It would be useful to see which prior years claims caused bad results lately. Were they years when the $80 Billion loan from the US Government allowed AIG to burn money to keep accounts?
Yes, how in the world could understanding what has caused an insurance company losses be useful to others in the business? What a crazy idea.
Inasmuch as tax-payers subsidized the competitor of a lot of insurance companies, we all have an interest in learning from what caused these losses now.
Morty, I hate to tell you this, but you are about $100 Billion off on the loan amount to AIG. They were one of the biggest losers in the financial crisis. By the way, they are still a big loser given their recent history.
Wait, I’m confused Agent. AIG got a $180 billion loan and repaid the US $205 billion. Can you explain how AIG paying back USA the loan with an additional $25 billion makes them one of the biggest losers?
Generally, when someone states that something would be “useful” the inference is that if they had it, they would use it for something. I was simply wondering what you would “use” details on prior claims which may have exceeded reserves for.
Your answer – nothing, you just wanted to post something which makes you sound like you have the tiniest bit of relevance in this industry. You must work with Agent.
So instead of dealing with the fundamental problems of AIG; chronically poor management, looting of the company for unearned executive salaries and bonus, fictitious reserving and accounting, let’s act like we are doing something, via this Swiss Re, shell game?
AIG to Swiss Re: We will take the first $500,000 on a loss and you carry the rest on a multi million dollar property. Does that sound like a good deal or what?
Good luck Swiss Re. Good luck. Back in the late 1980’s I did some reinsurance business with AIG and we did reasonably well. But the market was much harder back then and making money was easier. Since the early to mid 90’s the markets has been much softer (in large part due to the antics of AIG) and I don’t see how Swiss RE is going to profit from this arrangement. But I can tell you the AIG mantra. When reinsurance is cheap, buy it. When it’s too expensive, keep limits net. Good luck Swiss Re.
The 2001 reinsurance deal between AIG and General Re worked well,… except for resulting in the ouster of high level execs at both companies when Elliot ‘900 Number’ Spitzer joined the Feds with his personal cavalry charge into their books… oh, wait! Never mind. Anyhoo, Caveat Emptoreinsurance and Caveat Emperors Club Members.
It would be useful to see which prior years claims caused bad results lately. Were they years when the $80 Billion loan from the US Government allowed AIG to burn money to keep accounts?
How exactly would that information be “useful” to you, Morty?
Yes, how in the world could understanding what has caused an insurance company losses be useful to others in the business? What a crazy idea.
Inasmuch as tax-payers subsidized the competitor of a lot of insurance companies, we all have an interest in learning from what caused these losses now.
It is stated in my post; duh! It was or wasn’t a result of getting money to burn from US taxpayers. Don’t you agree the details matter?
Morty, I hate to tell you this, but you are about $100 Billion off on the loan amount to AIG. They were one of the biggest losers in the financial crisis. By the way, they are still a big loser given their recent history.
Wait, I’m confused Agent. AIG got a $180 billion loan and repaid the US $205 billion. Can you explain how AIG paying back USA the loan with an additional $25 billion makes them one of the biggest losers?
Generally, when someone states that something would be “useful” the inference is that if they had it, they would use it for something. I was simply wondering what you would “use” details on prior claims which may have exceeded reserves for.
Your answer – nothing, you just wanted to post something which makes you sound like you have the tiniest bit of relevance in this industry. You must work with Agent.
So instead of dealing with the fundamental problems of AIG; chronically poor management, looting of the company for unearned executive salaries and bonus, fictitious reserving and accounting, let’s act like we are doing something, via this Swiss Re, shell game?
AIG to Swiss Re: We will take the first $500,000 on a loss and you carry the rest on a multi million dollar property. Does that sound like a good deal or what?
Good luck Swiss Re. Good luck. Back in the late 1980’s I did some reinsurance business with AIG and we did reasonably well. But the market was much harder back then and making money was easier. Since the early to mid 90’s the markets has been much softer (in large part due to the antics of AIG) and I don’t see how Swiss RE is going to profit from this arrangement. But I can tell you the AIG mantra. When reinsurance is cheap, buy it. When it’s too expensive, keep limits net. Good luck Swiss Re.
The 2001 reinsurance deal between AIG and General Re worked well,… except for resulting in the ouster of high level execs at both companies when Elliot ‘900 Number’ Spitzer joined the Feds with his personal cavalry charge into their books… oh, wait! Never mind. Anyhoo, Caveat Emptoreinsurance and Caveat Emperors Club Members.