Shares of Regions Financial Corp (NYSE:RF) ended Friday session in red amid volatile trading. The shares closed down -0.07 points or -0.73% at $9.56 with 23.56 million shares getting traded. Post opening the session at $9.56, the shares hit an intraday low of $9.48 and an intraday high of $9.63 and the price vacillated in this range throughout the day. The company has a market cap of $11.62 billion and the numbers of outstanding shares have been calculated to be 1.26 billion shares.
On September 15, 2016 Regions Bank announced that Bibiana Gomez, a Commercial Banking Relationship Team Administrator, is the September 2016 recipient of the Regions Bank Better Life Award. The Better Life Award is the top honor given to a Regions associate for outstanding dedication and job performance as well as exemplary involvement and commitment to the community.
Gomez is originally from Bogota, Colombia. She moved to Alabama in 2000 as an international student at Jacksonville State University. This past June, Gomez became a naturalized U.S. citizen.
“I’ve lived here for 16 years, waiting for that moment and it finally came,” Gomez said. “The first time I sang the National Anthem, the meaning of every word rang true. The meaning of every word of the Pledge of Allegiance came alive the first time I said it, and the meaning of every word of my oath. The moment I was given that certificate of citizenship was among the proudest in my life.”
Gomez is also proud of her work as a mentor with Tampa’s Hispanic Professional Women’s Association (HPWA), a nonprofit organization devoted to enhancing the image of Hispanic women, sharing knowledge and promoting the value of higher education. Regions is donating $1,000 to HPWA on Gomez’s behalf.
“There is a great need to help professionals who come here from other countries, but have to take low-paying jobs because they don’t speak English,” Gomez said. “Through HPWA, we connect Hispanic women to resources to help them enhance their professional development opportunities here in America.”
Shares of American International Group Inc (NYSE:AIG) ended Friday session in red amid volatile trading. The shares closed down -0.69 points or -1.18% at $57.90 with 22.31 million shares getting traded. Post opening the session at $58.21, the shares hit an intraday low of $57.72 and an intraday high of $58.26 and the price vacillated in this range throughout the day. The company has a market cap of $61.19 billion and the numbers of outstanding shares have been calculated to be 1.08 billion shares.
American International Group Inc (AIG) on September 16, 2016 announced that it has entered into an agreement to sell its interest in Ascot Underwriting Holdings Ltd. (AUHL) and related syndicate-funding subsidiary Ascot Corporate Name Ltd. (ACNL) (together Ascot) to Canada Pension Plan Investment Board (CPPIB), a professional investment management organization that invests the assets of the Canada Pension Plan. The transaction is subject to regulatory approvals.
Total consideration for the deal is $1.1 billion inclusive of CPPIB’s recapitalization of Syndicate 1414’s Funds at Lloyd’s (FAL) capital requirements. AIG will receive approximately $240 million in net cash proceeds from the transaction after the FAL recapitalization and release of the AIG-guaranteed Letter of Credit currently supporting the syndicate’s FAL. Proceeds reflect AIG’s 20 percent stake in AUHL and ownership of ACNL.
Ascot and AIG founded the managing agency and the syndicate in 2001. As a global specialty insurance underwriter, Ascot focuses on property insurance, marine insurance, and reinsurance.
AIG will maintain its strategic partnership with Ascot Underwriting Bermuda Ltd. (AUB). While AUB is a wholly-owned subsidiary of AUHL and part of the sale to CPPIB, AUB will continue to serve as the managing general agent for AIG-Ascot Re, which writes assumed treaty reinsurance business on behalf of AIG’s wholly owned subsidiary American International Reinsurance Company Ltd. (AIRCO) in Bermuda.
As part of the agreement, AIG, CPPIB, and Ascot intend to expand a collective commercial relationship in Bermuda, and for AIG to be a preferred reinsurer to Syndicate 1414.
“This deal successfully repositions our strategic focus and underwriting capacity to our relationship with Ascot in Bermuda, while monetizing our position in the syndicate at an attractive value and retaining exposure to the syndicate as a reinsurer,” said Robert Schimek, Chief Executive Officer, Commercial Insurance. “We are also pleased to start a collaborative relationship with CPPIB who we see as an ideal partner for Ascot’s outstanding management team.”