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AIG looking to offload $15B US variable annuity book; Ohio sees at least $52.6M in preliminary insured losses from April storm

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AIG looking to offload $15B US variable annuity book; Ohio sees at least $52.6M in preliminary insured losses from April storm

In the news

is in discussions over a potential saleof a book of old U.S. variable annuity business with a face value of about $15billion, The Insurance Insiderreported.


Anearly April storm accompanied with high winds and rains across Ohio causedbetween $52.6million and $57.8 million in preliminary insured losses, according to theOhio Insurance Institute and Property Claim Services.

"Notall insurance companies are represented by OII's survey or PCS findings."Dan Kelso, president of the Ohio Insurance Institute, said in a statement. Theexpected loss range for Ohio is the industry's "best guesstimate at thistime," he noted.


Chairman,CEO and Chief Investment Officer James Belardi said he is "pleased andproud" with the recent filing of the registration statement for an initialpublic offering by a life and annuity company that he believes is poised forfurther expansion. But while higher ratings and an excess capital position ofmore than $1 billion support Athene's growth pursuits, the company mustnavigate challengesassociated with the Labor Department's final fiduciary rule.


CEOWarren Buffett saidGEICO Corp.'sfirst-quarter growth rate remained "quite satisfactory" even as theauto insurer disclosed that voluntary auto new business sales had declinedslightly during the period.


Representativesof several leading long-term care insurers defended their pursuit of oftentimes substantial rateincreases during a public hearing held by a regulator that has taken issue withsome of those requests. "Wecan't change any of the terms [of the in-force long-term care policies and] wehave to pay the claims if you have a claim," Thomas McInerney, presidentand CEO of Genworth FinancialInc., testified in one of several panels put together by the MaineBureau of Insurance.


CMSLLC, a Melville, N.Y.-based insurance wholesaler acquiredRockville Centre, N.Y.-based Diversified Professional Risk Managers, the Insurance Journal reported.


Clickhere to read asummary of select earnings reported May 10 by insurance companies covered byS&P Global Market Intelligence.

In other parts of the world

Britain'sfinancial firms would be hit with an estimated £17 billion of costs from adecade of uncertainty if the U.K. were to vote to leave the EU, Reuters reports,citing research from think tank JWG. Rather than reduced red tape, businessesin the U.K. could be "stuck with a rule book that could change by 60%,"the think tank said.

Expertsexpect Britain's new Insurance Act to "re-engineer the foundations onwhich policies are built," accordingto the Financial Times. The act,which takes effect in August, paves the way for the industry's biggest shakeupin 110 years.

agreed to sell partof its traditional life insurance portfolio to as partof its strategy to actively manage the life portfolio while focusing onconsumer needs.

Spain'sMAPFRE SA expectsMexico's insurance market to expandbetween 7.1% and 7.8% in 2016, ElEconomista reported.

The day ahead

U.S.markets are expected to start the day's trading on a lower note as the Nasdaqcomposite index, the S&P 500 and the Dow Jones Industrial Average weretrading below fair value in early morning futures trading.

InAsia, the Hang Seng dropped 0.93% to 20,055.29, and the Nikkei 225 rose 0.08%to 16,579.01.

InEurope as of midday, the FTSE 100 was down 0.23% to 6,142.68, and the Euronext100 had fallen 0.91% to 851.30.

On the macro front

TheBank Reserve Settlement report, the MBA mortgage applications report, the EIApetroleum status report and the Treasury budget are due out today.