conducted Thursday in Peoria, East Peoria and Morton by the Internal Revenue Service, the Federal Deposit Insurance Corp. and the Commerce Department, Sharon Paul, a spokeswoman for the U.S. attorney’s office for the Central District of Illinois, said in by telephone.

Trump Tells Health Insurers to Expect `Something Special’

President Donald Trump told major U.S. health insurers at a White House meeting Monday to expect “something special” to replace Obamacare, as the administration gets more involved in Republican efforts to repeal the health-care law. “We’re going to be talking about it tomorrow night during the speech,” Trump said, referring to his address to a joint session of Congress scheduled for Tuesday.

Lawmaker: ‘I got confirmation’ my Russia-Ukraine plan was…

The Ukrainian lawmaker who met with President Donald Trump’s personal lawyer, Michael Cohen, and businessman Felix Sater in New York last month to discuss a controversial peace plan for Ukraine “got confirmation” from Sater that his plan was delivered to the White House, he told Business Insider. Andrey Artemenko, a member of Ukrainian parliament and former member of the country’s far-right Radical Party, said he met with Cohen and Sater at the Loews Regency New York on January 27 to discuss Artemenko’s proposal for solving the Russia-Ukraine conflict.

Warren Buffett praises a talented and ambitious immigrantsa in shareholder letter

Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events It’s become an American tradition to parse billionaire Warren Buffett’s annual letters to his shareholders for nuggets of plain-spoken insight, wit and sometimes a dash of politics. In this year’s letter, the Berkshire Hathaway chairman brought up a familiar subject under Donald Trump’s presidency: immigrants.

Warren Buffett credits ‘miraculous’ America in part to ‘tide…

The Berkshire Hathaway CEO has long been a believer in the economic power of the American people and its institutions and that opinion does not appear to have changed in his 2016 Annual Letter to Shareholders. “From a standing start 240 years ago a span of time less than triple my days on earth Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers.”

Credit Suisse Sees $750 Million Revenue at Risk in `Hard’ Brexit

Credit Suisse Group AG may need to find new ways to serve clients who generate as much as $750 million of revenue at its U.K. subsidiaries after Britain leaves the European Union, Chief Financial Officer David Mathers said. Losing access to European markets would endanger 10 percent to 15 percent of income at the two units, which have a revenue base of $4 billion to $5 billion, Mathers said in an interview this week in Zurich.

FTSE 100 lower despite RSA Insurance boost

Shares in RSA and Barclays were among the top risers in early trade, but overall the market was lower on a busy day for UK corporate earnings. The FTSE 100 index was down 13.64 points at 7,288.61, with a number of firms falling after going ex-dividend.

AIA, Manulife Said to Bid for SCB’s Thai Life Insurance Unit

AIA Group Ltd. and Manulife Financial Corp. are among bidders for Siam Commercial Bank Pcl’s life insurance operations in what could be the biggest-ever acquisition of a Southeast Asian insurer, people with knowledge of the matter said. Thai billionaire Charoen Sirivadhanabhakdi is partnering with Singapore’s Great Eastern Holdings Ltd. on a non-binding offer, while Hong Kong tycoon Richard Li’s FWD Group and, separately, Prudential Plc have also bid, according to the people.

Prudential May Press Wells Fargo as Fake-Account Fallout Spreads

Prudential Financial Inc., facing regulatory scrutiny and lawsuits over a sales relationship with Wells Fargo & Co., said it may press its partner to cover costs after halting the offering — another sign the bank has yet to contain the full fallout of its bogus-account scandal. Prudential “has provided notice to Wells Fargo that it may seek indemnification,” the Newark, New Jersey-based insurer said in a Feb. 17 regulatory filing, referring to their agreement to sell MyTerm life coverage to Wells Fargo customers.

Credit Suisse Bets on Old Continent Amid Breakup Fears

Credit Suisse Group AG is seeing a pickup in its private banking business in Europe as clients come out of hibernation to seek counsel on how to protect their fortunes from shock outcomes of coming national elections. “I would expect Europe to rebound in profitability” for reasons including the political uncertainty, Iqbal Khan, head of international wealth management, said in an interview at the bank’s headquarters in Zurich.

Will your pension be there when you need it?

Members of the International Brotherhood of Teamsters and supporters rally outside the Capitol in Washington. Millions, including these protesters, are at risk of losing their retirement savings if the Pension Benefit Guaranty Corporation becomes insolvent.

Aetna Shares Bounce Back After Close

Aetna shares plummeted Friday during regular trading hours after announcing it was approving up to $4 billion in share repurchases and that it would double its quarterly cash dividend to 50 cents per share. The mega health insurer’s share prices fell 3.2% on heavy volume ahead of market’s close Friday, hitting $125.27 apiece.

Aetna, Humana Abandon $37 Billion Merger Blocked by Judge

Aetna Inc. ended its $37 billion takeover of Humana Inc., after deciding not to appeal a ruling by a federal judge who blocked the health insurers’ combination on antitrust grounds. The companies came to a mutual agreement to terminate the deal, and Aetna will pay Humana a $1 billion breakup fee, or about $630 million after taxes.

Greenberg Admits Aiding in Bogus AIG Deals, New York Says

Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg admitted to participating in and approving two fraudulent reinsurance deals as part of a settlement with New York’s attorney general, ending a contentious legal battle that has dragged out for almost a dozen years. The settlement, announced Friday, resolves a court fight in which Greenberg, 91, and his high-powered lawyer, David Boies, squared off against three successive state attorneys general.

Trump’s Tax Talk Drives Wall St to Record High

U.S. stocks hit record highs for the second day on Friday as investors remained upbeat about a tax reform plan that President Donald Trump vowed to unveil in the coming weeks. Trump’s promise of a “phenomenal” tax plan helped reignite a post-election rally, which had stalled in recent weeks on concerns over his protectionist stand and the lack of clarity on policy reforms.

Federal Judge Blocks Anthem’s Planned Acquisition of Cigna

A federal judge on Wednesday blocked health insurer Anthem Inc. from acquiring rival Cigna Corp., the second court ruling in recent weeks to deal a decisive rebuke to efforts to reshape the industry through megamergers. The decision, by U.S. District Judge Amy Berman Jackson, said the proposed $48 billion deal violated federal antitrust law because it would create an unacceptable reduction in the number of companies that can serve large national employers that insure their workers.

Why Manitowoc Stock Jumped 14.2% in January

They were buoyed by Donald Trump’s inauguration speech on Jan. 20, in which he emphasized his “America first” ideology and restated his plans to rebuild the nation’s infrastructure. Expectations of strong numbers from Caterpillar Inc. Manitowoc shares gained momentum during the third week of January, which coincided with Trump’s swearing-in ceremony and Caterpillar’s fourth-quarter and 2016 earnings release.