life insurance News

Silicon Valley Billionaire Buys Record $201M Life Policy

An unnamed Silicon Valley billionaire has purchased the world’s most valuable life insurance policy, worth $201 million. The man who cobbled the deal together said that it took seven months and 19 insurance companies to put together a deal that …

N.Y.’s Call for Moratorium on Life Insurance Captives Questioned by NAIC

National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk. “I don’t see an obvious need for such …

N.Y. Says Life Insurers’ Use of ‘Shadow Insurance’ Could Hurt Policyholders

New York State’s financial regulators issued a report today that found a widespread use of captive, reinsurance entities by New York-based life insurance companies. Calling these arrangements “shadow insurance,” the report said life insurers used their captive entities, often based …

Idaho Woman Sues Costco Over Life Insurance Money

A woman has filed a lawsuit against a northern Idaho Costco contending that the company should pay out the life insurance policy of her brother, a former Costco employee who died two years after being fired. The Idaho Business Review …

AIG May Raise up to $6.5 Billion through AIA Share Sale – Sources

American International Group may raise as much as $6.5 billion from the sale of its remaining stake in AIA Group Ltd in Asia’s second-largest block sale ever, exiting a business the U.S. insurer started nearly 100 years ago. The sale …

Taiwan to Pay Life Insurer Transglobe $3 Billion in Record Bailout of Rival

Taiwan’s government will pay Transglobe Life Insurance T$88.4 billion ($3 billion) to take over ailing rival Kuo Hua Life after Transglobe beat out other competitors in the biggest taxpayer-funded bailout ever by the island state. Taiwan’s overcrowded life insurance industry …

Zurich Names Hartigan as CEO Global Life for Pacific, Middle East

Zurich has announced the appointment of Mark Hartigan (49, British citizen), currently Head of Strategic Business Development Global Life, to the position of CEO Global Life Asia Pacific & Middle East, effective December 31, 2012. He succeeds Dan Bardin who …

Prudential Close to Deal to Buy Hartford Life Insurance Unit: WSJ

Prudential Financial Inc. is close to a deal to acquire the individual life insurance business of Hartford Financial Services Group Inc, and a deal could be struck as soon as Thursday, the Wall Street Journal reported. The paper, citing a …

New York Rule Says Insurers Must Seek Beneficiaries

Insurers doing business in New York are now required to regularly search a government list of recent deaths to identify policyholders, then find and pay beneficiaries even when no claims are made. New York State Department of Financial Services says …

Virginia Jury Convicts Costa Rican Man in $485M Fraud

A federal jury in Virginia convicted a former Costa Rican insurance executive on Monday of all counts in a $485 million fraud scheme in which he was accused of lying to clients and investors about the financial stability of his …