American International Group News

U.S. Utilities Examine Their Insurance Protection After Ukraine Grid Cyber Attack

U.S. utilities are looking hard at their cyber vulnerabilities and whether they can get insurance to cover what could be a multi-billion dollar loss after hackers cut electric power to more than 80,000 Ukrainians last month. The Dec. 23 incident …

AIG Increases Global Commercial Property Limits to $2.5B

American International Group, Inc. (AIG) has significantly raised available global commercial property limits to $2.5 billion per occurrence. According to the company, the move responds to the growing demand for capacity and services by clients managing more complex global risks …

AIG Reportedly to Raise About $750M From Sale of Shares in China’s PICC P&C

American International Group is seeking to raise about $750 million by selling part of its stake in China’s state-run PICC Property and Casualty Co. Ltd., according to a term sheet of the deal seen by IFR on Monday. AIG is …

Kimberley Appointed Chief Underwriting Officer of Ascot Underwriting (Bermuda)

Ascot Underwriting Ltd., the London-based Lloyd’s managing agency, has appointed Simon Kimberley as chief underwriting officer of Ascot Underwriting (Bermuda) Ltd. Kimberley transferred to AUB in 2014 as underwriter and was formerly an underwriter with Ascot’s treaty team in London. …

Inclusion on List of Too-Big-to-Fail Insurers May Alter Business Strategy: Fitch

A change to the list of globally systemically important insurers (G-SIIs) suggests the potential for being added to or removed from the list could play a significant role in setting strategy for some major insurers, according to Fitch Ratings. The …

Aegon, Transamerica’s Owner, Added to FSB’s List of 9 Too-Big-to-Fail Insurers

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., has been added to a list of insurers deemed systemically important by global financial rule makers, while Italy’s Assicurazioni Generali SpA was removed. The updated list of nine too-big-to-fail insurers was published …

AIG to Sell Central American Operations to ASSA

ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) will acquire 100 percent of American International Group’s Central American operations in El Salvador, Guatemala, Honduras and Panama in a share purchase agreement, the companies announced. The transaction is subject to regulatory approvals in …

Too-Big-to-Fail Insurers Face 10% Hike to Capital Requirements: Int’l Regulators

Global insurers with the greatest ties to the financial system would face an average increase of 10 percent to capital requirements under new standards proposed by a group of regulators. The increase would be as high as 18.75 percent for …

Massachusetts AG Healey Announces $430K Settlement With AIG Subsidiary

The Insurance Company of the State of Pennsylvania (ICSOP), a subsidiary of the American International Group (AIG), has agreed to pay $430,000 to settle allegations that it sold unauthorized health insurance to Massachusetts consumers and failed to cover mandated benefits …

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 …