AIG News

Climate Change Activists ‘Welcome’ AIG CEO Zaffino; EU Urges More Insurance

Climate change is weakening the ocean currents that shape weather on both sides of the Atlantic. The Atlantic Meridional Overturning Circulation during the 20th century has weakened more than at any other time over the last 1,000 years, new research …

Insurers Overwhelmed by Demand for D&O Coverage for Blank Check Companies

The SPAC boom is overwhelming a key player in the creation of a blank-check companies: insurers. Firms selling directors-and-officers liability policies for special purpose acquisition companies have been flooded by the listings that surged last year. That’s caused insurers to …

Former NFL Player Suing AIG Over California Burglary

Former NFL player Antonio Gates and his wife, Sasha Gates, are suing their homeowners insurer, AIG Property Casualty Co., accusing them of delaying coverage and ignoring their claim for insurance policy benefits after a burglary at their California home in …

30 Major League Baseball Teams Sue insurers Over Lost Revenue Due to Coronavirus

Major League Baseball and all 30 of its teams are suing their insurance providers, citing billions of dollars in losses during the 2020 season played almost entirely without fans due to the coronavirus pandemic. The suit, filed in October in …

AIG’s Fato Adds Communications to Government Duties; Garbaccio Promoted

American International Group announced that Lucy Fato, executive vice president and general counsel, has assumed additional responsibilities in the newly created position global head of Communications and Government Affairs. In her expanded role, Fato has assumed responsibility for Global Communications …

Update: AIG Weighs IPO or 19.9% Stake Sale of Life and Retirement Unit

Insurer American International Group Inc said on Friday it is considering an initial public offering or a private sale of nearly 20% of its life and retirement business to separate the unit from the rest of the company over the …

AIG’s Profit Slumps on Q3 Catastrophe Losses

American International Group Inc reported a slump in third-quarter profit on Thursday, hurt by losses related to storms, wildfires and the COVID-19 pandemic. AIG, one of the largest U.S. insurers, posted an underwriting loss of $423 million in its general …

AIG’s Plan to Divest Life & Retirement Business Could Prompt Ratings Downgrades

American International Group’s plan to downsize by divesting its Life & Retirement (L&R) business is drawing cautious and wary reactions from rating agencies that follow the property/casualty insurance giant. They said that they’re worried about what the divestiture will do …

AIG Names Zaffino to Succeed Duperreault as CEO; Will Spin Off Life Insurance Business

American International Group has disclosed significant leadership changes as well as plans to separate its Life & Retirement business into an independent company. Peter Zaffino, currently AIG’s president and chief operating officer, will become its next CEO as of March …

AIG Promotes McElroy to CEO of North America General Insurance

American International Group announced that David McElroy, currently president and chief executive officer of the North American operations of General Insurance, has been promoted to chief executive officer, General Insurance, and executive vice president, AIG, effective immediately. McElroy will lead …