AIG News

Insurers Had Crews Working in Heart of California Wildfires to Prevent Loss

“It was all hands on deck.” That apt description of the reaction to the deadly outbreak of wildfires that ravaged California in October was from Stephen Poux, global head of risk management and loss prevention for AIG’s private client group. …

AIG Names Baugh CEO of North America General Insurance; Stratts Named CEO of Lexington

American International Group recently made two major domestic executive appointments: Lex Baugh is AIG’s new chief executive officer for North America General Insurance, and George Stratts has been named CEO of AIG’s surplus lines unit, Lexington Insurance Co. Baugh is …

AIG to Sell Medical Stop-Loss Operations to Tokio Marine HCC

Tokio Marine HCC plans to acquire the medical stop-loss operations of American International Group (AIG). Neither side is disclosing financial terms in the deal, which is expected to close on Oct. 15. But the operations in question produce $350 million …

Driver Concerns Over the Future of Autonomous Vehicles: AIG Study

Safety of the vehicles, including the risk of hacking, are key concerns when it comes to autonomous vehicles, according to a study by American International Group, Inc. on the whether or not Americans accept or reject driverless cars on the …

Growing List of Re/Insurers Make Decisions on Post-Brexit EU Headquarters

Everest Re Group Ltd. has said its Dublin-based unit has received approval from the Central Bank of Ireland to become a non-life insurer, joining a growing list of insurers setting up regulated EU operations in case Britain does not have …

Banks Seek More Insurance Protection Against Cyber Attacks, Rogue Traders

Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court …

Demand for Cyber Insurance in China Expected to Rise After WannaCry Attack: AIG

Demand for cyber insurance from firms in Greater China and elsewhere in Asia is poised to soar, based on inquiries received after the “WannaCry ransomware” attack earlier this year, executives at American International Group Inc. said. The American insurer saw …

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 …

UK’s Legal & General Chooses Dublin as Post-Brexit Base for Some Operations

British insurer Legal & General said it will move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit. In a win for Dublin’s campaign to attract financial services firms in …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …