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United Kingdom

Suzanne Barlyn

Rivals ride rising rates as Lloyd's abandons some ship insurance

24 Jun 2019

LONDON/NEW YORK Rivals to Lloyd's of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year.

Lloyd's to meet with insurers AIG, Chubb to boost U.S. business - CEO

19 Jun 2019

NEW YORK Lloyd's of London Ltd is meeting with major U.S. insurers about driving more business through its global insurance market, Chief Executive Officer John Neal said on Wednesday.

Insurance costs rocket for U.S. IPOs as twitchy investors take to courts

17 Jun 2019

Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors.

More choice for IPO lawsuits in U.S. spur 200% increase in some exec insurance

17 Jun 2019

June 17 Companies going public in the United States face insurance costs that have increased as much as 200% in the last three years to cover their executives against lawsuits alleging they misled investors.

Trump's swaps watchdog bows out leaving tough enforcement legacy

07 Jun 2019

NEW YORK When chairman of the U.S. Commodity Futures Trading Commission Chris Giancarlo steps down next month, he will leave an unlikely legacy: a major crackdown on white collar misconduct.

Trump's swaps watchdog bows out leaving tough enforcement legacy

07 Jun 2019

NEW YORK, June 7 When chairman of the U.S. Commodity Futures Trading Commission Chris Giancarlo steps down next month, he will leave an unlikely legacy: a major crackdown on white collar misconduct.

AIG to reach out to shareholders over executive pay: CEO

06 Jun 2019

NEW YORK American International Group Inc Chief Executive Officer Brian Duperreault said on Thursday the insurer is reaching out to shareholders, per its usual custom, who last month gave his $21 million compensation only narrow approval.

New York state regulator investigating pension transfer deals: sources

24 May 2019

New York state's financial regulator has subpoenaed four insurance brokers as part of a broad investigation into an industry in which life insurers take over corporate pension plans from companies that want to offload them, according to two people familiar with the matter.

New York state regulator investigating pension transfer deals -sources

23 May 2019

By Suzanne Barlyn May 23 New York state's financial regulator has subpoenaed four insurance brokers as part of a broad investigation into an industry in which life insurers take over corporate pension plans from companies that want to offload them, according to two people familiar with the matter. At issue is whether brokers, who help put such deals together, solicited insurers who are not licensed in New York to take on the pension transfers, the people familiar with the matter said. The New York State Department of Financial Services (NYDFS), on Wednesday, issued subpoenas to units of Morgan Stanley , Aon PLC , Willis Towers Watson PLC and Mercer, a unit of Marsh & McLennan Companies Inc , seeking documents about their communications with insurer Athene Holding Inc about "pension risk transfer" transactions, the people said. Athene, while not subpoenaed, was sent a letter requesting documents and is part of the investigation, the people said. Representatives for all of the companies declined to comment. New York's financial regulator has authority to fine entities that it regulates and revoke their licenses to do business in New York. Pension risk transfers are a lucrative business for life insurers and others involved with the transactions. The deals have been around since at least the 1920s, but rising interest rates and stock market gains in recent years have helped to make them more common. That allows companies looking to purge their pension liabilities to more easily meet the requirement of fully funding their plans before selling them. Insurers taking over a plan typically write a group annuity contract to cover those pensions, which generates payments to the retirees. Insurers are essentially betting that they will make more in investments than they pay out in pensions. (Reporting by Suzanne Barlyn Editing by Leslie Adler)

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