AIG News

AIG Launches Risk Management Service for Builders of Luxury Homes

AIG Private Client Group, a division of American International Group, Inc., has introduced a risk management and mitigation service for residential construction projects with budgets of $5 million or more. As part of its Smart Build offering, AIG risk experts …

AIG Acquires Controlling Stake in ING Employee Benefits Global Network

American International Group Inc. has acquired a controlling stake in ING Employee Benefits Global Network and renamed it AIG Global Benefits Network. The network is based in Belgium. The network’s minority shareholders are Nationale-Nederlanden in the Netherlands and France’s Malakoff Mederic. Terms …

AIG Names Schreiber Chief Strategy Officer, Eyes M&A Deals

American International Group Inc. named dealmaker Brian Schreiber chief strategy officer as the insurer shifts to expanding through acquisitions after years of contracting through asset sales to repay a U.S. bailout. Schreiber, 49, will oversee mergers and acquisitions, global planning, …

AIG Enhances Cybersecurity Services for Cyber Risk Management Program

American International Group has formed new partnerships with cybersecurity experts to expand the risk mitigation and prevention services it offers cyber insurance clients. The partnerships include: K2 Intelligence, BitSight Technologies, RSA, and Axio Global. Services from these partners complement AIG’s …

AIG Names Kaiser’s Brady to New Post as Chief Technology Officer

American International Group Inc., the largest commercial insurer in the U.S. and Canada, named Michael Brady to the new post of chief technology officer as Chief Executive Officer Peter Hancock works to modernize the company. Brady worked most recently as …

AXA: Tighter Capital Rules on Too-Big-to-Fail Insurers May Threaten Recovery

AXA SA, France’s biggest insurer, said plans to impose tighter capital rules on too-big-to-fail insurers will pose a new hurdle to European growth and do little to bolster financial stability. Insurance companies don’t present the same risk to the global economy …

Allianz Is Lead Underwriter for Crashed Germanwings Airbus A320

German insurer Allianz confirmed it was the lead insurance underwriter for the Airbus A320 plane which crashed in the French Alps on Tuesday. All 150 people on board the plane, operated by Lufthansa’s Germanwings budget airline, were feared dead. “We …

Missouri Insurance Department Settles with AIG for $1.2M after Market Conduct Exam

Missouri insurance regulators announced a $1.2 million settlement agreement with nine AIG affiliated insurance companies after a market conduct examination into their handling of workers’ compensation insurance. During the course of the examination, the department alleged AIG insurance companies failed …

Lexington Product Recall Insurance Covers Celebrity Endorsement Risks

American International Group Inc.’s (AIG) Lexington Insurance has introduced Celebrity Product RecallResponse, a new insurance product designed to help customers respond to risks from a celebrity endorser’s public fall from grace, scandal or unexpected death. Celebrity Product RecallResponse covers certain …

Did New Mexico Court Open ‘Pandora’s Bong’ With Nod to Pot for Worker?

A can of worms has been opened, the horse is out of the barn and the industry is gazing into Pandora’s Box. There is no shortage of idioms for workers’ compensation experts who are concerned over a decision last week …