Business Insurance

Login  |  Register Subscribe



AIG Subscribe to RSS feed for 'AIG'

U.S. Fed plans enhanced capital standards for GE unit

Published November 26, 2014 - 9:11am CST

(Reuters) — The U.S. Federal Reserve on Tuesday proposed to impose tougher capital standards on General Electric's finance unit, one of a handful of non-bank firms deemed critically important to the health of the financial system.

AIG promotes exec to CEO of life, health and disability

By: Mark A. Hofmann

Published November 14, 2014 - 12:15pm CST

Charlie Shamieh has been named CEO of life, health and disability insurance at American International Group Inc., effective in March 2015, AIG announced Thursday.

Insurers, U.K. government working to improve cyber security

By: Sarah Veysey

Published November 05, 2014 - 10:02am CST

LONDON — The U.K. government and a group of leading insurers pledged Wednesday to work together to find ways to better improve cyber security and to develop cyber insurance products and services available for businesses.

Virgin Galactic crash expected to cost insurers $40M-$50M

By: Sarah Veysey

Published November 04, 2014 - 10:12am CST

The fatal crash of the Virgin Galactic SpaceShipTwo spacecraft late last week will cause an insurance loss of between $40 million and $50 million.

MetLife hires top lawyer in bid to escape tougher oversight

Published November 04, 2014 - 10:02am CST

(Reuters) — MetLife Inc. has retained a top Washington lawyer in its bid to escape a plan by the U.S. financial risk council to subject it to far tougher rules, a sign the largest U.S. insurer may be preparing a legal challenge.

AIG reports $2.2B in third-quarter profit

By: Mark A. Hofmann

Published November 03, 2014 - 3:33pm CST

American International Group Inc. reported third-quarter net income of $2.20 billion on Monday, a 3.3% increase from that of the same period a year earlier.

CorPro Underwriting Managers, AIG offer specialty coverages to midsize firms

By: Judy Greenwald

Published November 03, 2014 - 12:14pm CST

CorPro Underwriting Managers, an underwriting unit of Ryan Specialty Group L.L.C., on Monday said it is offering directors and officers, employment practices, fiduciary and crime insurance coverage to small and midsize businesses through a partnership with subsidiaries of American International Group Inc.

AIG to pay $35M fine: New York insurance regulator

Published October 31, 2014 - 3:12pm CST

(Reuters) - Insurer American International Group Inc. will pay a $35 million penalty for violations related to former subsidiaries that solicited insurance business in New York without a license.

International group introduces capital standard formula for insurers

By: Mark A. Hofmann

Published October 23, 2014 - 1:56pm CST

The International Association of Insurance Supervisors on Thursday said it has developed the first global insurance capital standard.

Brokers, insurers need to offer relevant insurance to prosper: Panel

By: Gavin Souter

Published October 13, 2014 - 1:31pm CST

COLORADO SPRINGS, Colorado – Insurers and brokers need to offer relevant products to add value for insurance buyers if they are to prosper in an environment where nontraditional capital continues to enter the market.

AIG expands excess casualty liability cover for railroads

By: Stephanie Goldberg

Published October 09, 2014 - 2:19pm CST

With increased rail traffic and more cars carrying potentially hazardous materials American International Group Inc. has expanded its excess casualty liability limits for Class 1 railroads in the United States and Canada.

Former Fed Chair Bernanke takes stand in AIG bailout trial

Published October 09, 2014 - 1:35pm CST

(Reuters) — Former Federal Reserve Chairman Ben Bernanke took the stand on Thursday to defend the U.S. government's bailout of American International Group Inc. in 2008.

Geithner says AIG losses were exceptional compared with other firms

Published October 08, 2014 - 2:54pm CST

(Reuters) — Former U.S. Treasury Secretary Timothy Geithner defended the 2008 bailout of American International Group Inc. for a second day Wednesday, struggling at times to respond to increasingly contentious questions about the government's efforts to rescue the insurer as it stood minutes from bankruptcy.

New Jersey Transit sues Lloyd's and other insurers over Superstorm Sandy coverage

By: Judy Greenwald

Published October 08, 2014 - 2:38pm CST

New Jersey Transit Corp. has filed suit against Lloyd's of London and six other excess insurers, stating they incorrectly applied a flood sublimit to its comprehensive insurance coverage for Superstorm Sandy.

Former Treasury Secretary Timothy Geithner defends AIG bailout

Published October 07, 2014 - 1:52pm CST

(Reuters) — Former U.S. Treasury Secretary Timothy Geithner defended the government's rescue of AIG in September 2008, saying the action was necessary to prevent the country from plunging into a possible second Great Depression.

U.S. FSOC may tweak process for spotting super-risky firms

Published October 07, 2014 - 9:50am CST

(Reuters) — The U.S. top financial risk council may tweak the way in which it identifies insurers and other companies that are not banks as systemically important, a process the industry and politicians have fiercely criticized.

Former AIG chief Martin Sullivan named chairman of Cooper Gay

By: Matthew Lerner

Published October 06, 2014 - 1:58pm CST

Former AIG CEO Martin Sullivan was named nonexecutive chairman of London-based Cooper Gay Swett & Crawford on Monday.

Ex-Treasury Secretary Paulson says AIG bailout was punitive

Published October 06, 2014 - 1:07pm CST

(Reuters) — Former Treasury Secretary Henry Paulson told a packed courtroom on Monday that AIG shareholders were singled out for punishment as part of the U.S. government's attempt to contain the contagion of the 2008 financial crisis.

Ascot, AIG launch catastrophe reinsurance platform

By: Bill Kenealy

Published October 02, 2014 - 12:26pm CST

Lloyd's of London company Ascot Underwriting Ltd. and American International Group Inc. announced on Thursday the creation of AIG-Ascot Re, a Bermuda-based reinsurance platform.

JLT appoints 42-year AIG veteran as a non-executive director

By: Sarah Veysey

Published October 01, 2014 - 9:43am CST

Jardine Lloyd Thompson Group P.L.C. has appointed Nicholas Walsh as a non-executive director, the London-based brokerage announced Wednesday.

U.S. Fed to study impact of capital rules on big insurers

Published September 30, 2014 - 2:47pm CST

(Reuters) — The U.S. Federal Reserve on Tuesday announced plans to study the potential effects of forcing big insurance companies to meet tough funding restrictions required by the 2010 Dodd-Frank law.

Six years after AIG bailout, trial asks: was it legal?

Published September 29, 2014 - 9:36am CST

(Reuters) — One of the more unusual trials to come out of the 2008 financial crisis is set to begin on Monday, when a federal judge will consider whether the U.S. government's rescue of AIG was, in fact, legal.

Ex-AIG CEO Benmosche downplays Buffett challenge: Bloomberg TV

Published September 24, 2014 - 1:20pm CST

(Reuters) — Warren Buffett's Berkshire Hathaway Inc. isn't American International Group Inc.'s biggest competitor, and AIG handles all its rivals in a very effective way, former AIG Chief Executive Robert Benmosche told Bloomberg TV.

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.

More »