Prudential News

Prudential Joins Direct-to-Consumer Movement

Prudential is going straight to consumers with its insurance and investment products for the first time in its 143-year history, a move that follows rivals and startups which are already well established in the field. The direct-to-consumer service marks a …

Global Regulators’ Rethinking of Risk Assessment Welcomed by Large Insurers

Global regulators are rethinking how to assess risks in big insurance companies, marking a shift that could make life easier for the industry. The Financial Stability Board said on Tuesday it could take a different approach to assessing risk which …

Minnesota Settles with 13th Life Insurance Company Over Unpaid Claims

The Minnesota Commerce Department has reached a settlement agreement with a major life insurance company that owed money to Minnesotans for unpaid insurance policies, annuity contracts and retained asset accounts. The settlement with the American International Group (AIG) represents the …

Minnesota: Exams of 16 Life Insurers Find $174M in Unpaid Benefits, So Far

Minnesota Commerce Commissioner Mike Rothman announced that his department has reached settlement agreements with three more life insurance companies that owed money to Minnesotans for unpaid insurance policies, annuity contracts and retained asset accounts. The settlements bring to $174 million …

Inclusion on List of Too-Big-to-Fail Insurers May Alter Business Strategy: Fitch

A change to the list of globally systemically important insurers (G-SIIs) suggests the potential for being added to or removed from the list could play a significant role in setting strategy for some major insurers, according to Fitch Ratings. The …

Aegon, Transamerica’s Owner, Added to FSB’s List of 9 Too-Big-to-Fail Insurers

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., has been added to a list of insurers deemed systemically important by global financial rule makers, while Italy’s Assicurazioni Generali SpA was removed. The updated list of nine too-big-to-fail insurers …

Bird Flu Cuts Supplies to Minnesota Turkey Litter Power Plant

A Minnesota power plant fueled by turkey litter flopped and fell into receivership even before a virulent form of bird flu shook the Midwest’s poultry industry in recent months, yet its new managers say they’re confident they can keep it …

Climate Change Report Slams Insurers for ‘Profound Lack of Preparedness’

A report on the insurance industry released Wednesday shows “a profound lack of preparedness in addressing climate-related risks and opportunities.” Insurance industry representatives immediately criticized the report as a negative take on the industry’s ability to adapt and not reflective …

How Insurers Would Wind Down If Needed to Avoid Future Bailout

American International Group Inc. and Prudential Financial Inc. told regulators they could divest units and halt policy sales to avoid taking a bailout in a future crisis. AIG, the insurer that repaid a U.S. rescue in 2012, and Prudential, which …

Prudential Fraud Claims Against Goldman Sachs Over Securities Dismissed

Prudential Financial Inc. agreed to dismiss its claims that Goldman Sachs Group Inc. engaged in fraud and racketeering in selling $375 million of residential mortgage-backed securities, a court order shows. U.S. District Judge Susan Wigenton signed a dismissal order yesterday …