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☆ S&P Global misses profit estimates as Commodity Insights, Indices units struggle
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

On an adjusted basis, its profit of $3.12 per share missed analysts' average estimate of $3.14 per share, as per Refinitiv IBES data. Growth in revenues from the company's Commodity Insights and Indices segments could not meet Street expectations. S&P's Market Intelligence segment posted a 5% rise in sales, taking the firm's total revenue up 4% to $3.1 billion in the quarter through June. S&P Global, which provides essential market intelligence to governments, corporates and institutional investors, completed the divestiture of its Engineering Solutions unit to global investment firm KKR Inc (KKR.N) in May. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaiveer Singh, Shweta Agarwal Organizations: Intelligence, P Global Inc, P's, P, Solutions, KKR Inc, Thomson Locations: Bengaluru

☆ Liberty Mutual to stop offering business owner's policy in California as costs bite
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Property and casualty insurer Liberty Mutual will stop offering its business owner's policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers' profits. A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company "will not renew its current book of this line of business beginning in December." BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package. Liberty Mutual joins a growing list of major insurers retreating from California. In May this year, State Farm said that it would stop selling new insurance policies to homeowners in California.

Persons: Fitch, Jaiveer Singh, Manya, Shailesh Organizations: Liberty Mutual, Reuters, Global, Farm, Manya Saini, Thomson Locations: California, Bengaluru

☆ Laurentian Bank's shares fall after media report that potential top bidders bowed out
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

TD is also not bidding for Laurentian, the report added. The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. A spokesperson for Laurentian Bank declined to comment on the report, when contacted by Reuters, saying the bank's "strategic review is still under way" and the "board of directors is actively examining the options available." TD Bank did not immediately respond to a Reuters request for comment. Shares of Laurentian, which jumped 27% after reports of a sale earlier this month, have gained about 35% so far this year.

Persons: Rania Llewellyn, Jaiveer Singh, Balu, Shailesh Kuber, Matthew Lewis Organizations: Laurentian Bank of Canada's, Bank of Nova, Dominion Bank, Scotiabank, Globe and Mail, Laurentian, TD, U.S, Barclays, Canada's, Globe, Laurentian Bank, Reuters, TD Bank, Thomson Locations: Laurentian, Montreal, Bank of Nova Scotia, Toronto, Quebec, Bengaluru

☆ Surf Air Mobility shares slump 75% in NYSE debut
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Electric aviation and regional air travel company Surf Air Mobility (SRFM.N) shares slumped 75% below their reference price in a direct listing on Thursday. Unlike an initial public offering, in a direct listing shares are not sold in advance. The stock price at debut is determined by orders coming into the stock exchange. Surf Air Mobility had earlier this month pushed its listing date from July 11 to the week of July 24. The company had last year confidentially filed for a U.S. direct listing after terminating its $1.42 billion merger with a blank-check firm.

Persons: confidentially, Slack, Jaiveer Singh Shekhawat, Pritam Biswas, Arun Koyyur Organizations: Electric, Surf Air Mobility, New York Stock Exchange, Slack Technologies, Salesforce, Thomson Locations: Bengaluru

☆ JPMorgan to buy almost $2 bln of mortgages in the PacWest deal - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy almost $2 billion worth of mortgages to facilitate Banc of California's (BANC.N) purchase of PacWest Bancorp (PACW.O), a source with knowledge of the matter told Reuters. The investment bank has entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, the source said. Banc of California had entered into a "contingent forward asset sale agreement" for its residential mortgage portfolio, the lender said in a presentation on Tuesday, without naming the buyer. The source said the mortgage transaction will also close at the same time. The mortgage purchase was earlier reported by Bloomberg News.

