American International Group News

India’s Product Recalls Bring New Business for Insurers Such as AIG, Allianz

As Nestle SA slugs it out with India’s food regulator over the amount of lead in its popular Maggi instant noodles, the dispute is whipping up business for insurers. The local unit of American International Group Inc. is predicting a …

Global Insurance Regulators Postpone Tougher Capital Standards

Global insurance regulators will take more time than previously planned to address industry concerns before applying tougher capital rules to some of the largest companies they oversee. Capital rules for global insurers, known as the Insurance Capital Standard, or ICS, will be pushed back …

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 …

Allianz Estimates $300 Million in Claims for Germanwings Crash, Sources Say

Germany’s Allianz has estimated insurers will pay $300 million in claims and costs stemming from the crash of a Germanwings plane in the French Alps last week, insurance industry sources said on Monday. The figure gives a preliminary orientation to …

AIG Seeks $507 Million Through Sale of Some of Its Shares in China’s PICC

American International Group Inc. is seeking as much as $507 million through the sale of part of its holding in PICC Property & Casualty Co., China’s biggest non-life insurer. AIG, the largest commercial insurer in the U.S., is offering about …

Global Insurers, Brokers Establish Micro Insurance Consortium

A group of global insurance companies and brokers took advantage of the World Economic Forum meeting in Davos to announce that they have established a micro insurance consortium and micro insurance venture incubator (MVI). Among the companies taking part in …

India’s Prime Minister Plans Executive Order to Allow More Foreign Investment

Prime Minister Narendra Modi sought to pressure Indian lawmakers into approving two key economic policy changes a day after a parliament session ended without a vote on the bills. Modi will use an executive order known as an ordinance to …

India Moves Closer to Raising Foreign Direct Investment Cap for Insurance

Max India Ltd., the Indian partner of MS&AD Insurance Group Holdings Inc., Japan’s biggest casualty insurer, surged to its highest in a month after a parliament panel recommended the nation increase the cap on foreign investment in the sector. Max, which has …

2 AIG Subsidiaries File to Redomesticate From Pennsylvania to Illinois

Two subsidiaries of the American International Group — Granite State Insurance Company and New Hampshire Insurance Company — recently filed for approval a plan of redomestication that would change their state of domicile from Pennsylvania to Illinois. The two companies …

AIG Global Real Estate Seeks $450 Million in Sale of South Korean Hotel

AIG Global Real Estate, a unit of American International Group Inc., is seeking at least $450 million from the sale of a luxury hotel in the South Korean capital, people with knowledge of the matter said. AIG’s Korean real estate …