American International Group News

NSM Forms Joint Venture with Massachussetts-Based ABRY Partners, AIG

NSM Insurance Group, an insurance program administrator based in Pa., has agreed to enter into a joint venture with Massachussetts-based private equity investment firm, ABRY Partners, and AIG. Through this partnership, NSM Insurance Group aims to quickly grow and diversify in …

AIG Offers Brexit Coverage in UK for Anxious Executives

American International Group is coming out with new Brexit coverage in the UK for anxious executives, barely weeks after the fateful British vote to pull out of the European Union. AIG division AIG UK will handle the product launch, which …

‘Brexit’ Would Damage UK’s Leadership Position in Insurance: Aon

Aon Plc Chief Executive Officer Greg Case, who moved the insurance broker to London from Chicago four years ago, said the U.K.’s centuries-long leadership in the industry would be damaged if voters choose to leave the European Union. “The U.K. …

AIG Weighs Moving Its European Hub from London if ‘Brexit’ Triumphs

American International Group Inc. will consider establishing an operations center within the European Union if the U.K. votes to leave the political bloc, according to Chief Executive Officer Peter Hancock. “If a Brexit occurs, I suspect we will need a …

AIG to Offer Crowdfunding Investor Protection in UK and Canada

American International Group Inc. has launched a new product for the global crowdfunding investment industry. This new insurance product was developed specifically to protect investors on equity crowdfunding platforms against issuer fraud. Crowdfunding platforms enable innovators to fund their ideas …

Boston Duck Tours Says Driver in Crash Had ‘Exemplary’ Record

Boston Duck Tours says the driver of the amphibious sightseeing vehicle that collided with a scooter in Boston, killing a woman, had an “exemplary record” during his six years with the company. A Boston Duck Tours spokesman said in a …

Lexington Underwriter Warmuth Killed in Boston Duck Boat Crash

Allison Warmuth, senior underwriter in healthcare at Lexington Insurance, was killed in a tragic accident Saturday after the scooter she was driving was struck by a duck boat in downtown Boston. Warmuth, 28, was also an associate board member of …

AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …

Simplifying Derivatives Rules Will Help Regulators Spot Systemic Risks: Industry

Regulators won’t get a clear picture of risks in the $550 trillion derivatives market until they prune trade reporting rules, a group of 13 industry bodies said on Wednesday. The collapse of Lehman Brothers bank in September 2008 left regulators …

AIG Weighs Cutting Nearly 125 U.K. Jobs, in Plan to Reduce Costs: Sources

American International Group Inc., the insurer under pressure from activist investors, may eliminate about 125 positions in the U.K. as it scales back in certain countries and moves jobs to lower-cost locations, according to people familiar with the plan. The …