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Tag: Federato

Federato announces $80 million raised to bring RiskOps to insurance

New capital will drive continued global expansion to bring more insurers into the AI era SAN FRANCISCO, Nov. 20, 2024 /PRNewswire/ — Federato, the AI-native underwriting platform for insurance, announced today that it has raised a total of $80…

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New York Life has signed a new lease to take 43,000 square feet at The Vision on Fifteenth in Pittsburgh Pennsylvania. The office space will house New York Life's Group Benefit Solutions division, a subsidiary of the insurance giant expected to move from space at 2000 Park Ln. in North Fayette.

New York Life Insurance Company is the third-largest life insurance company and the largest mutual life insurance company in the United States, and is ranked #71 on the 2023 Fortune 500 list of the largest U.S. corporations by total revenue. In 2023, NYLIC achieved the best possible ratings by the four independent rating companies (Standard & Poor’s, AM Best, Moody’s and Fitch Ratings). Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. As of 2016, New York Life Insurance Company was the country’s third-largest life insurance company. A mutual insurance company, New York Life is owned by its policyholders and has no outside shareholders.

As a mutual, New York Life distributes a portion of its earnings to eligible policyholders as annual dividends. As of 2016, the company has paid a dividend every year since 1854. Through Seguros Monterrey New York Life, the company offers insurance in Mexico. New York Life’s core product is whole life insurance, a type of life insurance offering lifelong protection that builds cash value over time. New York Life also sells term life insurance, universal life insurance, variable universal life insurance, long-term care insurance, annuities and disability insurance. The company operates New York Life Direct, selling direct-to-consumer policies, and is the exclusive life insurance partner of the AARP.

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Fifth Third Bank is planning to open five new financial center branches in Birmingham, and 10 in the Huntsville area between now and 2028. In a statement, Randy Koporc, regional president for Fifth Third Bank in Atlanta said, Across all 15 planned financial centers in Alabama, the bank will likely make 50 to 80 hires for in-branch roles, asset management roles, mortgage delivery roles and support roles. “To support the efforts, we’ll run our full play, which is branching, private banking, mortgage, commercial, large corporate.” The bank has already secured three locations and they will most likely open early in 2026.

Fifth Third Bank engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers. The Consumer and Small Banking segment provides a range of deposit and loan products to individuals and small businesses; home equity loans and lines of credit; credit cards; and cash management services. This segment also engages in the residential mortgage that include origination, retention and servicing of residential mortgage loans, sales and securitizations of loans. The Wealth & Asset Management segment provides various wealth management services for individuals, companies, and not-for-profit organizations. It offers retail brokerage services to individual clients; and broker dealer services to the institutional marketplace. This segment also provides wealth planning, investment management, banking, insurance, and trust and estate services; and advisory services for institutional clients comprising middle market businesses, non-profits, states, and municipalities. The company was founded in 1858 and is headquartered in Cincinnati, Ohio.

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