Posts Tagged ‘life insurance co’
Heungkuk Life Dispute With Goldman Sachs Goes to Arbitration
December 22, 2011
December 22, 2011, 12:21 AM EST
By Chris Dolmetsch
(Updates with attorney’s comment in fourth paragraph.)
Dec. 21 (Bloomberg) — Heungkuk Life Insurance Co.’s lawsuit against Goldman Sachs Group Inc. over a collateralized debt obligation was withdrawn from New York state court after the two sides agreed to resolve the dispute through arbitration.
Heungkuk sued New York-based Goldman Sachs in federal court in Manhattan in March over a $1 billion collateralized debt obligation known as Timberwolf, accusing the company of fraud and seeking more than $47.3 million in damages. The Seoul-based insurer filed a similar state-court suit in April.
The federal case was voluntarily dismissed in May, according to court records. The two sides have agreed to “pursue the extrajudicial resolution” of the case in state court, according to court documents filed today. The state case was withdrawn “without prejudice,” meaning the claims can be re-filed.
The case will be resolved through arbitration, Jon Pickhardt, an attorney with Quinn Emanuel Urquhart Sullivan in New York who is representing Heungkuk, said in a phone interview.
Timberwolf was called “one shi**y deal” by a bank executive in a 2007 internal e-mail written eight days after the Heungkuk investment, according to the lawsuits. The e-mail was released publicly by U.S. Senate lawmakers last year.
Criminal Complaint
Heungkuk filed a criminal complaint against past and present employees of Goldman Sachs in South Korea relating to its purchase of a CDO securitization from the firm, the New York-based company said in a filing with the U.S. Securities and Exchange Commission on Aug. 9.
“The filing does not represent any judgment by a governmental entity, but starts a process whereby the prosecutor investigates the complaint and determines whether to take action,” Goldman Sachs said in the filing.
Heungkuk Life and Heungkuk Fire Marine Insurance Co. filed a complaint with the Seoul Central District Prosecutors’ office on June 28 against nine Goldman Sachs executives and employees, accusing them of fraud, Lee Yun No, an official at Heungkuk Life, said on July 5.
Theodore Edelman, a lawyer with Sullivan Cromwell in New York who is representing Goldman Sachs, referred questions about the withdrawal of the suit to the company. David Wells, a Goldman Sachs spokesman in New York, didn’t immediately return messages seeking comment.
The cases are Heungkuk Life Insurance Co. v. Goldman Sachs Group Inc., 650978/2011, New York State Supreme Court, New York County (Manhattan); and Heungkuk Life Insurance Co. v. Goldman Sachs Group Inc., 11-cv-1856, U.S. District Court, Southern District of New York (Manhattan).
–Editors: Andrew Dunn, Peter Blumberg
To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net.
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.
Posted in 
Tags:
Liberty Life Insurance Company Completes Reinsurance Transaction
December 21, 2011
GREENVILLE, S.C., Dec 20, 2011 (BUSINESS WIRE) –
Liberty Life Insurance Company today announced it had reinsured $3.1
billion of fixed annuities and similar liabilities. With the completion
of this transaction, Liberty Life will have assets in excess of $7
billion. On a consolidated basis, Athene Holding Ltd., Liberty Life’s
Bermuda-based parent, will have assets of approximately $10 billion and
equity of over $750 million.
“We continue to execute our plan to build a market-leading retirement
savings company through organic growth, reinsurance and strategic
acquisitions,” said James R. Belardi, CEO of Athene Holding Ltd.
“This reinsurance transaction, combined with the promising results we
are seeing from our retail business, reflects the underlying strength of
our business model.”
About Liberty Life Insurance Company
Headquartered in Greenville, S.C., Liberty Life Insurance Co. provides
income solutions that help Americans prepare for retirement. For over a
century, Liberty Life has earned the trust of its policyholders through
financial stability, integrity and service.
About Athene Holding Ltd.
