EAPD lawyer Machua Millett is participating in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market. This morning’s presentations included “Entering the Brazilian Market: What You Must Consider to Launch and Maintain Successful Reinsurance Operations in Brazil” and “Regulator’s Perspective on the New Brazilian Reinsurance Law.”
Read More Breaking News: Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market
Industry Developments
BREAKING NEWS: NAIC Public Briefing Regarding AIG
Today, the AIG Task Force (“Task Force”) of the National Association of Insurance Commissioners (“NAIC’) held a public briefing during which it outlined the Task Force’s efforts with respect to overseeing AIG’s insurance operating units of the troubled insurance giant.
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Reports: AIG Considering Selling Brazilian Assets
According to media reports, American International Group (AIG) is considering selling some or all of its Brazilian holdings as part of its strategy to repay the recent loan from the Federal Reserve Bank of New York. …
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BREAKING NEWS: SEC AND FSA Ban Short-Selling in Financial Companies
In an effort to aggressively counter the recent market crisis, the United States Securities & Exchange Commission and United Kingdom’s Financial Services Authority announced today that they have temporarily banned all short-selling in financial companies. …
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EU: Following US Turmoil, CEA Issues Statement on European Insurers
By Troutman Pepper Locke on
Following the turbulent events on Wall Street in recent days, the Comité Européen des Assurances (CEA) has issued a statement proclaiming the relative health of the European insurance industry.
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Federal Reserve Agrees to $85 Billion Loan to AIG
By Troutman Pepper Locke on
The Federal Reserve Bank of New York has agreed to issue AIG a two year, $85 Billion secured revolving credit facility in return for a 79.9 percent equity interest in AIG and the right to veto the payment of dividends to common and preferred shareholders.
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EAPD Issues Advisory Regarding Insolvency Proceedings in the US, UK and Japan
Lehman Brothers Holdings Inc., the holding company for the fourth-largest United States investment bank, filed for protection under Chapter 11 of the United States Bankruptcy Code on September 15, 2008, marking the largest US bankruptcy filing in history. Following the filing in the Southern District of New York, the directors of Lehman Brothers International (Europe) and three of its UK subsidiaries applied for administration (a process similar to Chapter 11) in the UK.
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The New York Mets’ Insurance Concern
By Troutman Pepper Locke on
As the New York Mets’ players are focused on reaching the post-season, team management has other concerns – insurance. Billy Wagner, the team’s closer, underwent ulnar collateral ligament reconstruction (commonly known as Tommy John surgery) last week and is likely to miss the entire 2009 season. …
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UK: Bank of England Extends Special Liquidity Scheme
By Troutman Pepper Locke on
Posted in Industry Developments, United Kingdom
As reported on our blog earlier this week, the Governor of the Bank of England, Mervyn King, confirmed that the existing special liquidity scheme would end as planned on 21 October and be replaced by another scheme. …
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BREAKING NEWS: AIG Receives Special Permission to Access $20 Billion of Subsidiaries’ Capital
In the wake of American International Group, Inc.’s (“AIG”) request for a $40 billion bridge loan from the Federal Reserve, New York Governor David Patterson has announced that AIG has been granted “special permission to access $20 billion of capital in its subsidiaries to free up liquidity.” This will enable, in essence, AIG to make a bridge loan to itself.