Insurance reporter for Bloomberg News.

AIG Pays $35 Million to End Lawsky Probe of Former Units

bloomberg.com — American International Group Inc. agreed to pay a $35 million penalty to resolve a New York State probe into unlicensed insurance sales by former units. The subsidiaries, American Life Insurance Co. and Delaware American Life Insurance Co., solicited business in New York without a license and made misrepresentations to the state watchdog, according to a statement today from the Department of Financial Services.

MetLife Losing Pension Deals to Prudential Cites Margin of Error

bloomberg.com — MetLife Inc. (MET) said losing bids to Prudential Financial Inc. (PRU) for the the biggest pension-transfer deals may wind up being a long-term win for shareholders. That's because MetLife, the largest U.S. life insurer, has been wary of charging too little to take on decades of obligations to make payments to retirees, Chief Executive Officer Steve Kandarian said today.

MetLife Profit More Than Doubles to $2.09 Billion on U.S.

bloomberg.com — MetLife Inc. (MET), the largest U.S. life insurer, said third-quarter profit more than doubled on growth in its home market, fueled by investment results. Net income rose to $2.09 billion from $972 million a year earlier, the New York-based insurer said today in a statement.

Blackstone’s Tac-Ops Adds Philadelphia Insurer in Blitzer’s Bet

bloomberg.com — Blackstone Group LP (BX) agreed to buy Philadelphia Financial Group Inc. as David Blitzer 's Tactical Opportunities Group expands life-insurance investments. Blackstone, the world's largest alternative asset manager, will acquire the insurer from Tiptree Financial Inc. (TIPT) for about $155 million in cash, with another $10 million to be paid over two years, New York-based Tiptree said today in a statement.

Hartford Offers to Pay Ex-Employees to Give Up Pensions

bloomberg.com — Hartford Financial Services Group Inc. (HIG) is working to reduce its retirement obligations by paying former employees to give up their pensions. Last month, the insurer offered voluntary lump-sum payments to about 13,500 workers who had left the company and hadn't yet started receiving pension payments, Hartford said today in its quarterly filing.

U.S. Urges AIG, MGIC to Back Fastest-Growing VA Loans

bloomberg.com — Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans -- the fastest growing part of the market. The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie Mac for business to offer supplemental protection for lenders to military members and veterans.

Benmosche to Recount Clash With ‘Wall Street Vultures’

bloomberg.com — Robert Benmosche is working on a book about turning around American International Group Inc. (AIG) Benmosche's memoir focuses on the five years he led AIG and is slated to be published in late 2015 or early 2016 by St. Martin's Press, Tim Bartlett, his editor, said by phone.

Aflac Promotes Yamauchi to Japan President as Tonoike Retires

bloomberg.com — Aflac Inc. (AFL), the supplemental health insurer that generates most of its profits in Japan, is switching its leadership in the country as the company works to reverse a sales slump. Hiroshi Yamauchi, currently executive vice president of Aflac Japan, will become president and chief operating officer on Jan.

New York Life Backs Ex-Zell Partner in Real Estate Bet

bloomberg.com — New York Life Insurance Co. is turning to billionaire Sam Zell's former partner to make bets on emerging-market real estate. The insurer took a stake in Jaguar Growth Partners and plans to commit as much as $100 million to the first fund at the firm, which will invest in properties in developing markets, according to a statement today.

Genworth, Once Part of GE, Offers Breakup Gains: Real M&A

bloomberg.com — Perhaps one breakup leads to another. Insurer Genworth Financial Inc. (GNW) could reap $4 billion for shareholders by splitting up a decade after General Electric Co. (GE) pushed it out on its own. Shares of the $6.3 billion insurer are trading below the price at which GE took it public in 2004.
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Oct 31, 2014

BREAKING on Bloomberg: Delaware Life to fire half its staff at Boston-area office

Oct 31, 2014

AIG pays less than MetLife to settle probe over unit each one owned: bloomberg.com/news/2014-10-3…

Oct 31, 2014

“The two of us are going to go take a drug test and do you want to join us?” the men asked the bankers. bloomberg.com/news/2014-10-3…

Oct 31, 2014

Wall Street has "true concern for the future of our country" a guy tells Max @maxabelson bloomberg.com/politics/artic…

Oct 31, 2014

RT @maxabelson: Boo! Here is my spooooky @BPolitics debut, on Wall Street's massive midterm money: bloom.bg/1wOarYb

Oct 31, 2014

Some day, @matt_levine is going to teach a fascinating accounting and epistemology class and you'll probably sign up bloombergview.com/articles/2014-…

Oct 31, 2014

A $47 million bond sale by JPMorgan hints at what the housing market might look like, one day: businessweek.com/news/2014-10-3… via @JodyShenn

Oct 31, 2014

RT @FKlopott: The sold-out All Black's match in Chicago marks rubgy's soaring U.S. popularity bloom.bg/1toUg12 by @Elizabeth_news

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