Athene Holding Ltd.’s insurance subsidiaries are net investment spread
businesses that fund themselves through retail sales of annuities and
reinsurance in the U.S. retirement services market, and sales of
institutional funding agreements. Athene supports its liabilities by
investing in a diversified portfolio of highly-rated, liquid, fixed
income securities. Athene’s principal subsidiaries include Athene Life
Re Ltd., a Bermuda-based reinsurer focused on the retirement services
market; Liberty Life Insurance Company, a Delaware-domiciled stock life
insurance company focused on retail sales and reinsurance; and Athene
Life Insurance Company, an Indiana-domiciled stock life insurance
company focused on the institutional funding agreement market.
Athene’s management team has many years of experience managing net
investment spread businesses within life insurance companies. James R.
Belardi, Chief Executive Officer of Athene Holding Ltd., previously
served as President of SunAmerica Life Insurance Company and Executive
Vice President and Chief Investment Officer of AIG Retirement Services.
SOURCE: Liberty Life Insurance Company
For Liberty Life Insurance Company
Bill Free, 864-609-1187
bill.free@atheneannuity.com
Copyright Business Wire 2011
New China Life Insurance Jumps in Shanghai Debut as Asian Stocks Rise
December 17, 2011
New China Life Insurance Co. jumped
in its Shanghai trading debut after offering shares at a lower
valuation than its biggest rival and as Asian equity markets
rebounded from three days of losses.
Shares in the nation’s third-largest life insurer surged 14
percent from its initial public offering price to close at 26.44
yuan. The stock rose 2.7 percent to HK$26.40 in Hong Kong,
following a 9.8 percent slump in its debut in the city yesterday.
The Beijing-based insurer raised $1.9 billion this month after
pricing the shares near the bottom of a marketed range.
New China Life yesterday had the worst debut among Hong
Kong IPOs of at least $1 billion since June, according to data
compiled by Bloomberg. The MSCI Asia Pacific Index advanced 0.8
percent today as better-than-expected U.S. data signaled the
world’s biggest economy is strengthening.
“New China Life’s IPO price values it at a level cheaper
than China Life, which has the most similar business structure”
among the nation’s major insurers, said Qiu Peng, a Shanghai-
based investment manager at Western Securities Co., referring to
the companies’ focus on life insurance. Trading data show that
“some institutional investors are buying, as they probably
believe that insurers have been oversold.”
Lower Valuation
New China Life set its Shanghai IPO price at 23.25 yuan,
near the bottom of 23 yuan to 28 yuan range to investors,
offering the stock at about 1.2 times estimated 2011 embedded
value, according to Qiu. Its biggest rival China Life Insurance
Co. (601628) trades at about 1.5 times, he said.
China Life has fallen 21 percent in Shanghai this year
while Ping An Insurance (Group) Co., the nation’s second-largest
insurer, tumbled 36 percent, after premiums growth slowed as the
nation’s economic expansion cooled.
The benchmark Shanghai Composite Index (SHCOMP) climbed 2 percent
today after six days of declines, on speculation the government
will loosen credit curbs as decelerating growth in exports
threaten to deepen the economic slowdown.
New China Life is raising more equity after its expansion
in a market that has grown an average 30 percent a year during
the past three decades brought its solvency ratio, a gauge of
its ability to settle claims, below regulatory requirements. It
sold 358.4 million shares at HK$28.50 each in Hong Kong and
158.5 million shares at 23.25 yuan apiece in Shanghai.
Companies including Haitong Securities Co. canceled or
reduced first-time offerings in the past week as global economic
concerns sapped demand for equity.
–Zhang Dingmin. Editors: Linus Chua, Malcolm Scott
To contact the Bloomberg News staff for this story:
Zhang Dingmin in Beijing at
Dzhang14@bloomberg.net
To contact the editor responsible for this story:
Andreea Papuc at
apapuc1@bloomberg.net
<!—->
New China Life Insurance Seen Having Lackluster Shanghai Debut
December 16, 2011
SHANGHAI (Dow Jones)–New China Life Insurance Co. (601336.SH), the country’s fourth-largest life insurer by premiums, which raised US$1.89 billion in a recent share sale, looks set for a lackluster debut in Shanghai on Friday following its dismal first-day performance in Hong Kong.
The insurer completed its initial public offering in both Shanghai and Hong Kong last week. It was the world’s biggest since Chinese hydropower-station builder Sinohydro Group Ltd. (601669.SH) raised US$2.1 billion in an Shanghai IPO in September.
