Insurance News & Info

Ambac Clients May Receive 25 Cents on Dollar in Cash (Update4) March 25 (Bloomberg) — Ambac Financial Group Inc. clients will probably get about 25 cents on the dollar in cash for claims on about $35 billion of home-loan bonds backed by the insurer, the firm’s regulator said. Read more on Bloomberg

Health Bill Would Add 3.8% Tax on Investment Income (Update4) March 18 (Bloomberg) — Democratic congressional leaders would raise to 3.8 percent the Obama administration’s proposed new Medicare tax on investment income to generate an estimated $210 billion to help fund a health-care overhaul plan. Read more on Bloomberg

Xenoport Fires Half of Workers After Drug Turned Down (Update4) March 5 (Bloomberg) — Xenoport Inc. said it will fire half its 219 employees and shelve programs aimed at long-term development of new drugs after its lead product candidate was turned down last month by U.S. regulators. Read more on Bloomberg

AIG May Sell AIA Unit to Prudential for $35 Billion (Update4) March 1 (Bloomberg) — American International Group Inc. may sell an Asian life insurance unit to Prudential Plc for more than $35 billion, the company’s largest asset sale since a U.S. government bailout in 2008, people briefed on the matter said. Read more on [...]

AIG Posts Loss Tied to Rescue, Reserves; Shares Fall (Update4) Feb. 26 (Bloomberg) — American International Group Inc. posted a wider-than-expected loss after setting aside more reserves for insurance claims and paying down bailout debts. The shares fell 9.4 percent in New York trading. Read more on Bloomberg

Flaherty Tightens Mortgage Rules Amid Bubble Talk (Update4) Feb. 16 (Bloomberg) — Canada’s Finance Minister Jim Flaherty tightened rules in the country’s mortgage industry to ensure buyers can afford their homes when interest rates rise. Read more on Bloomberg