Slideshow: Hurricane Sandy Could Be Positive for PE-backed Reinsurers (CORRECTED)

By Luisa Beltran — 3 years ago

It’s been a week since Hurricane Sandy devastated the East Coast and damages could reach as much as $50 billion, according to the New York Times. Losses due to Sandy are still being worked out. If they are $10 billion or less, primary insurers, like Chubb or Allstate or State Farm, will likely pay the brunt of claims, PE sources say. As damages increase, payment will “disproportionately” fall on reinsurers.

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Warren Buffett Enters Bid for Citigroup’s OneMain

5 years ago

Berkshire Hathaway has joined the group bidding for Citigroup’s consumer lending unit OneMain, formerly known as CitiFinancial, Reuters wrote Wednesday, citing a report in the Wall Street Journal. Buffett’s company joins a consortium consisting of private-equity firm Centerbridge Capital Partners and Leucadia National Corp. OneMain is expected to fetch more than $8 billion, Reuters reported.

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Poll Results: Sokol’s Fate? 70.2% Think Nothing Will Happen to Him (But He’ll Likely Start His Own Firm)

By Luisa Beltran — 5 years ago

The results of our David Sokol poll surprised me.

Yesterday, I asked what might happen to the former heir apparent at Berkshire Hathaway. Sokol, in case you’ve forgotten, bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades became known.

Berkshire shareholders are expected to convene in Omaha tomorrow for the annual meeting. Buffett is sure to be grilled about his poor handling of the scandal. Right now, we don’t care about that. We want to know what will happen to Sokol.

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Question of the Week: What Fate Awaits David Sokol?

By Luisa Beltran — 5 years ago

Create your free online surveys with SurveyMonkey, the world’s leading questionnaire tool.

Things aren’t looking too good for David Sokol, Warren Buffett’s former heir apparent at Berkshire Hathaway .

Yesterday, Berkshire slammed Sokol when it said he violated the company’s standards of conduct and its insider trading policies when he bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades were made known.

This has been an embarrassing situation for Buffett and Berkshire. The Oracle of Omaha has always been big on ethics. He is sure to face some tough questions this Saturday when Berkshire hosts its annual shareholder meeting.

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