Articles by Katherine Chiglinsky

U.S. Regulator Lifts Systemic Risk Tag on Slimmed-Down AIG

American International Group Inc. is no longer too big to fail. That was the ruling Friday from the Financial Stability Oversight Council, which said AIG, whose collapse in 2008 reverberated throughout the U.S. economy, was no longer a systemically important …

Harvey and Irma Jeopardize 2017 Earnings, Says Munich Re

Munich Re, the world’s largest reinsurer, said storms led by Hurricanes Harvey and Irma will probably wipe out third-quarter profit and threaten the company’s ability to meet its full-year earnings target. “These two events are expected to result in high …

Insurers Gain as Shifty, Weakened Irma May Not Be as Damaging as Feared

Insurers jumped in markets from Europe to Florida amid signs that predictions about Hurricane Irma’s damage were excessively dire. Giant reinsurers like Swiss Re and Munich Re, which shoulder risks for local insurers around the world, posted their biggest gains …

Group Led by Yunfeng Financial to Buy MassMutual’s Asia Unit for $1.7B

A group led by Yunfeng Financial Group Ltd., the company backed by billionaire Jack Ma, agreed to buy an Asian unit from Massachusetts Mutual Life Insurance Co. to add insurance products to the array of financial services it offers to …

AIG Discloses It Could Face Claims from London’s Grenfell Tower Fire

American International Group Inc., the provider of commercial insurance, told regulators it could face claims costs from the Grenfell Tower fire that killed dozens of people in June in London. “Our net exposure to loss on this event is currently …

AIG Joins Other Insurers in Moving Away from Financial Forecasts

Brian Duperreault, the new chief executive officer of American International Group Inc., said the company will scale back the projections it provides to Wall Street after his predecessors were burned by goals that proved unattainable. “Going forward, we will no …

Bermuda Can Withstand Trump’s U.S. Tax Plans, Says Premier Dunkley

Bermuda Premier Michael Dunkley said the nation will be able to attract businesses even as U.S. President Donald Trump plans to reduce tax rates to help keep companies onshore. “One of the things that I find very comforting about Bermuda …

State Farm to Close 11 Offices, Displacing 4,200 Employees, After 2016 $7B Loss

State Farm Mutual Automobile Insurance Co., the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies. The insurer will exit Parsippany, …

MetLife CEO Says Businesses Must Give Up Tax Breaks for Lower Tax Rate

MetLife Inc. Chief Executive Officer Steve Kandarian said industries must be willing to forfeit some of their advantages in the tax code in order for the U.S. to seize a “once-in-a-generation” opportunity to lower corporate rates and simplify the process. …

Hamilton’s Duperreault Among Candidates Being Considered as AIG CEO

American International Group Inc. is weighing a plan to hire Brian Duperreault as the company’s seventh chief executive officer since 2005, according to people familiar with the board’s deliberations. Other candidates are still being considered as the board seeks a …