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AIG freezes pension plans, sweetens 401(k)

By: Jerry Geisel

Published September 03, 2015 - 2:35pm CST

American International Group Inc. will freeze its U.S. defined benefit pension plans on Jan. 1 and beef up its 401(k) plans.

AIG unit not liable in death of prisoner who wasn't given medicine

By: Judy Greenwald

Published September 03, 2015 - 1:59pm CST

An American International Group Inc. unit was not obligated to defend or indemnify a prison management company in the death of an inmate, says a federal appeals court in partially overturning a lower court ruling.

Surplus lines insurance sector profitable in 2014

By: Judy Greenwald

Published September 02, 2015 - 10:39am CST

Surplus lines insurers continued to report profitable results in 2014, helped by a combination of product diversification, underwriting discipline and advantageous market conditions, A.M. Best Co. Inc. said in its latest report on the sector.

Willis, AIG offer middle market auto-renewal policy

By: Sarah Veysey

Published September 01, 2015 - 10:15am CST

Willis and AIG roll cover for major insurance classes into one policy and put renewal on autopilot for middle-market buyers in the U.K.

Property/casualty insurers see mixed results

By: Mark A. Hofmann

Published August 30, 2015 - 6:00am CST

Commercial property/casualty insurers posted mixed first-half results amid light catastrophe losses while pricing in many cases remains flat.

AIG seeking $1.76 billion in 'life settlements' trial in New York

Published August 28, 2015 - 9:19am CST

AIG wants a Pennsylvania insurer to pay $1.76 billion in damages for overcharging elderly people for so-called life settlements policies.

AIG selling remaining AerCap stake

By: Mark A. Hofmann

Published August 19, 2015 - 10:03am CST

American International Group Inc. plans to sell its remaining stake in AerCap Holdings N.V. for about $500 million, AIG announced Tuesday after close of markets.

Property policy ruling favoring AIG unit upheld

By: Judy Greenwald

Published August 14, 2015 - 4:47pm CST

Faulty workmanship cannot be considered an occurrence under a property policy, says an appeals court in upholding a ruling in favor of an American International Group Inc. unit.

U.S. government appeals judge's ruling over 2008 AIG bailout

Published August 12, 2015 - 2:31pm CST

(Reuters) — The United States filed an appeal on Wednesday against a U.S. judge’s ruling in June that sided with former American International Group Inc. CEO Maurice Greenberg on a legal claim over the company’s 2008 bailout.

Trading firm sues AIG unit in professional liability dispute

By: Judy Greenwald

Published August 12, 2015 - 1:40pm CST

An online provider of retail and institutional foreign-exchange trading has sued an American International Group Inc. unit for its refusal to pay claims under a professional liability policy in connection with litigation it faces involving a former client.

AIG units' policyholder awarded $55 million in products liability dispute

By: Judy Greenwald

Published August 06, 2015 - 5:30pm CST

A jury in Oakland, California, has ruled that three American International Group Inc. units must pay a more than $55 million award, including $46 million in punitive damages, to a valve and piping manufacturer in a products liability coverage dispute.

AIG profit drops 41.4% in second quarter

By: Mark A. Hofmann

Published August 04, 2015 - 10:34am CST

American International Group Inc.'s net income for the second quarter of 2015 dropped 41.4% from that of the same period a year earlier to $1.8 billion on lower operating results, AIG reported.

AIG profit lifted by AerCap, China investment; raises buyback

Published August 03, 2015 - 3:29pm CST

(Reuters) — Insurer American International Group Inc. reported a 5.6% jump in quarterly operating profit, driven by investments in one of China's biggest insurers and earnings from aircraft leasing company AerCap.

Feds ask AIG for more resolution plan details

By: Mark A. Hofmann

Published July 28, 2015 - 3:00pm CST

Federal regulators have asked American International Group Inc. and two other companies to provide more information about their resolution plans.

AIG bailout case to continue as Greenberg seeks damages

By: Mark A. Hofmann

Published June 21, 2015 - 6:00am CST

Former American International Group Inc. leader Maurice R. Greenberg and other AIG shareholders vowed to continue their legal battle to win billions in damages stemming from the government's “unduly harsh” terms to bail out the insurer in 2008.

New York case against ex-AIG CEO Greenberg heads back to court

Published June 19, 2015 - 9:58am CST

(Reuters) — A decade-old lawsuit in which New York accused former AIG CEO Maurice R. Greenberg of accounting fraud will head to the state's highest court for a second time.

Starr to appeal denial of AIG shareholder compensation in bailout

By: Mark A. Hofmann

Published June 16, 2015 - 3:51pm CST

Starr International Co. Inc. said last Tuesday that it will appeal a federal judge's decision that although the Federal Reserve acted illegally in requiring American International Group Inc. to transfer about 80% of its equity to the government for 2008 financial assistance, the government is not required to monetarily compensate shareholders including former AIG leader Maurice R. Greenberg.

AIG bailout ruled illegal, but no damages for Greenberg

By: Mark A. Hofmann

Published June 15, 2015 - 12:47pm CST

The federal government acted illegally in the conditions it set for rescuing American International Group Inc. in 2008, a federal judge ruled Monday.

Data scarce for insurers covering cyber risks

By: Sarah Veysey

Published June 10, 2015 - 11:12am CST

U.S. insurers are cautiously underwriting cyber coverage as they seek to understand the true nature of the underlying risk, according to a report by Standard & Poor's Corp.

Commercial drones poised to transform how insurers do business

Published June 07, 2015 - 6:00am CST

In the latest episode of Business Insurance In Focus, we examine how the impending approval of commercial drone use in the U.S. is impacting various aspects of the insurance industry.

AIG selling off $3.7 billion of aircraft leasing firm shares

By: Mark A. Hofmann

Published June 04, 2015 - 11:04am CST

American International Group Inc. plans to sell about 86.9 million ordinary shares of AerCap Holdings N.V. later this month in a transaction worth about $3.7 billion, AIG announced.

AIG offers home appliance cover as voluntary benefit

By: Shelby Livingston

Published June 03, 2015 - 10:23am CST

American International Group Inc. has launched AIG Home Protection, a voluntary employee benefit to cover out-of-pocket expenses related to repairing or replacing home appliances and products.

School's lost AIG policy existed: Court

By: Judy Greenwald

Published May 28, 2015 - 3:46pm CST

A New Hampshire middle school has presented plausible evidence that it had a nearly 50-year-old commercial general liability policy with an AIG unit, even though no one can find a copy of it.

Insurance industry welcomes U.S. regulatory reform efforts

By: Mark A. Hofmann

Published May 24, 2015 - 6:00am CST

Insurer provisions of a wide-ranging proposal to reform the financial services regulatory process are drawing generally favorable reviews from property/casualty insurance industry observers.

Former AIG exec to join Worldwide Broker Network

By: Shelby Livingston

Published May 21, 2015 - 10:55am CST

Worldwide Broker Network has named former American International Group Inc. executive Francie Starnes to the newly created role of president and chief operating officer.

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