The change is a structural enhancement for 2016.

CEO Peter Hancock received $1 million less than last year from the non-equity incentive plan tied to return-on-equity and expense reductions.

The reductions will take place through Sept. 30, and include its Water Street headquarters, as well as Pine Street, Old Slip, 1 New York Plaza and Liberty Street offices.

Dan Loebs reinsurer cited risks tied to regulation as the IRS and U.S. Senator Ron Wyden work to limit what the lawmaker called a tax loophole used by hedge fund managers to route investments abroad.

Greenlight Capital Re Ltd. posted its fourth-straight quarterly loss, capping the reinsurers worst year since its 2007 initial public offering.

Enstar will assume net reinsurance reserves of about $1.1 billion and cover half of a book of business for Allianz.

Insurance giant's chief strategy officer joined the company in 1997 under Hank Greenberg.

Fourth-quarter results were hurt by higher-than-expected claims costs on casualty coverage and deteriorating results from hedge funds.