American International Group Inc. (AIG) reported profit above analysts’ estimates in the first quarter as lower-than-expected catastrophe losses contributed to strong underwriting results. Adjusted earnings for the quarter were $1.2 billion, or $1.77 a share, up from $1.63 a share …
Two south Florida lawsuits against property insurers argue that two major carriers employed a business strategy of hiring inexperienced or even unlicensed claims adjusters after storms, practices that have led to “lowball” damage estimates that fall below deductibles. In one …
American International Group (AIG) today announced a top executive will retire in less than two weeks. David McElroy will retire from AIG on May 1. “Mr. McElroy has agreed with AIG to accelerate his retirement date for personal reasons and …
American International Group and a group of its excess and surplus lines subsidiaries have filed suit against Dellwood Insurance Group and three former AIG executives who launched the nationwide E&S lines insurance holding company about a month ago. According to …
The role drug distributor McKesson Corp. had in the opioid crisis was no accident, meaning the company is not entitled to defense costs related to litigation against it. McKesson Corp. appealed a district court’s ruling that subsidiaries of AIG and …
U.S. insurer AIG was the lead insurer on a $130 million “all-risks” policy for the Japan Airlines airplane which collided with another plane at Tokyo’s Haneda airport, two insurance industry sources said on Wednesday. AIG declined to comment. All 379 …
Markel, the insurance operations within Markel Group Inc., said Bob Cox, president and chief operating officer, Global Insurance Operations, will be leaving his role December 31, after five years . “Bob joined us five years ago bringing his more than …
Though American International Group (AIG) saw a turnaround in underwriting income in the third quarter, driven largely by business in North America, the company’s chief executive said financial lines offset growth. AIG’s third quarter underwriting income within its General Insurance …
RenaissanceRe Holdings Ltd. announced it has concluded its acquisition of Validus Re, the treaty reinsurance business of American International Group. AIG received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe common …
American International Group Inc. Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change. “We’ve had 100 natural disasters reported through nine …
