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A forensic auditor found that benefits to former CEO Mark Watson were either ‘not disclosed or incorrectly disclosed’ to investors. -
The refund of a potential $2.23mn is likely to add fuel to activist Voce’s campaign at the carrier.
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The executive's departure is perceived as making a sale more likely.
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The move follows an attempt to merge California Insurance Company with a New Mexico entity.
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John Rathgeber said IRS tax changes were unlikely to jeopardise the carrier’s business model.
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Valic is a Houston-based life insurance business specialising in retirement plans for teachers.
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Karen Caterino joins the intermediary’s Seattle office and will place west coast business.
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An order putting the carrier into liquidation has been amended, removing allegations of illegal actions and insolvency.
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Repeated increases to co-shares and deductibles mean there is no guarantee of market stability after a terrorist attack.
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(Re)insurers are already preparing contingency plans in case the programme fails to renew.
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The rejection of the deal throws a wrench into Menzies’ plan to buy back the insurer he founded from majority owner Berkshire Hathaway.
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FSIC CEO Susan Patschak has denied allegations that the carrier acted unlawfully and was insolvent.
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