Persons: Warburg Pincus, PacWest, Jaiveer Singh, Nupur Anand, Arun Koyyur Organizations: JPMorgan Chase &, PacWest Bancorp, Reuters, Centerbridge Partners, Bank, Bloomberg News, Thomson Locations: Banc, California, PacWest, Bengaluru, New York

☆ Pacific Premier says vendor hit by MOVEit data breach
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Pacific Premier Bancorp (PPBI.O) said on Tuesday that a cybersecurity incident at a third-party vendor has led to data leak of its bank's clients, becoming the latest victim of the MOVEit hack. The vendor confirmed that personal data had been compromised in the incident, which involved popular file transfer tool MOVEit, Pacific Premier said in a regulatory filing. Firms, institutions and government departments using file sharing software MOVEit have recently been hit by data breaches. On Monday, consumer and commercial bank 1st Source Corp (SRCE.O) said a security breach that involved MOVEit has impacted about 450,000 records. MOVEit, made by Massachusetts-based Progress, allows organizations to securely transfer files and data between business partners and customers.

Persons: MOVEit, Jaiveer Singh, Shailesh Organizations: Pacific Premier Bancorp, Pacific Premier, Corp, Thomson Locations: Massachusetts, Bengaluru

☆ KeyCorp second-quarter profit halves on higher loan loss provisions
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - KeyCorp (KEY.N) reported on Thursday a bigger-than-expected 50% fall in quarterly profit, as it set aside more rainy day funds amid growing economic uncertainties. Shares of the company fell nearly 3% in premarket trading. The lender's provisions for credit losses jumped by 271% to $167 million at the quarter end, compared with $45 million in a year-ago quarter. Banks have started to raise their provisions for loan losses as high borrowing costs threaten to cripple the banking sector from the risk of defaults. The company's net interest income fell nearly 11% to $986 million for the quarter ended June 30, compared with $1.1 billion, a year earlier.

Persons: Banks, Jaiveer Singh, Shweta Agarwal Organizations: Thomson Locations: Bengaluru

☆ US Bancorp sees annual net interest income below Wall Street estimates, shares fall
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - US Bancorp (USB.N) forecast full-year net interest income (NII) below Wall Street estimates, sending the lender's shares down more than 1% in premarket trading on Wednesday. The weak forecast comes despite lenders earning more in interest income, thanks to a sharp rise in interest rates by the Federal Reserve to tame decades-high inflation. Minneapolis-based US Bancorp now expects full-year NII, which measures the difference between what banks earn on loans and pay out on deposits, to be between $17.5 billion and $18.0 billion. The bank's NII for the quarter ended June 30 rose to $4.45 billion, compared with $3.46 billion a year ago. The lender also set aside $821 million as provisions for bad loans in the quarter, compared with $311 million a year ago.

Persons: Jaiveer Singh, Shilpi Majumdar Organizations: US Bancorp, Federal Reserve, Bancorp, Thomson Locations: Minneapolis, Bengaluru

☆ U.S regional bank shares rise on interest income, deposits stabilizing
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

July 19 (Reuters) - Three major U.S. regional banks met or beat profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, while deposits stabilized, sending shares across the sector up. Investors have been anxiously awaiting regional bank second quarter earnings as they look for reassurance that the turmoil that rocked the sector earlier this year has finally passed. M&T Bank Corporation (MTB.N) and Citizens Financial Group (CFG.N) both beat Wall Street estimates from charging clients higher interest rates after the U.S. Federal Reserve raised borrowing costs to rein in stubborn inflation. The KBW Regional Bank Index (.KRX) and S&P regional bank index (.SPCOMBNKS) were each gaining nearly 2% in line with the broader market. M&T's deposits rose to $162.1 billion from $159.1 billion at the end of the first quarter, but fell about 4.9% year-on-year.

Persons: NII, Dennis Dick, Michelle Price, Manya Saini, Jaiveer Singh Shekhawat, Johann Cherian, Chibuike, Nick Zieminski Organizations: T Bank Corporation, Citizens Financial, Wall, U.S . Federal Reserve, Citizens, US Bancorp, Big, Regional, Zions Bancorp, Truist, Fifth Third Bancorp, Bank, Triple D, Thomson Locations: Big U.S, Silicon, Bengaluru, New York

☆ Synchrony Financial reports strong quarter on higher interest income
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Credit card company Synchrony Financial (SYF.N) beat second-quarter profit estimates on Tuesday, as the U.S. Federal Reserve's rapid rate hikes helped boost interest earned from borrowers, offsetting a hit from bigger rainy-day funds. Lenders have benefited from the Fed's aggressive monetary policy tightening, but also had to earmark bigger provisions for potential defaults as higher borrowing costs squeezed consumers' financial health. Synchrony reported a profit of $1.32 per share in the reported quarter, compared with analysts' average estimate of $1.24, according to Refinitiv IBES data. Net interest income (NII) increased 8.4% to $4.1 billion, helping soften the hit from larger credit loss provisions at $1.38 billion, up from $724 million a year earlier. Total deposits for Synchrony Financial increased 1.8% to $75.77 billion from the first quarter and rose 17% from a year earlier.

