American International Group News

Insurers Refuse to Pick Up Bill for Billions in Opioid Claims

A multibillion-dollar bill is coming due for the U.S. opioid epidemic and insurers for some of the largest drug makers, distributors and pharmacies are refusing to help pay for it. A Delaware Supreme Court ruling in January has emboldened insurers …

Report: Nearly a Third of U.S. Hazardous Chemicals Facilities Exposed to Climate Change Dangers

A report from the Intergovernmental Panel on Climate Change stating that climate change is leading to increasingly irreversible impacts, with a narrowing window to adapt to it, is garnering a lot of reaction. The IPCC Working Group II report: Climate …

Florida Man Sentenced in N.J. for Filing More Than $1.2M in Fraudulent Insurance Claims

A Florida man was sentenced to nine years in state prison for filing more than $1.2 million in false claims for refrigerated cargo purportedly spoiled in cross-country transport by his long-haul trucking companies based out of Middlesex County, N.J. Palm …

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 …

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 …

AIG Board Refuses CEO Hancock’s 2016 Cash Bonus after Poor Earnings

American International Group Inc.’s board of directors declined to award Chief Executive Officer Peter Hancock a cash bonus for his work last year, after the company’s dismal financial performance roiled shareholders, according to a proxy filing on Thursday [April 13]. …