Latest AIG Headlines
All the headlines from our AIG Topic Page, ordered by recency.
Minn. Fines Agency for Ad Exploiting AIG Situation
Nov 2 2008 // The Minnesota Department of Commerce has taken action against a Duluth insurance agent and agency for publishing a newspaper advertisement that solicited business from current policyholders of American International Group...
People
Nov 2 2008 // Independent Insurance Agents of North Carolina named Kelley L. Erstine chief executive officer. Erstine assumed the association’s CEO responsibilities Oct. 15 and replaces Bob Bird upon his retirement after 25 years...
Kentucky Weathering AIG and Ike Hurricanes
Nov 2 2008 // Sharon P. Clark, a 17-year veteran of Kentucky state government, was appointed commissioner of the Kentucky Department of Insurance (DOI) in June. Clark’s experience includes five years as director of the Consumer...
Bright Spots and Challenges Go Hand in Hand in Louisiana
Nov 2 2008 // Despite the challenges faced by the state of Louisiana since Hurricanes Katrina and Rita wrought their havoc in 2005, there are bright spots in the state’s property casualty insurance industry, says Louisiana...
$115M Settlement in Louisiana Teachers’ Fund Dispute With Former AIG Execs
Nov 2 2008 // The Delaware Chancery Court has given preliminary approval to a $115 million settlement in a shareholder derivative action brought by the Teachers’ Retirement System of Louisiana against four former AIG executives...
Oregon Insurance Division Administrator Kipper Steps Down
Nov 2 2008 // Oregon’s Department of Consumer and Business Services (DCBS) announced that Scott Kipper, administrator of the Insurance Division, left his position on Oct. 31, 2008, to pursue other interests. Yet before he left,...
AIG Crisis Highlights the Need for Insurance Professionalism
Nov 2 2008 // Are You an Insurance Professional or an Insurance Hack? Editor’s Note: The following commentary was originally published on InsuranceJournal.com. The Letter to the Editor, on page N41, is in response to this...
Agents Joe and Jo on AIG and E&O
Nov 2 2008 // The federal government’s recent bail out of American International Group Inc. (AIG) via a $122 billion-plus loan to keep the company afloat set the insurance industry on edge. AIG’s insurance entities are...
More Lawsuits, Firmer Prices on the Horizon for Executive Liability
Nov 2 2008 // Property Premiums Fall Sharply; P/C Insurers Post Q3 Losses; Some Sell Stock to Raise Cash for Surplus Woes More lawsuits and firmer rates for directors and officers liability coverage are almost certainly ahead as a...
AIG Pays Down Some of Fed Loan Using Other Government Program
Oct 31 2008 // American International Group Inc. reduced the amount it owes under a U.S. Federal Reserve credit line by $6.8 billion, but only by borrowing from a different government lending program. AIG currently owes $83.5 billion...
Ex-CEO Greenberg Warns AIG Running Out of Time to Be Saved
Oct 31 2008 // Maurice “Hank” Greenberg, the former American International Group Inc. chief executive, says the terms and conditions surrounding a government rescue loan are pushing the insurer closer to collapse with each...
Ace’s Greenberg Sees Business Opportunities from AIG Troubles
Oct 30 2008 // Insurer Ace Limited’s business opportunities have grown dramatically over the past month and a long slump in rate pricing appears to be over, CEO Evan Greenberg told investors. Greenberg, speaking Wednesday on a...
AIG Settles North Carolina Injury Case for $18 Million
Oct 29 2008 // American International Group, the insurance giant rescued by $85 billion in federal loans last month, has agreed to an $18 million settlement with the father of a disabled former Raleigh man. AIG’s decision to...
Regional Transit in Chicago Could Lose Funds Because of AIG Woes
Oct 28 2008 // The Regional Transportation Authority is among about 30 transit agencies around the nation that could be on the hook for millions of dollars because of the woes of insurance giant American International Group...
AIG Names DeSantis President, CEO of Personal Auto Group
Oct 27 2008 // AIG has named Anthony J. DeSantis as president and CEO of its Personal Auto Group. The Personal Auto Group includes aigdirect.com, the direct personal lines automobile insurance operations of American International Group,...
Prudential Eyeing AIG Life Insurance Assets Beyond Asia, Says CEO
Oct 24 2008 // British life insurer Prudential is considering bidding for more than just the Asian operations of American International Group , its chief executive told the Financial Times on Friday. Prudential, the UK’s...
AIG Names Two to Lead Restructuring; Firm May Need More Cash
Oct 24 2008 // American International Group Inc. has named two executives to lead its restructuring, and its chief executive warned that $120 billion in emergency federal cash extended to the insurer may not be enough. CEO Edward Liddy,...
AIG Has Drawn $90.3 Billion of $123 Billion Government Loans
Oct 24 2008 // American International Group Inc., the insurer saved from bankruptcy by a federal bailout, has borrowed $90.3 billion from the Federal Reserve. Figures released by the Fed late on Thursday showed that as of Wednesday, AIG...
Minnesota Fines Agency for Advertisement Exploiting AIG Situation
Oct 23 2008 // The Minnesota Department of Commerce has taken action against a Duluth insurance agent and agency for publishing a newspaper advertisement that solicited business from current policyholders of American International Group...
AIG to Offer Banks ‘Commercial Umbrella’ Endorsement for Basel II
Oct 22 2008 // AIG Excess Casualty ®, a unit of AIG Commercial Insurance, announced that it is offering an endorsement to its commercial umbrella policy to help U.S. banks operating overseas meet Basel II requirements. “Basel...
