American International Group named former Prudential chief executive and experienced Asia hand Mark Tucker as the head of its Asian life insurance business, AIA, ahead of an expected $15bn AIA IPO. The abrupt removal of AIA CEO Mark Wilson shows AIG chief executive Robert Benmosche is stamping his authority on the bailed-out US insurer and follows a boardroom battle at AIG that culminated in its chairman Harvey Golub quitting last week.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
U.S. home prices increased 3.8% in December from a year earlier, a faster pace than the prior month’s 3.5%, according to S&P CoreLogic Case-Shiller National Home Price Index.