Business Moves

AIG

American International Group (AIG) has taken down the most prominent sign at its downtown Manhattan offices. According to a Reuters report, the company replaced the large AIG sign — outside the entrance to its property/casualty offices — as part of its plan to change that operation’s name to AIU Holdings Ltd. and re-brand the global insurance operations

The move is designed to “distinguish these well-capitalized businesses from AIG,” said a second spokesman. The sign is outside the company’s Water Street offices, which is around the corner from AIG’s 70 Pine Street headquarters, which has long only been marked by an understated brass plaque inscribed “American International Building.”

In addition AIG has said it may sell the headquarter building, as part of its drive to raise funds to repay its debt to the government.

The AIG name, once the proud moniker of the world’s largest insurer, has become tainted since large losses on mortgage bets necessitated a government bailout of $85 billion last September. Twice since more aid has been given to AIG, with the rescue now costing U.S. taxpayers up to $180 billion.

The AIG name has become even more tarnished after a scandal erupted over bonuses to executives of a controversial financial products unit that caused much of the $100 billion in losses over the past year.

Allied American Underwriters

National program insurance manager Allied American Underwriters-AAU, headquartered in Tampa, Fla. has introduced a new national division specializing in personal lines on both an admitted and non-admitted basis.

Vacant home and high valued homeowners policies are now available on a national basis. Other coverages on a regional basis include; condominimiums, dwellings, seasonal homes, rentals, historical homes, fine arts, antique cars, jewelry, flood/excess flood, personal umbrella, builders risk, auto/motorcycle, ATVs, boats, as well as weddings/family reunions.

According to Lindsey Stoltz, the firm will be launching a online and phone quoting system in the coming months at www.aauins.com.

AAU is affiliated with USG Insurance.

Firemans’ Fund of Georgia

Fireman’s Fund Insurance Company of Georgia, in Alpharetta, has merged with its parent company American Insurance Co. (AIC), a member of the Firemans Fund Insurance Companies in Novato, Calif. As part of the merger, AIC assumed all liabilities and obligations under and according to the terms of the policies issued by FFICGA. As a result, policyholders of FFICGA will now be insured by AIC.

Zurich North America

Zurich North America Commercial’s Energy Casualty group has opened offices in Cleveland, Ohio and Atlanta, Georgia. The Cleveland office will be the base of operations for an expanded mining practice, while the Atlanta office will serve accounts in the southeast U.S.

CCC-Mitchell

The U.S. District Court for the District of Columbia has granted the Federal Trade Commission’s request for a preliminary injunction enjoining CCC Information Services Inc.’s merger with Mitchell International Inc. Following the court decision, the two claims services firms called off their merger.

On Nov. 25, 2008, the FTC filed suit to block the merger, charging that the transaction would hinder competition in the market for electronic systems used to estimate the cost of collision repairs, known as “estimatics,” and the market for software systems used to value passenger vehicles that have been totaled, known as total loss valuation systems.

Arch

Arch Insurance Co. (Europe) Limited, a subsidiary of Bermuda-based Arch Capital Group Ltd., received approval from Lloyd’s to establish a new syndicate. Syndicate 2012 (AAL) will be managed by a newly created managing agent, Arch Underwriting at Lloyd’s Ltd. It initially plans to write marine, personal accident, property and professional lines.

William Beveridge of Arch Insurance Europe has been appointed active underwriter. James Weatherstone, president and CEO of Arch Insurance Europe, will serve as the CEO of the managing agent, and David Hipkin, chief underwriting officer of Arch Insurance Europe, will also assume responsibility as director of Underwriting of the managing agent.

Topics Europe Georgia AIG