Articles by Sonali Basak

Buffett’s Berkshire to Buy 9% Stake in Italian Insurer Cattolica

Warren Buffett is expanding his wager on Italy. The billionaire’s Berkshire Hathaway Inc. said Thursday it agreed to buy about 9 percent of Italian insurer Societa Cattolica di Assicurazioni Scrl from Banca Popolare di Vicenza SpA, one of two failed …

U.S. Regulator Lifts Systemic Risk Tag on Slimmed-Down AIG

American International Group Inc. is no longer too big to fail. That was the ruling Friday from the Financial Stability Oversight Council, which said AIG, whose collapse in 2008 reverberated throughout the U.S. economy, was no longer a systemically important …

Robo Adviser Helps Drive Record Boost in AIG Investment Business

American International Group Inc., the 98-year-old insurer and retirement planner, is finding being tech-savvy pays off. Consumers are pumping cash into a unit that oversees $244 billion in client assets after it invested in digital platforms to make the process …

Munich Re Embraces Driverless Future with Mobileye Fleet Product

Auto insurers, faced with rising accident rates and the emergence of autonomous vehicles that could make them obsolete by removing human error, have reason to love and hate driverless technology. Munich Re, the world’s biggest reinsurer, has decided to embrace …

Hurricane Irma Adds to Pressure on New Greenlight Re Chief

Hedge fund manager David Einhorn has endured a number of losing bets at his insurance venture. Now, the weather is becoming a threat for his Greenlight Capital Re Ltd. The company’s stock has slumped about 9 percent since Aug. 31 …

Is Equifax’s Cyber Insurance Enough to Cover Breach?

Equifax Inc.’s insurance against cyber breaches is likely inadequate to cover the credit-reporting company’s costs tied to one of the biggest hacks in history, according to people familiar with the coverage. The company holds a policy that would probably cover …

Irma’s Shift Westward Caught Some by Surprise

Hurricane Irma’s westward shift will probably inflict heightened damage on people and businesses unable to adjust to its new path in time, while the storm fuels floods that many insurance policies don’t cover. Along Florida’s west coast — now in …

Hedge Funds Overseeing Cat Bonds Try to Remain Calm Over Irma

Greg Hagood didn’t have many details to work with on Thursday afternoon. Hurricane Irma wasn’t expected to make landfall in South Florida for another 64 hours. Projections for its path were all over the place, especially considering that a centimeter …

As Irma Looms, This Small Insurer Has an Outsized Bet on Florida

As Hurricane Irma edges closer to Florida, investors on Wall Street are watching a small insurer with an unusually big commitment to the state. Universal Insurance Holdings Inc., with a market capitalization dwarfed by industry giants like Allstate Corp. and …

Harvey’s Catastrophic Costs Mount; Many Lack Adequate Insurance

Hurricane Harvey’s second act across southern Texas is turning into an economic catastrophe — with damages likely to stretch into tens of billions of dollars and an unusually large share of victims lacking adequate insurance, according to early estimates. Harvey’s …