State Farm Mutual Automobile Insurance Co., the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies. The insurer will exit Parsippany, …
American International Group Inc. is weighing a plan to hire Brian Duperreault as the company’s seventh chief executive officer since 2005, according to people familiar with the board’s deliberations. Other candidates are still being considered as the board seeks a …
Travelers Cos. was burned again by Mother Nature. Alan Schnitzer has been contending with volatile weather since becoming chief executive officer in late 2015, extending a trend of recent years in which storm seasons last longer than usual and strike …
Fidelity & Guaranty Life terminated its $1.6 billion agreement to be purchased by China’s Anbang Insurance Group Co. and said it will weigh other possible deals. FGL’s board “is continuing to evaluate strategic alternatives to maximize shareholder value and has …
Billionaire John Paulson is planning to step down from American International Group Inc.’s board after his hedge fund sold shares in the insurer, according to a person familiar with the plan. The move is expected to be announced in the …
Evan Freely has been insuring global risks for years — through the 2008 market meltdown, the 2002 crisis in Argentina, and the 1993 downturn in Venezuela. Yet turmoil now seems to be coming at a more rapid pace than he’s …
When a board member of a publicly traded U.S. company sells even a small personal holding, the director typically has just two business days to disclose the transaction, under securities rules to promote transparency. But when John Paulson’s hedge fund …
American International Group Inc.’s chairman reaffirmed support for the course charted by Peter Hancock, even after the CEO announced he was stepping down because of insufficient investor backing. Chairman Doug Steenland, in his annual letter Monday, said that the board …
Before he lost the confidence of big-name investors and his company’s board members, Peter Hancock squandered the faith of many of his staff. It was November 2015, after a disappointing quarter for American International Group Inc., and Hancock — then …
American International Group Inc. Chief Executive Officer Peter Hancock is stepping down after posting four losses in six quarters, results that hurt investors including activists Carl Icahn and John Paulson. Hancock, 58, will remain CEO until a successor is named, …
