DIRS.INFO The most relevant business & tech news

☆ AIG Terminates Interim Finance Chief Mark Lyons
▼ + stars: | 2023-01-31 | by ( Kathryn Hardison | ) www.wsj.com time to read: +1 min

American International Group Inc. said it terminated Mark Lyons from his position as the interim chief financial officer and executive vice president, global chief actuary and head of portfolio management after the company became aware that he violated his confidentiality and nondisclosure obligations. AIG said it entered into a settlement agreement with Mr. Lyons. Mr. Lyons joined the company in 2018 and previously served as the CFO. Mr. Lyons couldn’t immediately be reached for comment. AIG said Sabra Purtill has been named interim CFO and Turab Hussain has been named the interim global chief actuary.

☆ AIG Finance Chief Takes Temporary Medical Leave
▼ + stars: | 2023-01-11 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

American International Group Inc. said Tuesday that Chief Financial Officer Shane Fitzsimons is taking a temporary medical leave of absence. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMark Lyons, who previously served as the company’s CFO, has been appointed as the interim CFO. Mr. Lyons will continue to serve in his role as the global chief actuary and head of portfolio management, the insurance company said. Write to Kathryn Hardison at kathryn.hardison@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.

☆ Vista to take Duck Creek Technologies private in $2.6 bln deal
▼ + stars: | 2023-01-09 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Duck Creek Technologies (DCT.O), which serves some of the biggest clients in the property and casualty sector, will be taken private by Vista Equity Partners in an all-cash deal valued at about $2.6 billion, the insurance tech firm said on Monday. The deal for Duck Creek at a purchase price of $19 per share, represents a premium of 46% to Duck Creek's last close. Duck Creek provides cloud-based property and casualty insurance solutions to its customers including Berkshire Hathaway Specialty Insurance and American International Group (AIG.N). Duck Creek expects the deal to close in the second-quarter of this year. J.P. Morgan is acting as financial advisor to Duck Creek.

☆ AIG subsidiary files for Chapter 11 bankruptcy
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - American International Group Inc said on Wednesday its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection to complete the wind down of a business unit that was a central figure in the 2008 financial crisis. AIG Financial Products largely ceased operations in 2008, and its bankruptcy will not have a material impact on AIG or on life and retirement insurer Corebridge Financial Inc (CRBG.N), which AIG recently spun off, AIG said. AIG Financial Products issued the credit default swaps that put AIG on the hook for billions of dollars in losses during the collapse of subprime mortgage markets, according to court documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. AIG Financial Products has no ongoing operations or employees of its own, but it maintained a small portfolio of financial products after largely shutting down in 2008. It owes more than $37 billion to its parent company AIG on loans related to the 2008 crash, according to court documents.

☆ AIG's Zaffino gets 5-year extension as CEO
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - Insurer American International Group Inc's (AIG.N) Chief Executive Officer Peter Zaffino's employment term has been extended for five years through Nov. 10, 2027, the company said late on Thursday in a filing. The company's board approved a one-time grant in the form of restricted stock units (RSUs) having a grant date value of $50 million to Zaffino, according to the filing. He will also receive an annual base salary of $1.5 million and an annual cash bonus of $4.5 million based on the board's assessment of his performance. Zaffino previously served as the chief executive officer of insurance broker Marsh & McLennan Companies Inc (MMC.N). Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Insurer AIG profit slumps on hurricane costs, lower investment returns
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Insurer American International Group Inc (AIG.N) on Tuesday reported a more than 39% decline in quarterly profit as investment income fell by more than $1 billion and losses from Hurricane Ian pushed up catastrophe bills. read moreAIG - one of the world's biggest commercial insurers - reported $600 million of catastrophe losses in the quarter, out of which about $450 million was attributable to Hurricane Ian, the insurer said. Total consolidated net investment income fell 28% to $2.7 billion, hurt mainly by lower alternative investment income. The metric excludes catastrophe losses, and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims. read moreReporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Prudential Suffers Big Loss on Rising Rates
▼ + stars: | 2022-11-01 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Rising interest rates and volatile stock markets battered insurer Prudential Financial Inc. in the third quarter, while American International Group Inc. was stung by claims from Hurricane Ian in Florida, the companies said. The two big insurers faced different challenges in the difficult quarter. Prudential’s so-called adjusted operating income slid 46% to $803 million from $1.49 billion, and it swung to a loss of $284 million on a net basis, from net of $1.53 billion in the year-earlier period.

