Latest AIG Headlines
All the headlines from our AIG Topic Page, ordered by recency.
AIG Posts Big Loss Due to Mortgage Woes; Insurance Results Decline, Too
May 8 2008 // The world’s biggest insurance company, American International Group Inc. (AIG), posted a big quarterly loss — $7.81 billion — largely due to write-downs related to bad mortgage investments. AIG blamed much of the...
AIG Seeks New CFO as Bensinger Moves to Financial Services
May 8 2008 // American International Group, Inc. (AIG) is in the market for a new chief financial officer (CFO), having appointed its current CFO to a new post. AIG announced that Steven J. Bensinger, currently CFO and executive vice...
Business Moves
Apr 21 2008 // Towerstone Towerstone Inc., a wholesale insurance broker and managing general agency with extensive experience in a broad spectrum of industries, has been formed via the merger of Energy Risk Associates Inc. (ERA) with the...
AIG Rebrands Domestic Insurance Operations as P/C Group; Shuffles Executives
Apr 21 2008 // American International Group, Inc. has renamed its Domestic General Insurance operations the AIG Property Casualty Group, a move the company said reflects AIG’s corporate brand and an intention to provide a clearer...
AIG Names Executives for New Commercial Insurance Group
Apr 11 2008 // American International Group, Inc. (AIG) has named several executives to positions within its new AIG Commercial Insurance Group, formerly known as the Domestic Brokerage Group. AIG Commercial Insurance is part of the...
AIG Cuts CEO Sullivan’s Pay 48% to $14 Million
Apr 7 2008 // American International Group, the world’s largest insurer, cut Chief Executive Martin Sullivan’s 2007 pay by about 48 percent from 2006, to $13.93 million, according to a regulatory filing late...
AIG Rebrands Domestic Insurance as P/C Group; Shuffles Executives
Apr 7 2008 // Insurance giant American International Group, Inc. has renamed its Domestic General Insurance operations the AIG Property Casualty Group, a move the company says reflects the increasing power of AIG’s corporate brand...
Mass. Workers’ Comp Writers Seek 2.3% Rate Boost
Apr 7 2008 // The Workers Compensation Rating and Inspection Bureau, which represents insurers, submitted its filing on Feb. 29. The bureau has requested a Sept. 1, 2008 effective date for new rates. A hearing was held April 3. The...
AIG Sues Former CEO Greenberg and 6 Ex-Directors
Mar 27 2008 // American International Group Inc., the world’s largest insurer, has filed a complaint in New York Supreme Court against former Chief Executive Maurice “Hank” Greenberg and six other former directors and...
Allied World Names Germano for Specialty Lines
Mar 25 2008 // Bermuda’s Allied World Assurance Company Holdings has announced the appointment of Todd Germano as Senior Vice President, Specialty Insurance of Allied World U.S. He will be responsible for developing new products...
Mass. Construction Worker Charged with Workers’ Compensation Fraud
Mar 25 2008 // A Brockton, Mass. man was arraigned on charges he collected over $9,000 in workers’ compensation benefits while he worked at two different jobs, according to the attorney general’s office. Officials said John...
Mass. Insurers Seek 2.3% Workers’ Comp Hike; Hearing Scheduled
Mar 19 2008 // Massachusetts officials will conduct a public hearing on April 3 to consider an industry request for an average 2.3 percent increase in workers’ compensation rates. The Workers Compensation Rating and Inspection...
AIG to Pay Record $9.1M Settlement to Pennsylvania Regulators
Mar 18 2008 // American International Group Inc. will pay $13.5 million – including a record $9.1 million in penalties and investigative costs – to settle allegations of bid-rigging and financial misreporting brought by the...
AIG Shares Fall Sharply on Concerns Over Possible Bigger Credit Losses
Mar 13 2008 // Shares of American International Group fell as much as 8 percent Thursday on concern the world’s largest insurer could face larger-than-expected losses from a credit derivatives portfolio that has already led it to...
AIG Expands Hurricane Service for High Net Worth Clients
Mar 11 2008 // AIG Private Client Group said it will begin offering its Hurricane Protection Unit service to some of it high net worth policyholders in New York, New Jersey and Florida. The service provides a hurricane mitigation...
Declarations
Mar 10 2008 // The Party’s Over “That party is over. … It’s a certainty that insurance industry profit margins, including ours, will fall significantly in 2008. Prices are down, and exposures inexorably rise...
Credit Crisis Throws AIG Into ‘Uncharted Waters’
Mar 10 2008 // American International Group, on the heels of reporting its largest-ever loss, said that the subprime crisis had thrown it into “uncharted waters” that were likely to remain choppy through 2008. The...
Five Execs Found Guilty of Fraud in Gen Re-AIG Trial
Mar 10 2008 // A federal court jury in Hartford, Connecticut, has found four former General Re Corp. executives and one former American International Group executive guilty of corporate fraud and conspiracy charges stemming from...
Ratings: Northwind/Tailwind, Meadowbrook, Hartford, Farm & City, AIG
Mar 4 2008 // A.M. Best Co. has removed the under review with negative implications status and assigned a negative outlook to the debt rating of “aaa” on $800 million of floating rate insured notes, due December 1, 2037...
AIG Expected to Post Rare 4Q Loss on Write-Down
Feb 27 2008 // American International Group , the world’s largest insurer, is expected to report a quarterly loss Thursday, with crippled mortgage investments taking a $5 billion bite out of its derivatives...
