American International Group, Inc. (AIG) reported a net loss of $2.4 billion for the third quarter of 2010, compared to net income of $455 million in the third quarter last year. The loss was attributable to restructuring and goodwill charges and losses from sales of assets. Income from continuing insurance operations, largely property/casualty insurer Chartis and life insurer SunAmerica Financial, was stable, at $2.1 billion. Chartis’ third quarter 2010 operating income was $1.1 billion compared to $719 million in the third quarter of 2009. SunAmerica’s operating income fell 18.5 percent to $978 million on lower net investment income, although the company sold more life insurance in the period.
The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) said that its political action committee, InsurPac, distributed more than $1.7 million in the 2010 campaign cycle resulting in a 93 percent congressional victory rate. In the 2010 election cycle, more than 5,000 independent agents supported InsurPac with personal, voluntary contributions. InsurPac distributes to federal campaigns and has a bipartisan track record. Charles Symington, Big “I” senior vice president of government affairs, said InsurPac distributed $1,722,750 in support of 265 races, winning at least 247 of them. He said that in disbursing contributions, InsurPac does not look at party affiliation but supports U.S. congressmen, senators, and candidates for federal office who have been advocates and supporters of the independent agency system.
The National Weather Service says 104 tornadoes touched down in Minnesota in 2010, shattering the old record of 74 in 2001. The state usually doesn’t find itself at the top of the list. Kansas, Oklahoma and Texas typically have the most. June 17 was a day that contributed to the high count in Minnesota. The St. Paul Pioneer Press says 48 tornadoes hit the state that day, killing three people, injuring 45 and causing millions of dollars in damage. Wisconsin, meanwhile, has seen nearly four dozen tornados so far this year. The National Weather Service reports 44 twisters hit the state from January through October, making 2010 the second busiest year on record. Sixty-two tornados struck the state in 2005. The 44th Wisconsin tornado hit on Oct. 26. No one has been killed in a tornado this year, although 21 people have been injured.