life insurance News

Allianz Agrees to Buy Remaining 33.5% Stake in Irish Subsidiary

Allianz has agreed to acquire the remaining 33.5 percent stake in Allianz Irish Life Holdings plc (AILH) not already owned by Allianz Group. Allianz aims to increase its stake in AILH from 66.5 percent currently to 100 percent. The total …

Authorities Say Ex-Insurance Agent in New Jersey Stole Clients’ Identities

State authorities say a former insurance agent assumed the identities of former clients to fraudulently apply for new life insurance policies in their names. Marta Cristina Cunha is charged with insurance fraud, identity theft and theft by deception. Authorities say …

New York Man Sentenced to 60 Years for Killing Fiancee for Insurance

A 48-year-old man convicted of killing his fiancee to collect on her life insurance has been sentenced to 60 years in prison. Federal prosecutors said Thursday that Ronald Epps of Amherst was sentenced in U.S. District Court in Buffalo. A …

Actuaries Have Disappointing News for Americans Including Millennials

Death awaits all of us, but how patiently? To unlock the mystery of when we’re going to die, start with an actuary. Members of this 200-year-old profession who study risk and uncertainty pore over the data of death to estimate length of …

Bermuda-Based Somerset Re Raises Capitalization to $375 Million

Somerset Reinsurance Ltd. has increased its common share capitalization to $375 million, including investments from three strategic investors and a diverse group of high net worth investors. Somerset Re provides customized risk management solutions to the life insurance and annuity …

Iowa in Middle of Debate Over ‘Shadow Insurance’ Deals

For cash-strapped life insurance companies, the deal sounds almost too good to be true: A state law allows them to create complex financial instruments to transfer liabilities to new subsidiaries, instantly wiping huge debts off their books. So-called “shadow insurance” …

Former New Jersey Agent Sentenced for Bilking $1M From MassMutual

A former insurance agent in Essex County, New Jersey, is going to prison for bilking Massachusetts Mutual Life Insurance Company of more than $1 million in commissions and bonuses. A judge sentenced 33-year-old Stanley Jerome of Orange, New Jersey, to …

AXA in Talks to Sell Most of UK Life Insurance & Wealth Investment Units: Sources

AXA SA, France’s largest insurer, is in talks to sell most of its U.K. life-insurance and wealth-investments units, according to two people with knowledge of the matter. AXA is likely to sell parts of the businesses, known collectively as AXA …

Anbang Insurance to Acquire Allianz’s South Korea Operations

Anbang Insurance Group Co., which walked away from a bid to acquire Starwood Hotels & Resorts Worldwide Inc. last week, has agreed to buy Allianz SE’s operations in South Korea. The Chinese insurer will purchase Allianz Life Insurance Korea and …

Generali Q4 Profit Misses Analysts’ Estimates on Life Income; Donnet Named CEO

Assicurazioni Generali SpA’s fourth-quarter profit rose less than some analysts expected on a writedown of its stake in BTG Pactual Group and lower income at its life business. The shares had their biggest decline in more than a month. The …