American International Group News

Massachusetts Judge Criticizes AIG in $7M Decision

A Massachusetts judge has ordered AIG Inc. to pay at least $7 million to a Wellesley, Mass., man injured after he was struck by a bus in a scathing decision that accuses the insurer of hiding evidence and manipulating witnesses. …

N.Y. Regulator Lawsky Sued by AIG Over Probe Into Unlicensed Insurance

American International Group Inc. sued to block New York’s top financial regulator, Benjamin Lawsky, from fining it over marketing insurance overseas without a state license, claiming it would be unconstitutional. AIG, criticizing what it called a “flawed and unconstitutional” interpretation …

AIG’s Benmosche Receives Leadership Award From St. John’s University in N.Y.

St. John’s University’s School of Risk Management (SRM) held its 19th annual “Insurance Leader of the Year” awards dinner Wednesday before a crowd of more than 1,400 in New York City.Robert H. Benmosche, president and CEO of American International Group, …

St. John’s Univ. to Honor AIG’s Benmosche as 2013 Insurance Leader of the Year

St. John’s University’s School of Risk Management (SRM) in New York will honor American International Group’s President and Chief Executive Officer Robert H. Benmosche as the “2013 Insurance Leader of the Year” at its 19th annual Insurance Leader of the …

AIG to Open $5.5M Tech Center, Bring 230 New Jobs to Charlotte, N.C.

North Carolina officials announced American International Group will invest more than $5.5 million to establish a technology center in Charlotte, N.C. With the new technology center, AIG plans to bring 230 new jobs to the region by the end of …

AIG’s Q3 Profit Advances 17% to $2.17B; Property/Casualty Sales Decline

American International Group Inc., the insurer that repaid a U.S. rescue last year, said third- quarter profit climbed 17 percent as underwriting margins improved at the property-casualty business. Net income rose to $2.17 billion, or $1.46 a share, from $1.86 …

Premium Finance Firm to Pay $160K for Prematurely Canceling Mass. Auto Policies

A New York-based premium financing provider has agreed to pay $160,000 to resolve allegations that it illegally cancelled certain financed auto insurance policies affecting close to 100 Massachusetts customers, according to an announcement today by Massachusetts Attorney General Martha Coakley. …

AIG Sued by Small Businesses Over Workers’ Compensation Reporting

Class action lawsuits in federal courts on both coasts have been initiated on behalf of small businesses in California, New York and New Jersey against American International Group (AIG) over workers’ compensation reporting. Plaintiff attorneys say the case could involve …

Commentary: Does FSOC Understand the Business of Insurance?

The Financial Stability Oversight Council (FSOC) designated AIG as a Systemically Important Financial Institution (SIFI) after determining that “material financial distress at AIG could pose a threat to U.S. financial stability.” One may debate whether AIG should be a SIFI …

AIG to Move Headquarters to Nearby Water Street in Lower Manhattan, NYC

American International Group Inc., the insurer that reinstated a dividend yesterday, will move its headquarters to a building it owns at 175 Water St. in Manhattan as the lease expires at a property on Maiden Lane “We’re not going very …