☆ Blackstone's earnings fall 16% on sharp drop in asset sales
▼ + stars: | 2022-10-20 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 20 (Reuters) - Blackstone Inc (BX.N), the world's largest alternative asset manager, said on Thursday its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market. Distributable earnings — the cash used to pay dividends to shareholders — fell to $1.4 billion from $1.6 billion a year earlier. Financial markets have been rocked by geopolitical unrest from the Russia-Ukraine conflict and rising interest rates by central banks, which have prevented private equity firms like Blackstone from cashing out their investments for top dollar. During the quarter, Blackstone said its opportunistic real estate funds fell 0.6%, corporate private equity funds depreciated by 0.3%, and hedge funds gained 1%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chibuike Oguh in New YorkOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone invests $500 mln in Resolution Life as part of asset management deal
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Blackstone Inc (BX.N) signed a partnership deal to manage certain investments for Resolution Life and has agreed to invest $500 million in the life insurance group, the companies said on Wednesday. The asset manager has been executing a similar playbook in recent years, looking to boost its assets under management (AUM) by adding insurance investments in its portfolio. Register now for FREE unlimited access to Reuters.com RegisterIt also has a similar partnership with annuities and life insurance provider F&G, a unit of Fidelity National Financial Inc (FNF.N). With backing from Resolution's existing investors, Blackstone will also aid Resolution in raising another $2.5 billion of equity capital to help "rapidly scale its growth". Founded in 2003, Resolution acquires and manages portfolios of life insurance policies.

☆ Stocks making the biggest moves midday: Moderna, Pepsi, Lyft and more
▼ + stars: | 2022-10-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pepsi products are displayed for sale in a Target store on March 8, 2022 in Los Angeles, California. Check out the companies making the biggest moves midday Wednesday:Moderna — Shares of Moderna surged 10% after the drug maker announced it will partner with Merck to jointly develop and sell a cancer vaccine. It reported preliminary month-end assets under management of $1.23 trillion as of Sept. 30. Pepsi also raised its guidance for the year as it was able to successfully raise prices on its products. Lyft — Lyft shares gained 5.8% following an upgrade from Gordon Haskett to buy from hold.

Credit monitoring services can provide you with early notice of potential fraud on your credit report, so you can take steps to protect your personal information. Below, Select reviews the top six credit monitoring services that can help you keep track of your credit and get alerts on potential fraud. Best free credit monitoring servicesBest paid credit monitoring servicesBest free credit monitoring servicesIf you're not willing to pay money for a credit monitoring service, you can consider one of these free options. Best paid credit monitoring servicesIf you want a more comprehensive credit monitoring plan, consider one of the paid plans below. If you want daily triple-bureau credit monitoring and monthly credit score and credit report tracking, you should opt for the mid-tier PrivacyGuard® Credit Protection, which costs $19.99 per month.

If you want daily triple-bureau credit monitoring and monthly credit score and credit report tracking, you should opt for the mid-tier PrivacyGuard® Credit Protection, which costs $19.99 per month. Things to consider before signing up for a credit monitoring serviceHere's what you should consider before signing up for a credit monitoring service: Cost: Typically, these services bill monthly. When ranking the best free credit monitoring services, we focused on the following features: Number of credit bureaus monitored: Services that monitor credit reports from more than one credit bureau were ranked higher since it's rare for free services to monitor several reports. When ranking the best paid credit monitoring services, we focused on the following features: Cost: Lower-cost services that offered more benefits ranked higher in our reviews. Keep in mind that credit monitoring services can only alert you of changes to your credit file, not fix or prevent any errors.

Search resuls for: "American International Group"

12 mentions found