Latest AIG Headlines
All the headlines from our AIG Topic Page, ordered by recency.
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...
Ex-CEO Greenberg Warns AIG Running Out of Time to Be Saved
Oct 31 2008 // Maurice “Hank” Greenberg, the former American International Group Inc. chief executive, says the terms and conditions surrounding a government rescue loan are pushing the insurer closer to collapse with each...
Ace’s Greenberg Sees Business Opportunities from AIG Troubles
Oct 30 2008 // Insurer Ace Limited’s business opportunities have grown dramatically over the past month and a long slump in rate pricing appears to be over, CEO Evan Greenberg told investors. Greenberg, speaking Wednesday on a...
AIG Settles North Carolina Injury Case for $18 Million
Oct 29 2008 // American International Group, the insurance giant rescued by $85 billion in federal loans last month, has agreed to an $18 million settlement with the father of a disabled former Raleigh man. AIG’s decision to...
Regional Transit in Chicago Could Lose Funds Because of AIG Woes
Oct 28 2008 // The Regional Transportation Authority is among about 30 transit agencies around the nation that could be on the hook for millions of dollars because of the woes of insurance giant American International Group...
AIG Names DeSantis President, CEO of Personal Auto Group
Oct 27 2008 // AIG has named Anthony J. DeSantis as president and CEO of its Personal Auto Group. The Personal Auto Group includes aigdirect.com, the direct personal lines automobile insurance operations of American International Group,...
Prudential Eyeing AIG Life Insurance Assets Beyond Asia, Says CEO
Oct 24 2008 // British life insurer Prudential is considering bidding for more than just the Asian operations of American International Group , its chief executive told the Financial Times on Friday. Prudential, the UK’s...
AIG Names Two to Lead Restructuring; Firm May Need More Cash
Oct 24 2008 // American International Group Inc. has named two executives to lead its restructuring, and its chief executive warned that $120 billion in emergency federal cash extended to the insurer may not be enough. CEO Edward Liddy,...
AIG Has Drawn $90.3 Billion of $123 Billion Government Loans
Oct 24 2008 // American International Group Inc., the insurer saved from bankruptcy by a federal bailout, has borrowed $90.3 billion from the Federal Reserve. Figures released by the Fed late on Thursday showed that as of Wednesday, AIG...
Minnesota Fines Agency for Advertisement Exploiting AIG Situation
Oct 23 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...
AIG to Offer Banks ‘Commercial Umbrella’ Endorsement for Basel II
Oct 22 2008 // AIG Excess Casualty ®, a unit of AIG Commercial Insurance, announced that it is offering an endorsement to its commercial umbrella policy to help U.S. banks operating overseas meet Basel II requirements. “Basel...
Delaware Court Approves $115M Settlement with Former AIG Execs
Oct 22 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...
Travelers Soothes Investors; Cites Opportunities in AIG Debacle
Oct 22 2008 // Large property insurer Travelers Cos. Inc. said some potential business opportunities have arisen from the troubles at its rival American International Group Inc., and that the rates it can charge for insurance may also...
New York AG Confirms Pay Freeze for Ex-AIG Execs Sullivan, Cassano
Oct 22 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...
Lawmaker Wants Details on How AIG is Spending U.S. Loan
Oct 20 2008 // A top U.S. lawmaker has asked the chief executive of American International Group for details on how the company has used its $123 billion of taxpayer rescue funding so far. Rep. Henry Waxman, chairman of the U.S. House...
LA Public Transit Faces Dilemma Due to AIG Demise
Oct 20 2008 // Two public transportation agencies in Southern California are facing a financial dilemma and possible service cuts after a major lender fell victim to the nationwide economic crisis. Los Angeles County Metropolitan...
AIG Environmental Enhances Pollution Legal Liability Coverage
Oct 20 2008 // AIG Environmental, a unit of AIG Commercial Insurance, enhanced and expanded its Pollution Legal Liability (PLL) insurance coverage to cover risks related to indoor air quality, non-owned disposal sites, emergency response...
