FOXBusiness – U.K. life insurance and pensions provider Aviva said Wednesday that it’s agreed with a policyholder advocate that a reattribution offer can be put to policyholders.

The offer gives policyholders in two with-profits funds the right to choose whether to receive a payment now or keep their right to uncertain future payouts.

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Tags: advocate, aviva, foxbusiness, insurance, life insurance, pensions, policyholder, policyholders, profits

Bloomberg – MBIA’s split of its bond- insurance business was challenged by hedge funds alleging the move hurts owners of about $240 billion of debt while benefiting stock investors, executives and some policyholders.

The reorganization, in which MBIA stripped $5.4 billion of assets and its U.S. municipal business from a unit that now mainly insures only structured-finance bonds, “represents the height of insidious greed,” the Aurelius Capital Management and Fir Tree Partners funds said in a lawsuit filed today.

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Tags: assets, aurelius capital, bloomberg, bond insurance, bonds, capital-management, finance, fir tree partners, greed, insurance, insurance business, mbia, municipal business, partners funds, policyholders, reorganization, stock investors