February 24, 2005 |
LandAmerica Financial Group Inc., a title insurer under investigation in California, said it would cease the reinsurance arrangements that prompted the probe. California Insurance Commissioner John Garamendi said Tuesday that the arrangements essentially served as kickbacks to builders who referred clients to LandAmerica and a second insurer, Fidelity National Financial Inc. On Wednesday, LandAmerica, based in Richmond, Va., said Garamendi's statements were "untrue and misleading."
December 29, 1992 |
Reinsurance is not what you'd call Topic A at dinner parties. It's an unsexy business, not easily understood and filled with companies with odd names that seem accidentally chopped off, such as General Re and American Re. Reinsurance serves a purpose, though. So-called primary insurers that deal with the public, such as Allstate, buy reinsurance so that if they're hit with big claims from a hurricane, flood or some other catastrophe, they can shoulder the cost with another company.
November 7, 2001 |
Evan Greenberg, the youngest son of American International Group Inc. Chairman Maurice "Hank" Greenberg, was named to run the reinsurance business of Ace Ltd., Bermuda's second biggest insurer. Evan Greenberg, who resigned as president of AIG (AIG) in September 2000, will become vice chairman of Ace (ACE) and chief executive of its Ace Tempest Re reinsurance business, which provides insurance for insurance companies.
July 20, 1991 |
Garamendi Slams Inter-American: California Insurance Commissioner John Garamendi has ordered Inter-American Insurance Co. of Illinois to cease writing new and renewal insurance and to reverse a loan and two other transactions. In the order, Garamendi objected to four actions by Inter-American: the collateralization of a $2.
May 14, 2005 |
Warren Buffett's Berkshire Hathaway Inc. said it had put two employees on leave because of reinsurance accounting investigations. An employee of Berkshire's General Re Corp. was placed on administrative leave with pay after the Justice Department said it was targeting the individual in a probe, Berkshire said in a Securities and Exchange Commission filing. Berkshire also put on leave the chief executive of London-based Faraday Group.
April 4, 2013 |
WASHINGTON -- Federal regulators hit four national private mortgage insurance companies Thursday with a combined $15.4 million in fines to settle allegations of making improper kickbacks to lenders to steer consumer business to them. The fines, which the companies have agreed to as part of proposed consent orders, could be followed by penalties against lenders as the Consumer Financial Protection Bureau continued an investigation into so-called reinsurance kickbacks. "The mortgage insurance business can be lucrative, and our investigation indicates that lenders sought to leverage their control over the business to capture some of those revenues for themselves," said Richard Cordray, the bureau's director.