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☆ 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.

☆ The dark web's criminal minds see Internet of Things as next big hacking prize
▼ + stars: | 2023-01-09 | by ( Elizabeth Macbride | ) www.cnbc.com time to read: +4 min

But 2022, say experts, may have marked an inflection point due to the rapid proliferation of IoT (Internet of Things) devices. For the past decade, manufacturers, software companies and consumers have been rushing to the promise of Internet of Things devices. IoT devices are a key entry point for many attacks, according to Microsoft's Digital Defense Report 2022. "While the security of IT hardware and software has strengthened in recent years, the security of Internet of Things (IoT) … has not kept pace," according to the report. What many experts are anticipating is the day enterprising criminals or hackers affiliated with a nation-state figure out an easy-to-replicate scheme using IoT devices at scale.

☆ Here are Friday's biggest analyst calls of the day: Apple, Amazon, Uber, Nike, Boeing, Netflix & more
▼ + stars: | 2023-01-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Baird names Boeing a top 2023 pick Baird named Boeing as a top idea this year and says it sees a recovery in aerospace. UBS names Target a top pick in 2023 UBS says it sees Target as a market share gainer in 2023. Wells Fargo initiates Snowflake as overweight Wells said in its initiation of the stock that it's built to "weather the storm." Piper Sandler names Amazon a top 2023 pick Piper Sandler says it sees share gains and easing comps for the e-commerce giant. " Bank of America names Domino's a top 2023 pick The firm says Domino's is well positioned in a declining macroeconomic environment.

☆ Josh Brown warns we could break the October lows, but has stocks to buy for second half
▼ + stars: | 2023-01-03 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Josh Brown issued a warning for investors on Tuesday, noting that new bear market lows could soon be reached. I think we break the October lows," Brown, the CEO of Ritholtz Wealth Management, said Tuesday on CNBC's " Halftime Report ." Brown pointed to one view held among even bullish strategists on Wall Street that stocks will sell off in the first half of 2023, before rebounding in the second half of the year. "It's so much more rational to be in that camp, given all the headwinds, all of the negativity," Brown added. Brown named aerospace and defense as his favorite sector for 2023, saying equities in the sector will serve as an hedge for growing geopolitical risks this year.

☆ HSBC's disgruntled shareholders launch new campaign for spinoff
▼ + stars: | 2022-12-15 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The bank's management was "turning a deaf ear to the voice of minority shareholders," he said. Shareholders including Lui began pushing for the spinoff earlier this year. Hong Kong is HSBC's biggest market and home to a large number of retail shareholders who formerly benefited from the bank's once stable dividend payments. HSBC has resumed paying a dividend but not quarterly, and retail investors are dissatisfied with payouts that, overall, are smaller than before. Analysts have said retail shareholders are unlikely to have the heft to eventually force a vote on a break-up.

HSBC "underperforms its peers, violates dividend commitments (and) ignores shareholders' interests," Ken Lui, convener of the group , said in a Thursday newspaper advertisement. London-headquartered HSBC, which is opposed to breaking up its business, dismissed the possibility of the proposal gaining traction among large shareholders. Hong Kong is HSBC's biggest market and home to many retail shareholders. DIVIDEND SUSPENSIONHong Kong retail shareholders were particularly upset when HSBC scrapped its formerly stable dividend in 2020 during the COVID-19 pandemic, when the Bank of England asked lenders to conserve capital. It has resumed paying a dividend but not quarterly, and retail investors are dissatisfied with payouts that, overall, are smaller than before.

☆ 10 of the best companies to work for if you want to advance your career―some jobs pay more than $100K/yr
▼ + stars: | 2022-12-13 | by ( Gili Malinsky | ) www.cnbc.com time to read: +5 min

The company was among the best for career stability and growing talent. It ranked among the best companies for career launchpad, career stability and advancement without a degree. MicrosoftTech giant Microsoft came in among the top companies for career stability, growing talent and advancement without a degree. It ranked among the best companies for career launchpad, career stability and advancement without a degree. It ranked among the best companies for career launchpad, career stability, growing talent and advancement without a degree.

☆ FTSE Russell, Ping An jointly launch China ESG indexes
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 8 (Reuters) - Global index publisher FTSE Russell and Chinese financial conglomerate Ping An announced a partnership on Thursday to promote sustainable investment, launching a series of China indexes integrating environmental, social and government (ESG) considerations. The FTSE Ping An China ESG Index Series, which combines Ping An's China-specific ESG approach into FTSE Russell's China indexes, shows how Chinese and western institutions can join hands in sustainable investment, despite tensions over sensitive areas such as human rights and Communist Party control. The initial index launch will target onshore investors, but the multi-year partnership aims to ultimately serve international investors as well, said FTSE Russell, a unit of London Stock Exchange Group (LSEG.L). "It's really about leveraging the market-specific insights" that Ping An brings, said Helena Fung, Head of Sustainable Investment, APAC at FTSE Russell. In China, however, internet censorship is not factored into ESG considerations by domestic institutions.

☆ Factbox: Global banks take axe to jobs as cost pressures mount
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

LONDON, Dec 2 (Reuters) - Banks typically trim jobs towards the end of the year, but 2022 has seen a bigger wave of redundancies and layoffs. Rising cost pressures as a result of inflation and shrinking revenues in many core business lines amid volatile markets are making bank bosses nervous about profitability in 2023. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov.8. CREDIT SUISSECredit Suisse (CSGN.S) is accelerating cost cuts announced just weeks ago, Chairman Axel Lehmann said on Dec. 2, confirming a Reuters report, as the bank races to slash its cost base by around 2.5 billion Swiss francs ($2.68 billion). DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers.

[1/2] HSBC logo is seen on a branch bank in the financial district in New York, U.S., Aug. 7, 2019. REUTERS/Brendan McDermid/File PhotoLONDON, Nov 29 (Reuters) - HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for $13.5 billion Canadian dollars ($10.04 billion) in cash. Chinese insurance company Ping An Insurance Group has been pushing HSBC to split off its Asian business to boost returns. "We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said. Analysts had valued HSBC's Canada business in the range of C$8 billion to C$10 billion.

☆ Insurance is poised to perform well even amid economic weakness. Here are expert's top stock picks
▼ + stars: | 2022-11-18 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +6 min

Why insurance stocks have outperformed There are a few things that have led to the sector's outperformance this year and that are expected to give it a lift in 2023. Within the group, he's focused on property and casualty insurance and life insurance. Other analysts also see value in so-called multi-line companies, which bundle different kinds of insurance together, and reinsurance, which is insurance for insurance companies. Which stocks insurance analysts like Dwelle's top pick is AIG , which has property and casualty and life insurance. He also recommends the insurance group for investors who want to orient themselves more conservatively and stay away from buying beaten up growth stocks, such as tech names.

☆ Zurich Insurance boosts ambitions with new financial targets
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

[1/2] Logo of Zurich insurance is seen at an office building in Zurich, Switzerland August 9, 2018. REUTERS/Arnd WiegmannZURICH, Nov 16 (Reuters) - Zurich Insurance Group (ZURN.S) aims to boost its business operating profit after tax return on equity (BOPAT ROE) to above 20% by 2025 and generate compound organic growth in earnings per share of 8% per year in new 2023-2025 targets it unveiled on Wednesday. It also aimed for cumulative cash remittances in excess of $13.5 billion and a Swiss Solvency Test (SST) ratio of at least 160% while keeping its dividend policy, it said ahead of an investor day. Reporting by Michael Shields, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Nov 14 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) on Monday said it would contribute A$42 million ($28.10 million) to settle a class action lawsuit brought by law firm Slater & Gordon (SGH.AX) in 2020 over the sale of three consumer credit insurance products. The class action was filed against ANZ, QBE Insurance Australia (QBE.AX), OnePath Life, and OnePath General Insurance alleging that the entities made customers believe their policy payments were "compulsory or provided value to them", according to the law firm's website. ANZ said the settlement contribution is covered by a provision held as of Sept. 30. QBE Insurance, and OnePath Life and OnePath General Insurance, which are indirectly held by Swiss firm Zurich Insurance Group (ZURN.S), did not immediately respond to a Reuters request for comment. ($1 = 1.4948 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Nov 14 (Reuters) - Three of Australia's 'big four' banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon (SGH.AX), who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. Law firm Slater & Gordon in 2020 filed class action lawsuits against Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX), and Australia and New Zealand Banking Group (ANZ.AX) on behalf of around one million customers. ANZ, along with QBE Insurance, and OnePath Life and OnePath General Insurance, indirect units of Swiss firm Zurich Insurance Group (ZURN.S), will pay a total of A$47 million to their customers under the settlement, with ANZ contributing A$42 million, Slater & Gordon said. Westpac would pay A$29 million, subject to court's approval. ($1 = 1.4910 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Insurers face potential losses of up to $60 billion from Hurricane Ian, which ravaged Florida and the Carolinas in September in what could be the second-largest natural catastrophe loss in U.S. history. Zurich sees its overall catastrophe loss ratio for the first nine months around two percentage points above long-term trends. Zurich holds an investor day next week when it will set out its 2023-2025 targets. Quinn said the targets will likely be tougher, after "robust premium increases" helped the insurer's recent performance. Zurich announced a 1.8 billion Swiss franc ($1.83 billion) share buyback programme at half-year results, which Quinn told an earlier media call would likely kick off in the fourth quarter.

