Insurance reporter for Bloomberg News.

Philip Falcone Steps Down as Chairman, CEO of Harbinger Group

bloomberg.com — Investor Philip Falcone is stepping down as chairman and chief executive officer of publicly traded Harbinger Group Inc. Joseph S. Steinberg, an independent member of the board, was named chairman and the company is searching for a new CEO, New York-based Harbinger Group said today in a statement distributed by PR Newswire.

Aviva Falls on 5.4 Billion-Pound Friends Life Takeover Offer

bloomberg.com — Aviva Plc (AV/), Britain's second-biggest insurer by market value, fell the most since July in London trading after saying it's in talks to buy Friends Life Group Ltd. (FLG) for about 5.4 billion pounds ($8.5 billion) in stock. Aviva said after trading closed on Nov.

Fairholme Exits Fannie-Freddie Common, Limits Disclosures

bloomberg.com — Bruce Berkowitz's Fairholme Capital Management LLC exited its common-stock investments in Fannie Mae and Freddie Mac in the third quarter, while limiting disclosures about preferred stakes in the U.S. mortgage-finance companies. The investment firm opted to stop disclosing preferred stakes because U.S.

MetLife Gay Rights Support Draws Criticism Over Malaysia Venture

bloomberg.com — MetLife Inc. (MET) 's support for gay rights in the U.S. is drawing criticism to the insurer's partner in Malaysia. A group in the nation called for a boycott of AMMB Holdings Bhd. (AMM) 's AmBank, citing MetLife's recognition as among the best places to work for lesbian, gay, bisexual and transgender individuals.

Buffett Set to Save More Than $1 Billion on Taxes in Swap

bloomberg.com — Warren Buffett is again showing how to use the U.S. tax code to his advantage. For the third time in a year, the billionaire chairman of Berkshire Hathaway Inc. (BRK/A) has structured a deal in which he buys businesses in exchange for stock that has appreciated.

ING to Cut Voya Stake to 19% in $1.38 Billion Stock Sale

bloomberg.com — ING Groep NV (INGA), the biggest Dutch bank, plans to reduce its stake in its former U.S. insurance unit, Voya Financial Inc. (VOYA), to 19 percent from about 32.5 percent by selling shares. ING is selling 34.5 million shares in New York-based Voya, according to a statement from the Amsterdam-based lender.

Cathay Financial to Buy $92 Billion Asset Manager Conning

bloomberg.com — Cathay Financial Holding Co. (2882) agreed to buy Conning Holdings Corp., adding almost $92 billion in assets under management. Cathay's life insurance unit will pay as much as $240 million to shareholders, led by funds managed by Aquiline Capital Partners LLC, the companies said in a statement today.

Genworth Long-Term Care Valued at Zero Challenges CEO

businessweek.com — Genworth Financial Inc. (GNW:US) is the largest U.S. seller of long-term care insurance, a position that Chief Executive Officer Tom McInerney is counting on to turn the company around after a record loss. Yet that business is worthless, according to analysts at Macquarie Group Ltd. and Keefe, Bruyette and Woods.

Genworth Long-Term Care Valued at Zero Challenges CEO

bloomberg.com — Genworth Financial Inc. (GNW) is the largest U.S. seller of long-term care insurance, a position that Chief Executive Officer Tom McInerney is counting on to turn the company around after a record loss. Yet that business is worthless, according to analysts at Macquarie Group Ltd. and Keefe, Bruyette and Woods.

Paulson Said to Exit Genworth Ahead of Insurer’s Share Plunge

bloomberg.com — John Paulson, the billionaire hedge- fund manager, exited a stake in Genworth Financial Inc. (GNW) before the insurer reported a record loss, according to a person familiar with the matter. Paulson ended his investment by Sept. 30, according to the person, who asked not to be identified because the move hasn't been publicly disclosed.
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Nov 25, 2014

RT @SamMamudi: NYC's record $732 million cost as legal settlements rise bloom.bg/1AL7L0A More than it spends on parks libraries & rec…

Nov 25, 2014

Phil Falcone is leaving his publicly traded Harbinger Group (maker of George Foreman grills, owner of @fg_life) bloomberg.com/news/2014-11-2…

Nov 25, 2014

RT @ArmstrongDrew: Here's what happened to cancer drug costs since 1975. (Massive caveat -- cancer drugs have improved since 1975) pic.twitter.com/olqMK1VLfm

Nov 24, 2014

RT @lcrupp: What's getting you into the malls this season? Free Uber rides? Special services? Personal shoppers? DM me

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