Saturday, 30 August 2014
Last updated 1 day ago
Aug 6 2010 | 10:00am ET
Harbinger Capital Partners has agreed to buy Old Mutual's U.S. life insurance unit. Philip Falcone's hedge fund firm has agreed to pay $350 million for the business.
“The purchase of Old Mutual’s U.S. business is an attractive proposition," said Falcone, CEO of the $10 billion asset management firm. "As a result of our extensive review of Old Mutual’s U.S. business, we believe the company is well capitalized to meet its obligations to policyholders. We expect to realize substantial returns from continuing business improvements and Harbinger’s ability to enhance the value of the asset portfolio."
Leland Launer, Jr. will serve as chairman and CEO of the business. "As a former executive vice president and chief investment officer of MetLife, Inc., Lee is one of the industry’s most experienced and respected executives to take the company forward,” said Falcone.
Old Mutual’s U.S. Life operation provides term life and annuities to the US market. Last year it made an audited IFRS loss after tax of £80 million ($126 million). Its statutory capital at the end of the year was $819 million.
Clusterstock, which first reported about the acquisition yesterday, noted that Falcone has been eyeing various insurance assets for quite some time.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...