Its Hong Kong-listed H shares ended at HK$25.7 on their debut Thursday, down 9.8% …
Liberty Life Insurance Company Opens Sales and Marketing Office
December 16, 2011
GREENVILLE, S.C., Dec 15, 2011 (BUSINESS WIRE) –
Liberty Life Insurance Company, a subsidiary of Athene Holding Ltd., has
expanded its retail annuity operations into the Northeast financial
corridor with the opening of a new sales and marketing office in
Wilmington, Delaware.
The 6,000 square foot facility, located at 500 Delaware Avenue along the
western gateway to Wilmington’s Central Business District, is home to
around 20 senior and support staff in sales, marketing and product
development, including the company’s annuity sales desk.
“We’ve opened the doors to an exciting new phase in Athene’s growth as a
market-leading retirement services company,” said Chris Grady, head of
retail. “Our Wilmington office is a premier facility in a premier
location, where we’re ideally positioned to expand distribution and
provide our agents and marketing partners with best-in-class sales
support.”
About Liberty Life Insurance Company
Headquartered in Greenville, S.C., Liberty Life Insurance Co. provides
retirement income solutions that help Americans prepare for the future.
For over a century, Liberty Life has earned the trust of its
policyholders through financial stability, integrity and service.
About Athene Holding Ltd.
Athene Holding Ltd., a Bermuda-based holding company, and its insurance
subsidiaries focus on retail sales of annuities and reinsurance in the
U.S. retirement services market, and sales of institutional funding
agreements. Athene supports its liabilities by investing in a
diversified portfolio of highly-rated, liquid, fixed income securities.
Athene’s principal subsidiaries include Athene Life Re Ltd., a
Bermuda-based reinsurer focused on the retirement services market;
Liberty Life Insurance Company, a Delaware-domiciled stock life
insurance company focused on retail sales and reinsurance in the
retirement services market; and Athene Life Insurance Company, an
Indiana-domiciled stock life insurance company focused on the
institutional funding agreement market. Athene has approximately $500
million of capital and surplus supporting approximately $6 billion in
reserves.
Athene’s management team has many years of experience managing net
investment spread businesses within life insurance companies. James R.
Belardi, the chief executive officer of Athene Holding Ltd., previously
served as President of SunAmerica Life Insurance Company and Executive
Vice President and Chief Investment Officer of AIG Retirement Services.
SOURCE: Liberty Life Insurance Company
Athene Holding Ltd.
Bill Free, 864-609-1187
Mobile: 864-414-0862
bill.free@atheneannuity.com
Copyright Business Wire 2011
Over 40000 People ‘Like’ Online Insurance Marketplace
December 11, 2011
Online Insurance Marketplace (www.OnlineInsuranceMarketPlace.com) Announced that the Company has Over 40,000 ‘Likes’ on their Page on the Facebook® Platform
Los Angeles, CA (PRWEB) December 10, 2011
Online Insurance Marketplace, the family life insurance co, announced today that the company has reached over 40,000 ‘Likes’ on their page on the Facebook Platform. To be exact, 41,026 have clicked ‘Like’ on the Facebook Platform. Individuals interested in how to buy life insurance and no medical exam life insurance, can choose to click ‘Like’ on the Facebook Platform page to be able to follow the company’s news, or mention the company in one of their posts.
Those that connect with the online insurance marketplace on the Facebook platform, can read different articles and blogs about life insurance, can answer different polls, stating their opinions about various topics in the life insurance area, and can connect with others, and discuss questions about life insurance.
“We are overjoyed that every day more and more people are finding us on this social media site,” said Russell Rabichev, Marketing Director for the Online Insurance Marketplace.
Facebook gives everyone the power to share with the people they care about, making the world more open and transparent. Facebook users communicate and share information through the social graph, the network of connections and relationships between people. Facebook gives companies and the developer community access to the social graph through Facebook Platform. Using a rich set of tools and online services, developers can build applications that are deeply integrated into the Facebook website. Millions of Facebook users return to the site each day, providing unparalleled distribution potential for applications and the opportunity to build a business that is highly relevant to people’s lives.
In 2007, Facebook launched Facebook Platform to empower developers and entrepreneurs around the world make the Web more social for users. Millions of Facebook users return to the site each day, providing unparalleled distribution potential for applications and the opportunity to build a business that is highly relevant to people’s lives.
