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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

As he prepares to step down as chief executive officer of American International Group Inc. on Sept. 1, Robert H. Benmosche revealed that his ongoing cancer prognosis forced him to move up his planned retirement by several months.

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.

Q&A: Robert S. Schimek, American International Group Inc.

By: Gavin Souter

Published June 08, 2014 - 6:00am CST

American International Group Inc. executive Robert S. Schimek is president and CEO of the Americas for AIG's property/casualty insurance business. He took that role last year when AIG restructured its leadership following the departure of several senior executives to Berkshire Hathaway Inc. Previously, Mr. Schimek worked in London, where he headed the insurer's Europe, Middle East and Africa...

S&P questions value of systemic designation for international insurers

By: Mark A. Hofmann

Published June 03, 2014 - 1:29pm CST

The merits of the global systemically important insurer designation — G-SII — assigned to nine international insurers by the Financial Stability Board are not clear, according to an analysis released Tuesday by Standard & Poor’s Corp. in London.

U.S. Federal Reserve hires official to oversee AIG, Prudential

Published June 02, 2014 - 3:00pm CST

(Reuters) — The U.S. Federal Reserve has hired a former state insurance commissioner to help it oversee nonbank financial firms that a council of regulators identified for tougher scrutiny last year.

Ex-AIG chief Greenberg loses bid to end New York lawsuit

Published May 29, 2014 - 9:26am CST

(Reuters) — A New York state judge has rejected a request by Maurice R. Greenberg, the former American International Group Inc. CEO, to dismiss a long-running civil lawsuit by the state's attorney general.

S&P bumps AIG outlook up to stable from negative

By: Matthew Lerner

Published May 28, 2014 - 1:27pm CST

Standard & Poor’s Corp. has revised its outlook for insurer American International Group Inc. to stable from negative.

No liability for Bank of America for allegedly concealing $10B AIG case

Published May 19, 2014 - 11:07am CST

(Reuters) — A federal appeals court said Bank of America Corp. was not liable to shareholders for allegedly concealing a $10 billion fraud lawsuit by American International Group Inc., whose filing led to a 20% one-day plunge in the bank's stock price.

AIG sells off last of its non-core assets in $7.6B deal

By: Mark A. Hofmann

Published May 15, 2014 - 9:57am CST

American International Group Inc. has completed the sale of aircraft leasing company International Lease Finance Corp. to AerCap Holdings N.V. in a cash and stock deal worth about $7.6 billion, AIG announced Wednesday.

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