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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.

Former Lloyd's CEO Richard Ward joins Cunningham Lindsey

By: Sarah Veysey

Published May 13, 2014 - 9:41am CST

Cunningham, Lindsey Group Ltd. has appointed Richard Ward, former CEO of Lloyd's of London, as executive chairman of its board and Jane Tutoki as CEO, it announced Tuesday.

AIG narrows CEO search to two internal candidates: WSJ

Published May 12, 2014 - 8:49am CST

(Reuters) — American International Group Inc.'s search for its next chief executive has narrowed down to two internal candidates, the Wall Street Journal reported, citing people familiar with the matter.

AIG to pay $279,038 over Canadian subsidiaries selling Cuban coverage

By: Matthew Lerner

Published May 08, 2014 - 3:18pm CST

American International Group Inc., has agreed to pay $279,038 to settle charges that it violated sanctions against Cuba by selling policies that insured Cuban risks.

AIG first quarter earnings drop over 2013

By: Mark A. Hofmann

Published May 05, 2014 - 4:14pm CST

American International Group Inc. earned $1.6 billion in net income for the first quarter of 2014, a 27.2% drop from the same period a year earlier, AIG said Monday.

Ex-AIG chief Greenberg must face judge he called biased

Published April 30, 2014 - 9:55am CST

(Reuters) — Former AIG chief Maurice “Hank” Greenberg will have to defend himself against claims of accounting fraud in a non-jury trial conducted by a judge he tried to remove for alleged bias.

New cyber protection from AIG includes physical damages

By: Bill Kenealy

Published April 23, 2014 - 1:25pm CST

American International Group Inc. on Wednesday said it is offering an enhanced cyber insurance policy that covers physical damages caused by cyber attacks.

IN FOCUS Video: 4 World Trade Center

Published April 17, 2014 - 9:56am CST

Business Insurance's latest video report explores Silverstein Properties' rebuild of 4 World Trade Center in New York.

IN FOCUS Video: 2014 Risk Management Summit

Published April 07, 2014 - 2:55pm CST

Business Insurance's latest video report explores the 2014 Risk Management Summit held in New York on March 12-13.

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