Online Insurance Marketplace is an online provider of life, home, health, and auto insurance quotes. It is unique in that this website does not simply stick to one kind of insurance carrier, but brings the clients the best deals from many different online insurance carriers. This way, clients have offers from multiple carriers all in one place, this website. On this site, the client will have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
For more information, please contact www.onlineinsurancemarketplace.com
Facebook® is a registered trademark of Facebook Inc.
###
For the original version on PRWeb visit: www.prweb.com/releases/prwebhowtobuylifeinsurance/familylifeinsuranceco/prweb9030039.htm
Japanese Life Insurers Cut Europe Bond Holdings
November 25, 2011
BY MEGUMI FUJIKAWA
TOKYO—Major Japanese life insurers cut their exposure to debt issued by Portugal, Italy, Ireland, Greece and Spain over the past few months, company officials said Thursday, underscoring widening concerns among Japanese investors over Europe’s deepening debt crisis.
The disclosure follows decisions by several other large Japanese investors to turn away from debt issued by some euro-zone nations.
Six major Japanese life insurance firms—Nippon Life Insurance Co., Meiji Yasuda Life Insurance Co., Sumitomo Life Insurance Co., Mitsui Life Insurance Co., Asahi Mutual Life Insurance Co. and Fukoku Mutual Life Insurance Co.—cut their holdings of debt from those five financially fragile countries …
Grant will fund financial-ed project
November 23, 2011
<!–Saxotech Paragraph Count: 10
–>
School district personnel making critical decisions about their retirement options will soon have an additional resource on how to make the right financial moves and avoid pitfalls.
Members of the Independent Benefits Council announced Tuesday that they have received a $750,000 grant from AXA Equitable Life Insurance Co. that will be used to fund a comprehensive, three-year education initiative especially for school employees in Florida.
“Because of this generous grant, we will be able to provide a variety of educational opportunities for our members so that they can plan successfully for their retirement,” said Clara Cook, secretary-treasurer of the Florida Education Association.
It has become the responsibility of Florida’s school districts to ensure that their 370,000 employees are getting the best financial products possible, said Wayne Blanton, executive director of the Florida School Boards Association. After the Enron collapse that wiped out so many investors’ savings, the Internal Revenue Service adopted rule changes pertaining to the 403(b) retirement plans that many school employees depend on.
“Now public schools (and) public entities are required under that new regulation to be responsible for those plans that employees enroll in,” Blanton said. In Florida, there were 91 different vendors selling retirement plans to school districts and many of them did not meet the IRS regulations.
Through a vetting process, the IBC pared that group down to select the best five.
“What that showed us is that if we got together on behalf of our employees, we could guarantee our employees some stability in their retirement plans, and that’s what we are looking at with this grant,” Blanton said.
Robin Westcott, the insurance consumer advocate in the Department of Financial Services, said employees often aren’t aware of or fully understand the investment products they are choosing, including fees, the actual yields accounts pay, or penalties for withdrawing funds.
“It is important and it is absolutely necessary for the public and consumers to begin to understand the type of products, especially with insurance products that are being sold to them and marketed to them,” Westcott said.
The IBC is composed of representatives from the state’s four leading education associations and strives to ensure that school district personnel have top-quality investment options for their retirement.
SOUTHERN PIONEER LIFE INSURANCE CO. v. THOMAS
November 19, 2011
1. The emergency clause of Act 616 of 1981 reads:
SECTION 3. Emergency. It has been found and is declared by the General Assembly of Arkansas that doubt and confusion exist as to the applicability of the Uniform Arbitration Act to certain disputes; that it is imperative that such doubt and confusion be resolved at once; and that said doubt and confusion can be resolved only through enactment of this bill. Therefore, an emergency is declared to exist, and this Act being necessary for the public peace, health and safety shall take effect and be in force from the date of its approval.
APPROVED: March 23, 1981.
Be Wise In Deciding Life Insurance And Term Lincoln Benefit Life Insurance – New York Life Insurance Co
November 17, 2011
The Daily Dispatch
304 South Chestnut
P.O. Box 908
Henderson, NC 27536
252-436-2700
News tips: 252-425-3496