Insurance News & Info

‘On the Edge’ Banks Face Writedowns on FDIC Auctions (Update1) March 8 (Bloomberg) — A Federal Deposit Insurance Corp. plan to auction more than $1 billion in assets seized from failed banks next month, including a loan to build a W Hotel in Atlanta, may trigger writedowns that weaken lenders nationwide. Read more on Bloomberg

Chaucer Swings to Profit on Higher Investment Returns (Update1) March 8 (Bloomberg) — Chaucer Holdings Plc , a Lloyd’s of London insurer, swung to a profit last year on higher investment returns. Net income was 28.1 million pounds ($43 million), compared with a 19 million-pound loss a year earlier, the London-based company said today in [...]

Miracle Cancer Drug Extends Life With $48,720 Cost (Update1) March 5 (Bloomberg) — George Demetri had witnessed countless near-death experiences in his career as a cancer doctor. This time, the life of a drug was on the line. Read more on Bloomberg

MetLife Said to Be Near Agreement to Acquire AIG Unit (Update1) March 4 (Bloomberg) — MetLife Inc. , the biggest U.S. life insurer, may reach an agreement as early as this weekend to buy a unit of American International Group Inc. Read more on Bloomberg

AIG Plane Unit Boosts Loans It Seeks to $1.3 Billion (Update1) March 5 (Bloomberg) — American International Group Inc. ’s aircraft-leasing unit is seeking to add a $550 million term loan to bank financing, boosting its first debt sale through capital markets since AIG’s 2008 U.S. bailout to $1.3 billion, according to a person familiar [...]

Bullard Calls for Fed Powers to Avert Future Crisis (Update1) St. Louis Federal Reserve Bank President James Bullard said the central bank needs authority to determine the condition of the entire financial system to avert another crisis. Read more on BusinessWeek

Insurers See Future in Asia as Rescued AIG Retreats (Update1) March 3 (Bloomberg) — American International Group Inc. , whose history in insurance spans 90 years from a Shanghai start- up to the biggest U.S. bailout, is exchanging its roots in Asia for cash as rivals seek to expand beyond shrinking markets. Read more on [...]

AIG ‘Still Exposed’ Amid Losses by Guarantor, Lender (Update1) March 4 (Bloomberg) — American International Group Inc. , the insurer bailed out after derivatives losses tied to housing, is being weighed down by unprofitable units that originate and guarantee U.S. mortgages. Read more on Bloomberg

Prudential Plc May Buy AIG Unit for Over $30 Billion (Update1) Feb. 28 (Bloomberg) — Prudential Plc , the U.K.’s largest insurer, is in negotiations to buy American International Group Inc. ’s Hong Kong-based life unit for more than $30 billion, according to a person familiar with the situation. Read more on Bloomberg

Obama Open to Adding Republican Ideas to Health Plan (Update1) March 2 (Bloomberg) — President Barack Obama today said he’s open to incorporating into his health-care bill several proposals advanced by Republicans last week, as congressional Democrats near a final push to enact overhaul legislation. Read more on Bloomberg