Insurance reporter for Bloomberg News.

Axa Cites Marriage of Jacob in Defending Derivatives

bloomberg.com — To fight wrong-headed oversight, insurers traditionally turn to lobbyists and lawmakers. Axa SA (CS) is picking up the Bible. Some regulators have proposed restrictions on contracts that they see as new and risky. The Bible shows there is a long history of making such deals, said Christian Thimann, who joined Axa SA from the European Central Bank this year.

Oaktree Will Pay Wintrob at Least $5 Million as First CEO

bloomberg.com — Oaktree Capital Group LLC (OAK), the world's biggest distressed-debt investor, will pay Jay Wintrob at least $5 million a year as chief executive officer. Wintrob will be paid in cash and operating units as part of a profit-sharing plan, in which he'll receive at least 1.5 percent of the firm's operating income, Los Angeles-based Oaktree said in a regulatory filing today.

JPMorgan’s Data Breach Reveals Growth Market for Insurers

bloomberg.com — Insurers flush with capital are rushing to grab part of an expanding cyber coverage market that's been spurred on by high-profile hackings at JPMorgan Chase & Co. and Home Depot Inc. Sales are set to double this year from about $1 billion in 2013, according to Bob Parisi, head of the network security and privacy practice at Marsh, the insurance brokerage arm of Marsh & McLennan Cos.

Buffett Says He’d Bet on Clinton Presidential Victory

bloomberg.com — Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said he thinks Hillary Clinton will be the next U.S. president. "Hillary is going to win," Buffett said today at the Fortune's Most Powerful Women Summit in Laguna Niguel, California. "I will bet money on it. I don't do that easily."

Marks’s Oaktree Names Ex-AIG Executive Wintrob as First CEO

bloomberg.com — Oaktree Capital Group LLC named Jay Wintrob, the former head of American International Group Inc.'s life insurance business, as its first chief executive officer. Wintrob, who's been a member of Oaktree's board since 2011, announced his departure from AIG last month after he was passed over in the company's search for a new CEO.

Ex-AIG Chief’s Lament Is Missing Time With Rabbi Daughter

bloomberg.com — After five years rebuilding American International Group Inc. (AIG) in the wake of a government bailout, Robert Benmosche said his biggest regret has nothing to do with the turnaround of the insurer. It was that he missed most of a Jewish High Holiday prayer service that his daughter, Nehama, led in Florida shortly after he took over as AIG's chief executive officer in 2009.

MetLife Challenges Risk Tag, Sets Stage for Court Clash

bloomberg.com — MetLife Inc. (MET), the largest U.S. life insurer, is challenging a U.S. finding that it poses a potential risk to the financial system if it were to fail. MetLife requested a hearing before the Financial Stability Oversight Council, or FSOC, to explain why the firm shouldn't be considered a systemic risk, the New York-based insurer said today in a regulatory filing.

Berkowitz’s Fairholme Loses Annual Gain on Fannie-Freddie

bloomberg.com — Oct. 2 (Bloomberg) --- Bruce Berkowitz's main mutual fund erased more than a year of gains yesterday after a court ruling sent the value of securities tied to Fannie Mae and Freddie Mac tumbling. The Fairholme Fund (FAIRX) fell 9.6 percent, which dropped the fund's price back to where it was in July 2013, according to data compiled by Bloomberg.

Hedge Funds Hit With Right Hook on Fannie-Freddie Ruling

bloomberg.com — Investors in star money manager Bruce Berkowitz's main mutual fund have lost about $600 million as securities tied to Fannie Mae (FNMA) and Freddie Mac (FMCC) plummet. The value of the $8 billion Fairholme Fund's stakes in preferred and common shares of the U.S.

Buffett’s ‘Big Show’ Recruits Underwhelm AIG’s Benmosche

businessweek.com — Bloomberg News Robert Benmosche, who led American International Group Inc. ( AIG:US) for half a decade, said an emerging challenge from Warren Buffett's Berkshire Hathaway Inc. hasn't amounted to much so far. Buffett's firm recruited AIG executives beginning last year to expand commercial coverage under the Berkshire Hathaway Specialty Insurance brand.
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Oct 17, 2014

.@meaghano goes writerly on Vanguard index funds, which is actually pretty great thebillfold.com/2014/10/witchy…

Oct 17, 2014

on the cash-butter market: "a tsunami of butterfat coming to the U.S. right now" bloomberg.com/news/2014-10-1…

Oct 17, 2014

@naureenindc if you're not careful ima start tweeting my thesis

Oct 17, 2014

So we now have a czar, but who gets to be Rasputin?

Oct 16, 2014

RT @SimoneFoxman: Einhorn’s Greenlight to Reopen Hedge Fund to New Capital bloom.bg/1ze7DqO via @BloombergNews (my latest scoop!)

Oct 16, 2014

RT @KYWeise: "There's no way we can have this much cash coming in legally" businessweek.com/articles/2014-… My @BW feature w @xinwenfan on Chinese homebuyers

Oct 15, 2014

By @matt_levine's math, Bank of America made .008 percent of its assets last quarter. More or less. bloombergview.com/articles/2014-…

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