Tag: Goldman Sachs

Survey shows insurance industry is ready to take on more risk

S.Vagus
Risk ahead insurance industry

Insurers are looking to increase risk in order to fight back trend of low yields Goldman Sachs Asset Management has release its latest annual survey of the insurance industry’s leading Chief Investment Officers and Chief Financial officers. These insurance officials represent organization with more than $6 trillion in global balance sheet assets. The survey is the third of its kind from Goldman Sachs, which aims to release these reports every year for the foreseeable future. Notably, the survey shows that insurers may be willing to take on additional risk in…

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U.S. insurers may be at risk of costly payouts spawned from the European financial crisis

Many U.S. banks have upped their insurance sales in Greece, Portugal, Ireland, Spain and Italy during the first half of 2011. The growth in sales is the result of the European financial crisis that threatens to plummet several nations into economic catastrophe. Banks have been selling insurance against credit losses in the nations more affected by the financial crisis, but the practice may be putting insurers at higher risk of costly payouts. As the crisis worsens, insurers are now looking for ways to mitigate the impact of defaults. According to…

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Texas governor appoints new head of the state’s Department of Insurance

Marc

The Texas Department of Insurance is in for a shakeup as Governor Rick Perry announced Wednesday that a new Insurance Commissioner is on the way. Eleanor Kitzman, once the executive director of the South Carolina Budget and Control Board, has been appointed to the position and will take the reins of the office beginning next month. Her term will span until February 1, 2013, giving Kitzman ample time to affect change in the state’s insurance industry. Kitzman will be replacing former Commissioner Mike Geeslin who held the office for several…

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Goldman Sachs sued by Liberty Mutual regarding losses from Freddie Mac investments

Investment banker Goldman Sachs & Co. was the target of a lawsuit by Liberty Mutual Insurance Co. and a number of its subsidiaries, for “making materially misleading statements and omissions” in November 2007, for Freddie Mac preferred stock offerings.  According to the lawsuit which was filed at a Massachusetts U. S. District Court, Liberty Mutual and its subsidiaries – Employers of Wausau, Safeco, Liberty Life, and Peerless – had made investments of $37.5 million within the Freddie Mac (Federal Home Loan Mortgage Corp) Series Z offering, which was made up…

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Louisiana Governor seeks insurance advisor to aid in privatization of state employee program

S.Vagus

The Louisiana Governor, Bobby Jindal, has been working to privatize the health insurance program for state employees. The decision comes from an apparent need for the state to have more control over the program that what is currently in place. The program will also benefit from being populated by a number of prestigious private insurance companies. Jindal’s efforts have been successful thus far, and he is now seeking an advisor from among the insurance industry to help manage the new program. Jindal is looking to fill one advisory spot in…

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