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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.

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.

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