Persons: Synchrony, Jaiveer Singh, Shinjini Organizations: U.S, U.S . Federal, Synchrony Financial, Investors, Thomson Locations: U.S ., Bengaluru

July 14 (Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, handily beat second-quarter profit estimates but showed a slowdown in money inflows, sending shares down about 2%. Net inflows for the quarter were $80 billion, down from $89.6 billion a year ago and $110 billion in the first quarter, amid heightened economic uncertainties. "The firm's flow mix remains skewed toward lower fee strategies, which continue to weigh on organic base fee growth," Goldman Sachs said in a note to clients. Citigroup described the results as "a bit of a mixed quarter," given BlackRock's profit beat but lower-than-expected inflows. Shares in BlackRock are up 2.85% this year, underperforming the S&P 500 index (.SPX), which is up almost 18%.

Persons: Refinitiv IBES, Kyle Sanders, Edward Jones, Goldman Sachs, BlackRock, Larry Fink, Fink, Martin Small, Jaiveer Singh, Chizu Nomiyama, Mark Potter, Anna Driver Organizations: BlackRock Inc, BlackRock, Citigroup, CNBC, Thomson Locations: New York, BlackRock, Bengaluru

July 14 (Reuters) - BlackRock Inc (BLK.N) on Friday beat second-quarter profit estimates, as investors continued to pour money into its various funds on the back of a rally in markets after a bruising start to the year. Net inflows for the quarter for BlackRock were at $80 billion, down from $89.6 billion a year ago. The company's adjusted profit of $9.28 per share leapfrogged analysts' estimates of $8.46, according to Refinitiv IBES. Fink in an investor event last month said that he is not planning to leave the asset manager "any time soon". Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kyle Sanders, Edward Jones, Refinitiv IBES, Larry Fink, Fink, Jaiveer Singh, Maju Samuel, Chizu Organizations: BlackRock Inc, The, Revenue, BlackRock, Securities, Exchange, Thomson Locations: The New York, BlackRock, Bengaluru

☆ Binance chief strategy officer quits
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

July 6 (Reuters) - Binance's Chief Strategy Officer Patrick Hillmann has quit the cryptocurrency exchange, he said in a tweet on Thursday. Last month, U.S. regulators sued Binance and its CEO Changpeng Zhao for allegedly operating a "web of deception" and filed 13 charges in a federal court in Washington D.C. Binance has said it would defend itself "vigorously." "It's true that I am leaving Binance," Hillmann said in a tweet, adding that he was doing so on good terms. loadingHillmann had joined the world's largest cryptocurrency exchange in 2021 and became the chief strategy officer in October last year. Reporting by Jaiveer Singh Shekhawat in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrick Hillmann, Binance, Changpeng Zhao, Hillmann, Jaiveer Singh Organizations: Washington D.C, Thomson Locations: U.S, Washington, Bengaluru

☆ Bank of America increases dividend by 9% after Fed stress test
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 5 (Reuters) - Bank of America (BofA) (BAC.N) said on Wednesday it planned to increase its quarterly common stock dividend to 24 cents per share from 22 cents per share beginning in the third quarter of 2023. BofA, unlike other major U.S. banks, had held back a decision on the dividend last week. Rivals JPMorgan Chase (JPM.N), Citigroup (C.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) hiked their third-quarter dividends on Friday after sailing through the Federal Reserve's stress test. BofA had cited a dialogue with the Fed to understand differing results between the central bank's stress test and the companies' own under the Dodd-Frank Act. Last year, BofA raised its dividend to 22 cents a share, the highest level since the 32 cents paid in 2008 and up from 21 cents in 2021.

