New Yorks financial regulator promoted Scott Fischer to be the states top insurance watchdog, a position that involves overseeing about 1,700 companies with more than $4 trillion of assets.

Ajit Jain, long considered a top candidate to replace billionaire Warren Buffett as CEO of Berkshire Hathaway Inc., is expanding his oversight of the companys insurance operations.

The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier.

U.S. District Judge Rosemary M. Collyer said that the Financial Stability Oversight Councils action was arbitrary and capricious and that the panel didnt follow its own guidelines.

Insurers have struggled in recent years to create value amid the glut of transactions, S&P said.

Everest Re hired Michael Kerner, who previously led Zurichs general insurance unit, to head the strategy and risk management team as the reinsurer reshapes management.

A federal judge struck down the designation, rejecting the FSOCs rationale for classifying MetLife as a systemically important financial institution.

Chief Investment Officer Judy Greffin is retiring effective March 31, after helping diversify Allstate's portfolio beyond bonds.