Latest AIG Headlines
All the headlines from our AIG Topic Page, ordered by recency.
Ratings Recap: Arch Re (Europe), Singapore Re, AIG (Taiwan), Eurasia, Hyundai (China)
Nov 10 2008 // Standard & Poor’s Ratings Services has assigned its ‘A’ counterparty credit and financial strength ratings to Arch Reinsurance Europe Underwriting Ltd. (Arch Re Europe), a newly formed Ireland-based...
AIG Reworks Bailout; Fed Ups Support to $150B, Lowers Interest Rate
Nov 9 2008 // The U.S. government dramatically boosted its bailout of insurer American International Group Inc. and eased the terms of its loans to the company on Monday after an initial rescue plan failed to stabilize the...
S&P Outlook Turns Negative on AIG Units, Ratings Downgrade Possible
Nov 6 2008 // Standard & Poor’s Ratings Services has revised the CreditWatch status of its ratings on a number of American International Group Inc.’s P/C subsidiaries and other units with ratings derived from guarantees...
Former General Re, AIG Executives Could Face Life in Prison
Nov 5 2008 // Five former insurance executives tied to American International Group face up to life in prison under a financial manipulation scheme. The potential lengthy prison terms are the result of a federal judge’s ruling...
Survey: Agents Report Rise in Agency E&O Premiums
Nov 5 2008 // A near majority of agents and brokers responding to the 2008 Insurance Journal Agency E&O Survey said they experienced increases in their agency’s errors and omissions premium this year. Some 44.1 percent of...
Top Republican Lawmaker Asks AIG to Explain Use of Federal Funds
Nov 3 2008 // U.S. Sen. Charles Grassley, the top Republican on the Senate Finance Committee, has asked troubled insurer American International Group Inc to provide full details of its use of a $123 billion government bailout. AIG,...
AIG’s Aircraft Leasing Unit Approved for Federal Funding Facility
Nov 3 2008 // American International Group Inc.’s aircraft leasing unit has been approved to participate in the U.S. Federal Reserve’s commercial paper funding facility. International Lease Finance Corp, in a filing with the...
New York AG Confirms AIG Pay Freeze
Nov 2 2008 // Troubled insurer American International Group Inc. will freeze payments to a former CEO and officers of the unit that was the main source of its financial problems, New York Attorney General Andrew Cuomo said. “This...
Mass. Surviving Bumps in the Auto Insurance Road
Nov 2 2008 // Burnes Rules Out Permitting Insurers to Use Credit Scores; Goes Slow on Property Market Issues Massachusetts Insurance Commissioner Nonnie Burnes has presided over the biggest shakeup in the Massachusetts’ personal...
Declarations
Nov 2 2008 // Formaldehyde Concerns “Only mobile homes and only park models that fell below (the state’s formaldehyde threshold) and validated through that testing were provided to the state of Iowa.” —Assistant...
Minn. Fines Agency for Ad Exploiting AIG Situation
Nov 2 2008 // The Minnesota Department of Commerce has taken action against a Duluth insurance agent and agency for publishing a newspaper advertisement that solicited business from current policyholders of American International Group...
People
Nov 2 2008 // Independent Insurance Agents of North Carolina named Kelley L. Erstine chief executive officer. Erstine assumed the association’s CEO responsibilities Oct. 15 and replaces Bob Bird upon his retirement after 25 years...
Kentucky Weathering AIG and Ike Hurricanes
Nov 2 2008 // Sharon P. Clark, a 17-year veteran of Kentucky state government, was appointed commissioner of the Kentucky Department of Insurance (DOI) in June. Clark’s experience includes five years as director of the Consumer...
Bright Spots and Challenges Go Hand in Hand in Louisiana
Nov 2 2008 // Despite the challenges faced by the state of Louisiana since Hurricanes Katrina and Rita wrought their havoc in 2005, there are bright spots in the state’s property casualty insurance industry, says Louisiana...
$115M Settlement in Louisiana Teachers’ Fund Dispute With Former AIG Execs
Nov 2 2008 // The Delaware Chancery Court has given preliminary approval to a $115 million settlement in a shareholder derivative action brought by the Teachers’ Retirement System of Louisiana against four former AIG executives...
Oregon Insurance Division Administrator Kipper Steps Down
Nov 2 2008 // Oregon’s Department of Consumer and Business Services (DCBS) announced that Scott Kipper, administrator of the Insurance Division, left his position on Oct. 31, 2008, to pursue other interests. Yet before he left,...
AIG Crisis Highlights the Need for Insurance Professionalism
Nov 2 2008 // Are You an Insurance Professional or an Insurance Hack? Editor’s Note: The following commentary was originally published on InsuranceJournal.com. The Letter to the Editor, on page N41, is in response to this...
Agents Joe and Jo on AIG and E&O
Nov 2 2008 // The federal government’s recent bail out of American International Group Inc. (AIG) via a $122 billion-plus loan to keep the company afloat set the insurance industry on edge. AIG’s insurance entities are...
More Lawsuits, Firmer Prices on the Horizon for Executive Liability
Nov 2 2008 // Property Premiums Fall Sharply; P/C Insurers Post Q3 Losses; Some Sell Stock to Raise Cash for Surplus Woes More lawsuits and firmer rates for directors and officers liability coverage are almost certainly ahead as a...
AIG Pays Down Some of Fed Loan Using Other Government Program
Oct 31 2008 // American International Group Inc. reduced the amount it owes under a U.S. Federal Reserve credit line by $6.8 billion, but only by borrowing from a different government lending program. AIG currently owes $83.5 billion...
