AIG News

Banks Seek More Insurance Protection Against Cyber Attacks, Rogue Traders

Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court …

Demand for Cyber Insurance in China Expected to Rise After WannaCry Attack: AIG

Demand for cyber insurance from firms in Greater China and elsewhere in Asia is poised to soar, based on inquiries received after the “WannaCry ransomware” attack earlier this year, executives at American International Group Inc. said. The American insurer saw …

AIG Discloses It Could Face Claims from London’s Grenfell Tower Fire

American International Group Inc., the provider of commercial insurance, told regulators it could face claims costs from the Grenfell Tower fire that killed dozens of people in June in London. “Our net exposure to loss on this event is currently …

UK’s Legal & General Chooses Dublin as Post-Brexit Base for Some Operations

British insurer Legal & General said it will move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit. In a win for Dublin’s campaign to attract financial services firms in …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm …

Luxembourg ‘Not Offering’ Special Deals to Lure Financial Firms After Brexit

Luxembourg is in talks with a wide range of financial firms looking to relocate out of London as Britain leaves the European Union, but it will not offer sweeteners to undercut rival centers, Finance Minister Pierre Gramegna said on Thursday. …

AIG Completes Sale of Japanese Life Unit to FWD Group

American International Group announced it has successfully completed the sale of AIG Fuji Life Insurance Co. Ltd. (AFLI) to FWD Group, the insurance arm of Pacific Century Group. The terms of the deal, which was originally announced in November 2016, …

Insurers Push to Keep Industry Expert Woodall on U.S. Regulatory Council

With no sign of a replacement in the works, the U.S. insurance industry is pushing to prevent the departure of a key figure on the federal body that determines how large insurance companies are regulated. Roy Woodall, the sole independent …

Billionaire Investor John Paulson Planning AIG Board Exit

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 …