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AIG announces first quarter 2017 financials

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American International Group Inc. has reported its financial results for the latest quarter. The company says it achieved more than $1 billion in profit for the period ending March 31, 2017, with net premiums in commercial insurance dropping to $3.63 billion, down 17% from $4.375 billion through the

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Category: AIG Insurance News

AIG names new Chief Auditor

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American International Group (AIG) has announced that Donna DeMario will become its new Executive Vice President and Chief Auditor. This will be her return to the insurance giant and she will begin her post on April 17. Ms. DeMario has previously worked for AIG as its Global Head of Credit lines.

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Category: AIG Insurance News

A.M. Best places AIG under review

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A.M. Best Company Inc. has put American International Group Inc. under review “with negative implications”. The decision comes after AIG announced that it expects to report a  “material prior year adverse development charge” for Q4 2016. The insurance company will announce its 2016 and

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Category: AIG Insurance News

AIG-Berkshire Hathaway agreement causes concern

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American International Group (AIG) and Berkshire Hathaway’s agreement costing $9.8 billion has raised concerns about what the accord will mean for claims. In the agreement, AIG will pay $9.8 billion to National Indemnity Company (NICO), a Berkshire subsidiary that is the biggest insurer in the

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Category: AIG Insurance News

AIG agrees prior-year adverse development charge with NICO

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American International Group Inc. (AIG) sent out a press release Friday stating it “a material prior year adverse development charge” for the three months ending Dec. 31, 2016. The company adds that National Indemnity Company (NICO) will insure 80% of losses on some reserves for accident years

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Category: AIG Insurance News

AIG takes $400 million loss on Fuji Life sale

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American International Group (AIG) is prepared to lose $430 million as it prepares to offload one of its Japanese based divisions, Fuji Life Insurance. As part of the company’s restructuring strategy, it is selling non-essential assets, especially around the world. As AIG aims to free capital for

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Category: AIG Insurance News

Industry numbers encouraging for professional engagement

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While insurance companies need to adapt to attract new customers and professionals to the industry, Lynn Oldfield, president and CEO of AIG Canada says there are signs that Canada’s insurance industry is improving. She was speaking at the Toronto Insurance Women’s Association’s Executive

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Category: AIG Insurance News

AIG Commercial Insurance Growth in Q3

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American International Group (AIG) has released its third quarter results for its commercial insurance business. The company says pre-tax income moved up to $729 million thanks to investment income performance and asset valuation after accounting treatments. Personal insurance lines grew, but only

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Category: AIG Insurance News

AIG extends property terrorism limit to $1 billion

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    American International Group (AIG) has raised its property terrorism insurance limits across the world to $1 billion. The company made the announcement in a release on Wednesday as the insurance risk of terrorism continues to grow globally. AIG points out that customers can get the

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Category: AIG Insurance News

Fairfax to buy AIG divisions

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Fairfax Financial Holdings Ltd. is in discussions with American International Group (AIG) with a prospect to buy several of its foreign businesses. It is believed Fairfax is interested in AIG holdings in Latin American, Eastern Europe, and Central Europe. AIG is believed to want $240 million in

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Category: AIG Insurance News

AIG exec joins Zurich business merger

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AIG has lost a significant executive to Zurich’s reshuffling of its businesses. The Swiss insurance giant announced this week that it will merge its corporate and commercial businesses into one single company. This announcement comes at the expense of American International Group (AIG), which has

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Category: AIG Insurance News

Former AIG CEO was architect of fraudulent transactions asserts court

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Maurice “Hank” Greenberg, the ex-CEO of American Insurance Group (AIG) responsible for building the company into the largest global insurance provider has been blamed for fraud. Alongside former AIG CFO Howard I. Smith, Greenberg was called a principal architect in to fraudulent transactions by

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Category: AIG Insurance News

AIG Innovation Challenge Scheduled for Dec. 9 in Toronto

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AIG Canada, the Canadian division of American Insurance Group, has announced a new innovation challenge that will take place in Toronto. The AIG Innovation Challenge is developed in partnership with the Consulate General of Canada in San Francisco and Silicon Valley. The event will be hosted by

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Category: AIG Insurance News

AIG selling Lloyd’s of London stake?

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American International Group Inc. (AIG) is reportedly in discussions to sell its operations with Lloyd’s of London. The discussions are said to be in the early stages between AIG and Canada’s biggest pension fund. Canada Pension Plan Investment Board is interested in making an acquisition of

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Category: AIG Insurance News

AIG offloading UGC to Arch Capital

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American International Group (AIG) has agreed to sell its United Guaranty Corporation (UGC) interest to Arch Capital Group Ltd. The company will offload 100% of its position in UGC for $3.4 billion the company announced via a press release. The decision is a part of AIG’s ongoing strategy to

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Category: AIG Insurance News

New SVP Named

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American International Group (AIG) has announced that Cindy Leggett-Flynn will become the company’s Senior Vice President, Chief Communications Officer. In a press release to announce the appointment, AIG says Leggett-Flynn will assume the position on September 19, 2016. In her new position,

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Category: AIG Insurance News

AIG debuts Smart Build in Canada

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American Insurance Group (AIG) Canada has announced a new product in the country. The company’s Smart Build solution is making its debut in Canada. For those unfamiliar with the product, it is a risk management and mitigation service oriented towards residential construction projects. Smart Build

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Category: AIG Insurance News

AIG Shows Troubling Second Quarter Results

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American International Group (AIG) had the poor second quarter that many predicted it would and that the company warned was imminent. There was a 3.3% deterioration in the company’s combined ratio during Q2, from 98.8% last year to 102.1% through the same period this year. AIG also saw its

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AIG developers Brexit-specific coverage

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The insurance industry, like all business, was hurt by the UK’s decision to pull out of the European Union. The so-called Brexit has impacted business executives from all industries. One insurance giant is capitalizing and filling the market with a new product, arguably showing that the insurance

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Category: AIG Insurance News

AIG helps form Global Commercial Insurance Association in Canada

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American Insurance Group (AIG) is part of a new Canadian insurance association that looks to aid foreign backed commercial insurance providers in Canada. The group is made up of some of the largest commercial insurance providers in the world and will be called the Global Commercial Insurance

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Category: AIG Insurance News


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