|
US-based AIG and former chairman and chief executive Maurice "Hank" Greenberg have reached "advanced" stages of negotiations to resolve a series of legal disputes, the Wall Street Journal reported at the weekend. Citing people familiar with the matter, the report said that the settlement may call for AIG to pay for any settlement that Mr Greenberg reaches with the New York attorney general's office over a 2005 investigation into accounting improprieties. That probe led to Mr Greenberg's ousting from the company that year. AIG ultimately paid $1.6bn to settle charges for its role in the accounting scandal. An AIG/Greenberg deal may also settle a $1bn claim that the company has made against the former CEO and former chief financial Howard Smith, the report said. The two sides are also said to be discussing a deal under which AIG would reimburse Mr Greenberg for the millions of dollars he has paid to settle other cases with the US Securities and Exchange Commission and other parties. Attending talks at the week were Mr Greenberg and current AIG chief executive Robert Benmosche. Meanwhile, more than 64% of respondents to a poll conducted by financial news website The Street.com said that AIG will be able to repay the more than $83bn in loans and other rescue financing that it has received from the US government over the last 13 months.
|
|
Last Updated ( Thursday, 25 February 2010 )
|
|
|
UK-based insurer Admiral has reported "another fine quarter", with insured vehicles up 16% year on year to 1.81m, despite premium rates going up. Group turnover in the third quarter was up 22% compared with the same period last year, reaching £294m ($480m), with the customer base rising 17% to 2.01m. Margins were maintained at price comparison website Confused.com in the face of fierce competition, with turnover up 32% year on year. Non-UK car insurance turnover rose 53% to £10.3m, with the company launching its first TV advertising campaign for the price comparison market in Spain. Admiral said that it was "on track to meet analysts' consensus profit estimates for 2009".
|
|
Last Updated ( Thursday, 25 February 2010 )
|
|
|
New York-based AIG will post a Q4 after-tax charge of $1.4bn in connection with this week's agreement to sell its 97.5% stake in Taiwanese life assurer Nan Shan Life to Hong Kong-based investment company Primus Financial and investment firm China Strategic Holdings, AIG revealed yesterday in a regulatory filing. AIG said that the sale would probably qualify for "held-for-sale" accounting, prompting the Q4 charge. The gap represents the difference between the sale price achieved and the value previously assigned to the subsidiary in AIG's books. The $2.15bn sale of Nan Shan Life will mark AIG's largest single asset sale to date as it seeks to raise funds to pay down more than $83bn in loans and other infusions from the US government. Meanwhile, the Taiwanese government is to investigate the successful Primus-led consortium to discover whether any of the Chinese stakeholders in the consortium will influence strategic decisions. Political concerns have arisen in Taiwan that the Primus consortium might represent the beginning of a Chinese mainland economic incursion.
|
|
Last Updated ( Thursday, 25 February 2010 )
|
|
|
US-based reinsurer Reinsurance Group of America (RGA) is to buy some of the North American reinsurance operations of capital-stressed Netherlands-based financial services group ING, most of which operate out of Minneapolis. Terms of the deal were not disclosed. The transaction is structured as a reinsurance agreement between RGA and ING. The deal is expected to close in Q1 2010. ING said that the sale would free up Euro100m ($149m) in capital, and that the deal would have a minor positive impact on its earnings for 2010. Under the agreement, RGA will buy ReliaStar's US and Canadian group life, accident and health reinsurance businesses. RGA said that it anticipated investing about $115m of capital in the business. In April this year ING announced a planned sale of between Euro6bn and Euro8bn in assets, selling 10 to 15 businesses. ING has owned Reliastar since 2000.
|
|
Last Updated ( Thursday, 25 February 2010 )
|
|
|
...said that its Q3 and nine-month results will include a $136m increase in the fair-value liability of an indemnity derivative contract and around $260m in other-than-temporary losses from investments in medium-term notes. The group will discuss its Q3 results on a conference call on November 3.
|
|
Last Updated ( Thursday, 25 February 2010 )
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 Next > End >>
|
| Results 28 - 36 of 79 |
