AIG News

UK’s PI Insurance Sector Expected to Grow by Almost 6% Annually: Report

The professional indemnity and directors & officers insurance sector has grown constantly since 2012 and is expected to continue the upward trend until at least 2019, according to the findings of a new report by London-based business intelligence company, Timetric. …

AIG, Other Insurers Avoid Offering Cover for Tax Risks in Indian M&As

Prime Minister Narendra Modi needs to offer much more than just his best intentions to clean up India’s whimsical tax regime to help convince insurers. Companies from Allianz SE to American International Group Inc. are avoiding offering tax-liability coverage in …

AIG Focuses on Integrating Japan Businesses, Rather Than Additional M&As

American International Group Inc. plans to sit out the unprecedented wave of insurance industry deal-making and instead focus on integrating businesses in Japan. The timetable for merging AIU with Fuji Fire & Marine has been pushed back to 2016 or …

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 …