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Excess and surplus insurers profitable in face of competition: Moody's

By: Judy Greenwald

Published September 19, 2014 - 2:57pm CST

The U.S. excess and surplus lines market is experiencing a period of growth because of rate increases and an improving economy, while profitability is strong.

Passed over to be CEO, AIG's life insurance head resigning

By: Mark A. Hofmann

Published September 19, 2014 - 9:35am CST

Jay S. Wintrob, president and CEO of AIG Life & Retirement, is leaving the company to “pursue other interests,” AIG said Thursday as AIG President and CEO Peter D. Hancock announced a new leadership structure for the insurer.

Philip Fasano named chief information officer of AIG

By: Mark A. Hofmann

Published September 15, 2014 - 12:48pm CST

Philip Fasano has been named to the newly created post of executive vice president and chief information officer at American International Group Inc., the insurer said Monday.

Lexington’s innovation boot camp lead David Kennedy to new career challenge

By: Bill Kenealy

Published September 14, 2014 - 6:00am CST

While insurance is in the blood of David M. Kennedy, his route to the industry was slightly circuitous.

Business Insurance looks at past 30 tumultuous years of surplus lines market

By: Douglas McLeod

Published September 14, 2014 - 6:00am CST

The surplus lines business has seen plenty of upheaval during the 30 years since Business Insurance began ranking the market.

Home Depot has $105M in cyber insurance for data breach, $10M from AIG: Sources

By: Judy Greenwald

Published September 12, 2014 - 11:14am CST

Home Depot Inc. has a total of $105 million in cyber coverage, with American International Group Inc. providing the first layer of $10 million of primary coverage above its self-insured retention, market sources say.

AIG accuses investment firm, philanthropist of 'life settlements' fraud

Published September 05, 2014 - 12:53pm CST

(Reuters) — An AIG unit sued a company headed by Philadelphia philanthropist Alan Buerger, accusing it of a $150 million fraud involving life insurance policies sold by elderly individuals in exchange for a quick payment.

U.S. risk council to discuss oversight of nonbank firms on Sept. 4

Published August 29, 2014 - 9:08am CST

(Reuters) — The U.S. systemic risk council will meet on Sept. 4 to discuss naming nonbank financial firms for tougher regulatory oversight, the U.S. Treasury Department said Thursday.

Benmosche says cancer prognosis led to earlier retirement from AIG

By: Matt Dunning

Published August 28, 2014 - 3:13pm CST

Chief executive officer of American International Group Inc. Robert H. Benmosche said his cancer prognosis forced him to move up his retirement

U.S. loses bid to dismiss ex-AIG CEO's $25B lawsuit over bailout

Published August 26, 2014 - 4:35pm CST

(Reuters) — A federal judge has rejected the United States' bid to dismiss a more than $25 billion lawsuit filed by Maurice R. Greenberg, the former chief executive of American International Group Inc.

AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

Published August 15, 2014 - 3:30pm CST

(Reuters) — Insurer American International Group Inc. is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.

Berkshire Hathaway hires two senior execs from AIG Asia: WSJ

Published August 13, 2014 - 9:17am CST

(Reuters) — Berkshire Hathaway Inc has hired two senior executives from American International Group Inc.'s Asia operations to boost its insurance business in the region, the Wall Street Journal reported citing people familiar with the matter.

AIG reaches $960 million settlement on class-action lawsuit

By: Rob Kozlowski, Pensions & Investments

Published August 05, 2014 - 4:31pm CST

American International Group Inc. announced in a recent SEC filing it has agreed to a mediator's proposal to settle for $960 million a consolidated class-action lawsuit regarding the firm's role in the 2008 financial crisis.

AIG quarterly profit improves on property, other lines' performance

By: Mark A. Hofmann

Published August 04, 2014 - 3:45pm CST

AIG reported second-quarter net income of $3.07 billion on Monday, a 12.5% increase over the same period last year, driven by higher profit in its property/casualty, life and retirement and mortgage guaranty operations.

Property/casualty insurers held strong reserves in first quarter: Report

By: Matthew Lerner

Published July 30, 2014 - 12:47pm CST

Property and casualty insurers continued to show favorable reserve development during the first quarter of 2014, according to an analysis of statutory data by SNL Financial L.C., the company said in a statement Wednesday.

Insurers must pay MBIA's legal costs from restructuring: Court

By: Judy Greenwald

Published July 18, 2014 - 1:49pm CST

Lloyd’s of London syndicate underwriters, an American International Group Inc. unit and a German insurer are obligated to pay defense and settlement costs in connection with MBIA Inc.’s 2009 restructuring under the insurer’s financial institutions professional indemnity primary and excess policies, a federal court has ruled.

Bank of America pays AIG $650M to settle mortgage disputes

Published July 16, 2014 - 8:50am CST

(Reuters) — Bank of America Corp. agreed to pay American International Group Inc. $650 million to settle long-running legal disputes over defective mortgage-backed securities sold in the run-up to the financial crisis.

Peter Hancock to get pay hike as AIG's new CEO

By: Mark A. Hofmann

Published July 15, 2014 - 10:53am CST

Peter D. Hancock will receive a raise when he becomes president and CEO of American International Group, Inc. on Sept. 1, according to a filing AIG made with the Securities & Exchange Commission on Monday.

U.S. Supreme Court rejects ex-AIG CEO Greenberg's appeal

Published June 30, 2014 - 9:05am CST

(Reuters) — The U.S. Supreme Court rejected an appeal by former AIG CEO Maurice R. Greenberg, who accused the Federal Reserve Bank of New York of unlawfully bailing out the insurer at the height of the 2008 financial crisis.

Ann Longmore to join Marsh's FINPRO as multinational leader

By: Bill Kenealy

Published June 23, 2014 - 11:26am CST

Marsh Inc. said on Monday that directors' and officers' insurance expert Ann Longmore will join Marsh's FINPRO Practice in New York as its new multinational practice leader effective July 7.

Next AIG CEO Peter Hancock needs to boost profitability

By: Mark A. Hofmann

Published June 22, 2014 - 6:00am CST

Peter Hancock will face profitability and other challenges when he becomes CEO of AIG. in September, but will benefit from Robert Benmosche's turnaround efforts following the insurer's near-collapse six years ago.

Big insurers may escape regulators' systemic list: Watchdog

Published June 19, 2014 - 9:42am CST

(Reuters) — Global insurers deemed by regulators as likely to destabilize the financial system should they fail could find a way of removing themselves from the list, such as by simplifying themselves, a German watchdog said.

AIG launches multinational commercial property insurance line

By: Joanne Wojcik

Published June 18, 2014 - 2:58pm CST

American International Group Inc. has introduced a new line of multinational commercial property insurance products and services for middle-market companies expanding overseas.

AIG's Peter Hancock named to succeed Benmosche as CEO

By: Paul Bomberger

Published June 10, 2014 - 3:49pm CST

Robert H. Benmosche, the chief executive who rebuilt American International Group Inc. into a global insurance leader after its government bailout in 2008, is resigning effective Sept. 1, to be succeeded by Peter D. Hancock.

U.K. launches business cyber security certification process

By: Sarah Veysey

Published June 09, 2014 - 10:27am CST

The U.K. government has launched a cyber security certification framework for businesses to demonstrate that they have taken steps to improve their security against cyber threats.

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