Insurance reporter for Bloomberg News.

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.

Loeb Shifts to Subprime, Cuts CMBS as Mortgages Fuel Profit

bloomberg.com — Hedge fund manager Dan Loeb increased bets on the least creditworthy homebuyers as he adjusted the mortgage-related holdings that accounted for half of investment profits this year at Third Point Reinsurance Ltd.

Genworth Says Junk Status to Pressure Turnaround

bloomberg.com — Genworth Financial Inc. (GNW) said sales of some products will be pressured and borrowing costs may rise after the insurer was cut to junk following a record loss. "We are disappointed that certain rating agencies took negative actions," Chief Executive Officer Tom McInerney said in a statement late yesterday.
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Nov 21, 2014

@RichardRubinDC "Get Fired" is always the tip that's left out of 9 Ways to Cut Your Tax Bill for some reason

Nov 21, 2014

Werner, the wizard with the T-shirt gimmick, becomes NY's biggest real estate buyer this year bloomberg.com/news/2014-11-2… via @dmlevitt

Nov 20, 2014

Smart piece on Mr. Money Mustache and the $ zeitgeist of anxiety nymag.com/daily/intellig… via @AnnieLowrey

Nov 20, 2014

TIL: GE has (had) a Japanese real estate business

Nov 20, 2014

@maxabelson the journalist and the apricot is a pretty good memoir title actually

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