☆ China amends rules for management of insurance bailout funds
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 10 (Reuters) - China has amended rules for the management of state-run bailout funds rescuing troubled insurers, its financial regulators said on Thursday. The rules aim to promote healthy development of the insurance industry, prevent and resolve financial risks and maintain financial stability, the China Banking and Insurance Regulatory Commission said in a statement on its website. The company operates bailout funds that provide money to rescue policyholders and liquidate troubled insurers. Shareholders and management should also cooperate with authorities in the process of liquidating an insurance company with the support of the funds, the rules said. The new rules also adapt the cap of money that insurance companies should hand on to supplement the funds.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. Register now for FREE unlimited access to Reuters.com RegisterSince his return to HSBC in September, Elhedery has been working on projects for Quinn. He is one of several Lebanese bankers to rise to the top ranks at HSBC, including his predecessor heading the investment bank, Samir Assaf. Shares of Hong Kong-listed HSBC, which makes the bulk of its sales and profit in Asia, fell 2.5% in a firm broader market (.HSI). "This is about how the group executive committee is positioned with potential succession options for the future," Quinn told Reuters.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank. "We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer. It said it would do this by the first half of next year by increasing revenue and managing costs.

☆ HSBC third-quarter pretax profit slides 42% on France sale charge, credit losses
▼ + stars: | 2022-10-25 | by ( ) www.cnbc.com time to read: +1 min

HSBC bank logo on the wall is seen in Valletta , Malta on 21 September 2022. HSBC reported on Tuesday a 42% tumble in third-quarter pretax profits on the back of losses on the sale of its French unit and rising bad loans, but its interest income surged as banks benefit from rising rates around the world. The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank. "We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer.

☆ Tech tonic and Sunak salve
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +5 min

A massive week for top technology firms worldwide pits U.S. mega cap earnings against the withering slide in China tech shares amid domestic political and economic fears. read moreBut the decimation of Chinese tech stocks (.HSTECH) this week was more worrying. read moreU.S.-listed shares of Chinese companies such as Pinduoduo (PDD.O), JD.com and Baidu Inc plunged between 12% and 25% in New York on Monday. read moreHSBC's shares fell almost 7% in London, meantime, as investors digested a sudden management change and rising bad loan charges. As investors awaited the European Central Bank's latest interest rate rise on Thursday, German business readings were above forecast for October.

☆ 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.

☆ The rich can use offshore life-insurance policies to pass down everything from stocks to yachts to their kids tax-free. Here's how it works and why the Senate is targeting it.
▼ + stars: | 2022-10-12 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The richest of the rich can use life insurance to avoid estate and income taxes. Life insurance is probably the least sexy area of financial planning. Private-placement life insurance is a little-known tax-avoidance tactic. When structured correctly, PPLI policies can be used to pass on assets from stocks to yachts to heirs without incurring an estate tax. A 40% federal estate tax applies to estate values topping $12.06 million for single people and $24.1 million for married couples.

☆ Confused drivers think they have ‘self-driving’ cars. That’s dangerous, an insurance group warns
▼ + stars: | 2022-10-11 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +4 min

Washington, DC CNN Business —Drivers are putting too much trust in their vehicles’ driver-assist features, which may lead to dangerous situations, according to the Insurance Institute for Highway Safety (IIHS). These systems are all driver-assist features that combine adaptive cruise control and lane-keeping systems, primarily to keep a car in a lane and following traffic on the highway. The IIHS called for automakers to design these driver-assist features to promote proper use. Drivers were more likely to conduct non-driving tasks like these when using the driver-assist features. The findings were based on phone and online surveys of roughly 600 regular users of SuperCruise, Autopilot and ProPilot Assist.

☆ Chinese Company Aims to Sell 3 U.S. Resorts for $1.3 Billion
▼ + stars: | 2022-09-27 | by ( Craig Karmin | ) www.wsj.com time to read: 1 min

A Chinese company is looking to sell three major U.S. resort hotels at a combined price tag of $1.3 billion, seeking to cash out these holdings during a powerful surge in leisure travel and resort business. Dajia Insurance Group Co. is putting up for sale the Montage in Laguna Beach, Calif., the Four Seasons resort in Jackson Hole, Wyo., and the Four Seasons in Scottsdale, Ariz., according to people familiar with the matter. BofA Securities Inc. and real estate banking and brokerage firm Eastdil Secured LLC are marketing the hotels on behalf of the seller, these people said.

☆ UK finance minister to meet Wall Street bankers - Bloomberg
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 27 (Reuters) - British finance minister Kwasi Kwarteng is set to meet Wall Street bankers on Wednesday, Bloomberg reported, a day after he met asset management firms and insurance groups from the City of London following market turmoil over his fiscal plans. U.S. bank JPMorgan (JPM.N) were amongst firms that were invited for the meeting, the Bloomberg report said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Muvija MOur Standards: The Thomson Reuters Trust Principles.

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