Persons: Goldman Sachs, Morgan Stanley, BofA, Dodd, Frank, Jaiveer Singh, Saeed Azhar, Shailesh Kuber, Jamie Freed Organizations: YORK, Bank of America, Rivals JPMorgan Chase, Citigroup, U.S, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

☆ Nasdaq refiles BlackRock's bitcoin ETF application with SEC
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Nasdaq (NDAQ.O) refiled an application with the U.S. securities regulator to list an exchange-traded fund by BlackRock Inc (BLK.N) that will reflect the price of bitcoin to add additional details, according to a filing made public on Monday. The move comes after the regulator reportedly had concerns over the initial filings by Nasdaq as being unclear and incomplete. According to Cboe's Fidelity bitcoin ETF filing, the company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. Reporting by Jaiveer Singh Shekhawat in Bengaluru and John Mcrank in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Coinbase, Jaiveer Singh, John Mcrank, Shailesh Organizations: Nasdaq, BlackRock Inc, U.S . Securities, Exchange Commission, SEC, Global Inc, Fidelity, ., Thomson Locations: Manhattan, Bengaluru, New York

☆ US regulators consider to limit major lenders' borrowings from FHLBs - Bloomberg News
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ US Senator Warren questions Goldman's role in SVB failure
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren has questioned Goldman Sachs' (GS.N) role in the failure of Silicon Valley Bank (SVB) and the profits it allegedly made in the process. The letter said Goldman Sachs benefited further as market turmoil following SVB's failure increased the value of the discounted bond portfolio by an estimated $100 million. Goldman acquired a bond portfolio on which SVB booked a $1.8 billion loss, a transaction that preceded a failed share sale by the lender for which the Wall Street bank was an underwriter. But it's well known that banks don't collect fees when capital raises are canceled," said Tony Fratto, a spokesman for Goldman Sachs. He reiterated that Goldman expects proceeds from the SVB portfolio sale to be closer to $50 million, and not $100 million.

Persons: Elizabeth Warren, Goldman Sachs, SVB, Warren, Goldman, Tony Fratto, Jaiveer Singh, Saeed Azhar, Pooja Desai Organizations: Silicon Valley Bank, Federal Deposit Insurance Corporation, SVB, Valley Bank, U.S, underwriters, Thomson Locations: Silicon, Bengaluru, New York

☆ US regulators consider to limit major lenders' borrowings from FHLBs, Bloomberg reports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency (FHFA) might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, FHFA, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Reuters, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ AI company Runway valued at $1.5 bln in latest funding -source
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - AI company Runway has been valued at $1.5 billion in its latest round of funding, a source familiar with the matter said on Thursday, after it raised $141 million from investors, including Alphabet-owned Google (GOOGL.O) and Nvidia (NVDA.O). The extension to the Series C funding round was also led by Salesforce Ventures and existing investors, the company said in a statement. Runway's software allows users to transform or tweak existing videos or create new videos by using text prompts or images. The company also launched a mobile app earlier this year, giving its users access to its generative AI tools. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Krystal Hu in Toronto; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jensen Huang, Jaiveer Singh, Krystal Hu, Anil D'Silva Organizations: Runway, Nvidia, Salesforce Ventures, Thomson Locations: Bengaluru, Toronto

☆ AI company Runway valued at $1.5 billion in latest funding
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - AI company Runway has been valued at $1.5 billion in its latest round of funding, a source familiar with the matter said on Thursday, after it raised $141 million from investors, including Alphabet-owned Google (GOOGL.O) and Nvidia (NVDA.O). The extension to the Series C funding round also included Salesforce Ventures and Runway's existing investors, the company said in a statement. Runway's software allows users to transform or tweak existing videos or create new videos by using text prompts or images. The company also launched a mobile app earlier this year, giving its users access to its generative AI tools. Earlier in the day, another AI startup Inflection raised $1.3 billion from Microsoft at a valuation of $4 billion, a source familiar with the matter told Reuters.

