Insurance reporter for Bloomberg News.

As Prudential Takes Over Corporate Pensions, Risks Are Unclear

businessweek.com — Big U.S. companies have found a way to escape the burden of ballooning pension obligations: pay an insurance company to take them over. Since 2012 corporations have transferred $41.4 billion of U.S. pensions to insurers, according to Limra, an insurance industry trade association.

MetLife Gets Risk Tag From U.S. Panel, Weighs Options

bloomberg.com — MetLife Inc. (MET), the biggest U.S. life insurer by assets, was labeled a systemically important financial institution by a council of regulators and said it will consider whether to sue the government over the decision. The Financial Stability Oversight Council voted to designate New York-based MetLife a SIFI, the insurer said today in a statement.

Berkshire Extends Energy Bet in Deal for Arsenal’s Charter

bloomberg.com — Berkshire Hathaway Inc. (BRK/A) agreed to buy Charter Brokerage from Arsenal Capital Partners as Chairman Warren Buffett extends bets in energy as oil prices tumble. Charter provides logistics to the petroleum and chemical industries, according to a statement today from Omaha, Nebraska-based Berkshire that didn't disclose terms. The deal is the second announced by Buffett's company this month in the energy industry.

MetLife Sets $1 Billion Buyback in CEO’s 2nd Repurchase

bloomberg.com — MetLife Inc. (MET), the largest U.S. insurer by assets, announced a $1 billion buyback program, the second since the financial crisis. The board approved the new authorization, the New York-based insurer said today in a statement. Chief Executive Officer Steve Kandarian, who took over the top job in 2011, is seeking to reward shareholders as the insurer faces tighter scrutiny from U.S.

MetLife Buys Washington Hotel for $180 Million From Ivanhoe

bloomberg.com — MetLife Inc. (MET) bought Washington 's Fairmont Hotel from Ivanhoe Cambridge as the largest U.S. life insurer expands its commercial real estate portfolio. MetLife agreed to pay $180 million for the luxury property, which has 415 rooms and conference space, the New York-based insurer said today in a statement.

MetLife Hires AT&T’s Lee as Marketing Chief

bloomberg.com — MetLife Inc. (MET), the largest U.S. life insurer, hired Esther Lee as global chief marketing officer to lead efforts to expand the company's appeal to consumers. Lee, who worked at AT&T Inc., will report to Chief Executive Officer Steven Kandarian when she starts on Jan. 12, the New York-based insurer said today in a statement.

Lincoln National Sells Radio Stations as Insurer Exits Media

bloomberg.com — Lincoln National Corp. is divesting the last pieces of a media business it acquired eight years ago as the company focuses on sales of life insurance and retirement products. Entercom Communications Corp. agreed to pay $105 million for Lincoln Financial Media, gaining 15 radio stations in markets including Atlanta, Denver and Miami, the Bala Cynwyd, Pennsylvania-based broadcaster said today in a statement.

Buffett’s Business Insurer Earns Singapore License in Asia Push

bloomberg.com — Berkshire Hathaway Inc. (BRK/A)'s specialty business-insurance unit received a license to sell non-life coverage in Singapore as it makes a push into Asia. The carrier will offer commercial property, casualty, financial lines, marine, energy and construction coverage in the nation, according to a statement today from Berkshire Hathaway Specialty Insurance.

AIG Could Be Better Student Lender Than U.S., CEO Hancock Says

bloomberg.com — American International Group Inc. (AIG) could do a better job of making student loans than the U.S. government, which currently dominates the market, Chief Executive Officer Peter Hancock said today. Insurers like AIG could take into account borrowers' career prospects, encouraging them to pursue fields of study that are more likely to pay off financially, he said.

New York Life Bets on ETFs Mimicking Hedge Funds in IndexIQ Deal

bloomberg.com — New York Life Insurance Co. agreed to buy asset manager IndexIQ, pushing into exchange-traded funds and adding offerings for retail investors who want to copy hedge-fund approaches. The transaction "puts us into the forefront of two very important growth trends in the industry," Drew Lawton, chief executive officer of New York Life Investment Management, said in an interview.
More Articles →
Dec 20, 2014

Just some light reading on pension transfers for your Saturday afternoon: mobile.businessweek.com/articles/2014-… via @BW

Dec 20, 2014

Why is it so hard to figure out what your homeowners' insurance will cover, part (at least) 2, via @ronlieber nytimes.com/2014/12/20/you…

Dec 20, 2014

Folks. If you've got State Farm, they won't cover your home if it's on Airbnb nytimes.com/2014/12/20/you… via @ronlieber @SF_RachaelR

Dec 20, 2014

RT @OS_Mitchell: Is #Pension derisking priced right? @Prudential says yes, Aegon no. Your thoughts? @ztracer via @BW buswk.co/1wQyncF

Dec 19, 2014

are you flying somewhere? chinese food for christmas? here are some movies you should watch, @KTLincoln says: tinyletter.com/kevintlincoln/…

Dec 18, 2014

RT @maxabelson: Elizabeth Warren gets her own folksong, Citi gets a protest: I went today with @DakinCampbell! bloom.bg/1uXUvhc

Dec 18, 2014

There's something interesting going on in corporate pensions and I wrote a bit about it for @BW businessweek.com/articles/2014-…

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