The U.S. government threw a new $30 billion lifeline to American International Group Inc. Sunday as the embattled insurer prepared to report the biggest quarterly loss in corporate history. AIG’s board approved a new rescue package that also includes more …
Marsh & McLennan Cos Inc , the No. 2 global insurance broker, reported better-than-expected fourth-quarter earnings, helped by lower costs, and forecast higher profits in 2009, sending its shares up 16 percent. The company said the 2008 restructuring at Marsh …
Bermuda-based XL Capital posted a $1.43 billion fourth-quarter net loss Tuesday, and said it will cut its dividend and slash 10 percent of its staff. The quarterly loss was due to soured investments, hedge fund losses, and a charge to …
American International Group is in advanced talks to sell its U.S. auto insurance unit to Swiss insurer Zurich Financial Services AG, a source familiar with the matter said Tuesday. The auto insurance business is expected to fetch around $2 billion, …
An influential U.S. congressman, concerned that American International Group Inc’s $150 billion federal bailout could be undermining the broader U.S. insurance market, is digging into claims that the insurer is driving down prices to win business. Rep. Paul Kanjorski, chairman …
Maurice “Hank” Greenberg, former chief executive of American International Group Inc., has gone to court to prevent New York’s attorney general from releasing testimony Greenberg gave in a state lawsuit accusing him of fraud, according to court documents. Greenberg’s efforts …
State insurance regulators voted against a proposal to loosen capital requirements for the battered life insurance industry, shooting down hopes for up to $30 billion in relief. The National Association of Insurance Commissioners (NAIC), a group representing regulators in all …
Zurich Financial Services Group Inc., which has been on a recruitment spree, said Rich Merski, a former AIG executive, is joining the insurer as head of federal affairs in the United States. Merski most recently managed Washington government affairs activities …
Swiss insurer Zurich Financial Services Group, a serial acquirer in recent years, is not letting tighter credit markets hamper its pursuit of acquisitions, a company executive said on Monday. “Zurich is definitely in a position where it can consider acquisitions,” …
Swiss insurer Zurich Financial Services Group is drawing U.S. commercial clients away from financially beleaguered rivals, a company executive for North America said on Friday. “We have seen higher submissions and higher win rates,” Mike Foley, chief executive of Zurich …