Persons: Jensen Huang, Jaiveer Singh, Krystal Hu, Anil D'Silva Organizations: Runway, Nvidia, Salesforce Ventures, Microsoft, Reuters, Thomson Locations: Bengaluru, Toronto

☆ US regulators ask lenders to work with stressed commercial real estate firms
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. banking regulators are asking lenders to work with credit-worthy borrowers that are facing stress in the commercial real estate market. Office loans have posed concerns for some U.S. lenders as property values decline and more borrowers default on their loans. Federal Reserve Chair Jerome Powell earlier in the month said that U.S. commercial real estate lending remains under pressure but appears unlikely to threaten the broader financial system. Banks represent 54% of the overall $5.7 trillion commercial real estate market, with small lenders holding 70% of the loans in that market, according to Citigroup analysts. More than $1.4 trillion in U.S. commercial real estate loans will mature by 2027, with some $270 billion coming due this year, according to real estate data provider Trepp.

Persons: prudently, Jerome Powell, Banks, Jaiveer Singh, Maju Samuel Organizations: Governors, Federal Reserve System, Federal Deposit Insurance Corp, National Credit Union Administration, Federal, Citigroup, Thomson Locations: Bengaluru

☆ Jefferies quarterly profit falls as dealmaking in doldrums
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: 1 min

June 27 (Reuters) - Jefferies Financial Group Inc's (JEF.N) second-quarter profit slumped 89% as subdued dealmaking and a lull in new initial public offerings weighed on its advisory and underwriting fees, the investment bank said on Tuesday. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaiveer Singh, Sriraj Organizations: Jefferies, Thomson Locations: Bengaluru

☆ United Airlines CEO blames FAA as storms trigger more flight cancellations
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - United Airlines (UAL.O) Chief Executive Scott Kirby has blamed the Federal Aviation Administration (FAA) after severe storms led to thousands of canceled flights in recent days. "I'm ... frustrated that the FAA frankly failed us this weekend," he said in a memo to the company's employees on Monday. "We estimate that over 150,000 customers on United alone were impacted this weekend because of FAA staffing issues and their ability to manage traffic," Kirby said in a memo reviewed by Reuters. Kirby said that the FAA reduced arrival rates by 40% and departure rates by 75% on Saturday. That, he said, led to massive delays, cancellations and "put everyone behind the eight ball when weather actually did hit on Sunday and was further compounded by FAA staffing shortages Sunday evening."

Persons: Scott Kirby, Kirby, Jaiveer Singh, David Shepardson, Maju Samuel Organizations: United Airlines, Federal Aviation Administration, FAA, Reuters, U.S ., Thomson Locations: U.S . East Coast, Washington, New York, United States, Bengaluru

The liquidators discussed the allegations against Three Arrows co-founders Su Zhu and Kyle Davies at a Tuesday meeting with the hedge fund's creditors, the person said. Representatives for Zhu and Davies could not be reached for comment immediately. Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May. The liquidators were appointed by that court to wind down the company and pay its debt. Earlier this month, a set of non-fungible tokens previously bought by Three Arrows was sold for $10.9 million at Sotheby's in New York.

Persons: Su Zhu, Kyle Davies, Zhu, Davies, cryptocurrencies Luna, TerraUSD, Jaiveer Singh, Dietrich Knauth, Sriraj Organizations: Arrows, Reuters, Three Arrows, Virgin, Bloomberg News, British Virgin Islands, Thomson Locations: British Virgin, Manhattan, New York, Bengaluru

June 26 (Reuters) - Canadian private equity firm Brookfield's reinsurance arm is nearing a deal to buy insurer American Equity Life Holding (AEL.N), a person familiar with the matter told Reuters on Monday. Brookfield has made a cash-and-stock offer that is set to be recommended by the American Equity board, the person said, requesting anonymity. Iowa-based American Equity last year had rejected a $3.9 billion unsolicited takeover proposal from Prosperity Life and its principal shareholder, activist investor Elliott Investment Management. Brookfield and American Equity did not immediately respond to requests for comment from Reuters. American Equity provides annuities - an insurance contract customers typically buy for a steady income stream after retiring.

Persons: Brookfield, Jaiveer Singh, Maju Samuel, Sriraj Organizations: Reuters, American Equity, Bloomberg, Equity, Prosperity, Elliott Investment Management, Investment, Thomson Locations: Iowa, Brookfield, Bengaluru

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