American International Group News

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 …

Cross-Sector Global Coalition Formed, Aiming to Cut Road Traffic Deaths

Ten major global companies have created “Together for Safer Roads,” a cross-sector coalition focused on improving road safety and reducing deaths and injuries by road traffic collisions around the world. The founding members are: Anheuser-Busch InBev, American International Group, AT&T, …

AIG Q3 Net Income Rises 1% to $2.19B, More Share Buybacks Planned

Insurer American International Group on Monday reported better-than-expected third quarter earnings, bolstered in part by improved performance at core insurance operations. After-tax operating income jumped 23 percent from a year earlier. Chief Executive Officer Peter Hancock said the company remains …