American International Group News

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 voting member …

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]. …

AIG Enhances Motor Fleet Claims Service, Harnessing Cloud-Based Technology 

AIG UK announced it has entered into a partnership with VUEcloud Ltd., a UK software technology provider to the commercial motor industry, to provide an enhanced claims service to motor fleet customers by harnessing cloud-based technology. The new service, powered …

Lloyd’s to Open EU Insurer in Brussels in Preparation for Brexit

Lloyd’s, the specialist insurance and reinsurance market, announced it will set up a European insurance company in Brussels in preparation for the UK’s exit from the European Union. The Brussels’ subsidiary will aim to be ready to write business for …

Rival EU Cities Compete to Attract UK Firms Seeking Post-Brexit HQs

Ireland has complained to the European Commission that it is being undercut by rival centers competing to host financial firms looking for a European Union base outside London after Brexit. Last week, U.S. insurer AIG became the biggest group so far to …

Luxembourg Successfully Woos UK Finance Firms Seeking Post-Brexit HQs

Luxembourg is becoming a serious contender among nations bidding for business to come their way after the U.K.’s exit from the European Union, as insurers, asset managers and financial-technology companies are interested in setting up shop in the Grand Duchy. …

AIG Plans to Launch Luxembourg-Based Insurer in 2019 in Preparation for Brexit

American International Group Inc. plans to locate an insurance company in Luxembourg to ensure continued smooth operation of its business across the European Economic Area (EEA) and Switzerland once the United Kingdom leaves the European Union. From 2019, AIG proposes …

UK Auto Insurers Face Disruption from Mobile Phone & Tech Companies

Auto insurance may be on the brink of an incursion from mobile-phone and technology companies. Telefonica SA’s O2 unit — one of the first mobile operators in Britain to offer car insurance — expanded its product line in February to include …

AIG May Move Europe HQ from London to Another EU Country on Brexit

U.S. insurer AIG may move its European headquarters from London to another European Union country because of Britain’s vote to leave the EU, the head of the AIG’s European and UK operations said at an industry conference on Tuesday. AIG …