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AmTrust Financial Services latest news:
Brexit: UK targets 'bespoke' deal with EU to protect City
Chancellor Philip Hammond says financial services are the UK's most important export to the EU.
Insurance stocks clobbered as investors await loss estimates for hurricane Harvey
Insurance stocks were mostly lower Monday, as investors awaited the initial estimates of losses from hurricane Harvey, which devastated Texas over the weekend. "While it is early days and Harvey is expected to bring even more rain and flooding for another week, our best guess at this point is Harvey could result in $10-$20bn of industry insured losses making it one of the top 10 most costly hurricanes to hit the U.S.," J.P. Morgan analyst Sarah DeWitt wrote in a Monday note. CreditSights analysts said the most vulnerable lines of business include allied lines, commercial and private auto, commercial multiple peril, homeowners and farmowners multiple peril, crop mulitple peril, private crop, fire, flood and inland marine. Among the companies that are most exposed to the region, Allstate Corp. shares fell 1.7%, Progressive Corp. shares were down 2.5%, Chubb Ltd. fell 1.6%, CNA Financial Corp. was down 0.5% and Hartford Financial Services Group Inc. was down 2%. RenaissanceRe Holdings Ltd. fell 1.8% and Everest Re Group Ltd. fell 2.5%. Dow Jones Industrial Average component Travelers Cos. Inc. fell 3%, to shave about 20 points off the price-weighted index. The S&P 500 was flat. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MOVES-Natixis names Ahmet Ugurlu as Americas coverage banker
French bank Natixis said it hired Ahmet Ugurlu as executive director and coverage banker for its Americas business. Ugurlu, who has 15 years of financial services experience, most recently served as a director of energy and infrastructure banking at HSBC Securites.
SEC and DOJ file insider charges seven using stolen bank data
The Securities and Exchange Commission charged seven individuals on Wednesday with insider trading in what it said was a wide-ranging scheme that generated millions in profits by trading on confidential information about dozens of impending mergers and acquisitions.
The SEC says Daniel Rivas, a former IT employee of a large bank, allegedly misused his access to his former employer's computer system to tip four individuals who traded on confidential information about upcoming transactions and others who also traded and passed along the tips. According to the SEC, the traders profited on market-moving news related to 30 impending corporate deals from October 2014 to April 2017.
Rivas also allegedly tipped his girlfriend's father, James Moodhe, who traded on the information and used coded conversations and in-person meetings to relay the tips to his friend, Michael Siva, a financial advisor at a brokerage firm. Siva allegedly used the confidential information to make profitable trades for his brokerage firm clients, earning commissions for himself in the process, and he passed numerous tips along to a client who traded on them. Siva also allegedly traded on behalf of himself and his wife based on two of the tips he got from Moodhe, a former financial services company treasurer.
Two of Rivas's friends in Florida, Roberto Rodriguez and Rodolfo Sablon, allegedly discussed tips on an encrypted, self-destructing smartphone messaging application and used shell companies to carry out their insider trading. Rodriguez and Sablon allegedly converted less than $100,000 into more than $2 million in profits by making aggressive options trades based on the confidential information. Rodriguez also is alleged to have passed several tips to one of his friends who also traded.
A third alleged trading ring involved Jhonatan Zoquier who profited by trading on inside information communicated through the encrypted messaging application. New Jersey-based Zoquier allegedly passed confidential information to Jeffrey Rogiers of Oakland, California more than once. Rogiers allegedly placed several illegal trades for himself and tipped others to trade.
The traders allegedly attempted to evade detection by using shell companies, code words, and an encrypted, self-destructing messaging application. However, the SEC Market Abuse Unit's Analysis and Detection Center used data analysis tools to detect suspicious patterns such as the improbably successful trading across different securities over time.
The SEC's investigation is continuing. The U.S. Attorney's Office for the Southern District of New York also filed criminal charges on Wednesday against the same seven individuals.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MOVES-Houlihan Lokey names new managing director
Aug 15 (Reuters) - Investment bank Houlihan Lokey Inc
said James Wolf has joined its tax & financial reporting
valuation practice within the financial advisory services as a
Toyota Opens $1 Billion Texas Headquarters
PLANO, Texas — After three years of planning and construction, Toyota Motor North America Inc. celebrated the grand opening of its new centralized headquarters in Plano Texas on Thursday. The new facility, which brings the OEM and Toyota Financial Services closer together, will not only allow its employees to collaborate and communicate moreRead More
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