Citigroup

• New Hires and Promotions at BB&T, Worldwide Facilities, Aon Risk Solutions and More - Around the Industry

  By Staff Writer  |  February 12, 2013

  Lockton acquired Strategic Insurance & Risk Solutions, Swett & Crawford acquired Griffin, The Hilb Group acquired The Pennoyer Group. New programs from SeaFire Insurance Services, Allied World U.S. and Ascent Underwriting. Fonality to integrate web client with Box. Alliance Intermediaries formed.

• Markel Expands into Reinsurance with $3B Alterra Buy

  By Ashutosh Pandey, Reuters  |  December 19, 2012

  Specialty insurer Markel Corp said it will buy Alterra Capital HoldingsLtd for about $3 billion in cash and stock to diversify into reinsurance.

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  Treasury to Sell Remaining AIG Shares and Profit from Investment

  By Arthur D. Postal, PropertyCasualty360.com  |  December 11, 2012

  The Treasury Department is selling today its remaining 16 percent of American International Group common shares, putting an end to the government’s 50-month shotgun financial tryst with the global insurer.

• Treasury Launching $18B AIG Stock Sale; Company on Verge of Fed Regulation

  By Arthur D. Postal, PropertyCasualty360.com  |  September 10, 2012

  American International Group is on the verge of becoming the first insurance holding company ever regulated by the federal government as the Treasury Department launches a public offering of $18 billion of AIG stock.

• Allianz Concerned over Central Banks' Role in Libor Scandal

  By Reuters  |  August 3, 2012

  Europe's biggest insurer, Allianz, is worried about the role central banks may have played in an interest rate rigging scandal that has enveloped some leading international lenders, the insurer's chief financial officer said on Friday.

• Stockton, California's Insured Debt Proves Alluring

  By Joan Gralla, Reuters  |  June 29, 2012

  About half of the $700 million of debt issued by bankrupt Stockton, California, is insured and a few traders have carried on some speculative purchases of its bonds, investors said on Thursday.

• New York Fed Sells Assets from AIG Bailout to Merrill Lynch

  By Reuters  |  May 10, 2012

  The New York Federal Reserve said on Thursday it sold all its TRIAXX collateralized debt obligations from a portfolio of assets that was used in the government bailout of insurer AIG to Merrill Lynch, following a competitive bid process with eight other Wall Street firms.

• Insurance Broker-Bank Fee Income Up 9% in 2011

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 2, 2012

  Bank holding company insurance-brokerage-fee income rose more than 9 percent last year compared to 2010, reaching record levels of close to $8 billion, according to a recent report measuring bank-insurance activity.

• Barclays, Deutsche Bank Win Auction of Toxic AIG Assets

  By Adam Tempkin and Karen Brettell, Reuters  |  April 26, 2012

  Barclays and Deutsche Bank on Thursday won a fierce bidding war for a portfolio of toxic assets the US government acquired in the 2008 bailout of insurance giant AIG.

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  AIG Among 3 TARP Companies to See Top Exec Compensation Freeze

  By Staff Writer  |  April 9, 2012

  The Treasury announced on April 6 that the chief executives of AIG, Ally Financial and General Motors would have their compensation packages frozen for a second year in a row, essentially keeping their compensation at 2011 levels.

• Del. Judge Dismisses Berkshire Shareholder Suit

  By Randall Chase, Associated Press  |  March 20, 2012

  A Delaware judge dismissed a shareholder lawsuit alleging that billionaire Warren Buffett and directors of Berkshire Hathaway Inc. failed to take proper action in response to stock trades by a former Berkshire executive ahead of the company's $9 billion acquisition of chemical manufacturer Lubrizol.

• Citigroup Enters $158M Mortgage Fraud Settlement with U.S.

  By Associated Press  |  February 17, 2012

  Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years.

• Bank Insurance Brokerage Fees Reach Record High

  By Mark E. Ruquet  |  February 16, 2012

  Insurance-brokerage fees for bank-holding companies were up more than 14 percent over the first three quarters of 2011, but the two major bank-owned P&C brokers saw their fees drop over the period.

• Bank Insurance Brokerage Fees Up 14%

  By Mark E. Ruquet, PropertyCasualty360.com  |  February 9, 2012

  Insurance-brokerage fees for bank holding companies increased more than 14 percent over the first three quarters of 2011, but the two major bank-owned property and casualty brokers saw their fees drop over the period.

• Bank of America Dismissed from Allstate RMBS Lawsuit Against Countrywide

  By Phil Gusman, PropertyCasualty360.com  |  February 3, 2012

  Bank of America cannot be held liable to Allstate Insurance Company over residential mortgage-backed securities purchased by Allstate from Countrywide Financial Corporation.

• After ‘Year of the Data Breach,’ Carriers Increase Capacity, Competition for Cyber Risks

  By Michael P. Voelker  |  February 2, 2012

  As cyber risks increasingly become a top-of-mind issue for a wide spectrum of businesses, the market for policies is wide open—and the competition intense.