American International Group (AIG) News

Minnesota Settles with 13th Life Insurance Company Over Unpaid Claims

The Minnesota Commerce Department has reached a settlement agreement with a major life insurance company that owed money to Minnesotans for unpaid insurance policies, annuity contracts and retained asset accounts. The settlement with the American International Group (AIG) represents the …

AIG Names MetLife’s Townsend as CEO, International General Insurance

American International Group (AIG) announced that Chris Townsend will join the company as chief executive officer, International General Insurance. In this newly created role, Townsend will lead the international operations of AIG’s General Insurance business, with responsibility for executing its …

AIG UK Sells Its 1st Sharia-Compliant M&A Policy in London

AIG UK said on Thursday it had underwritten its first sharia-compliant warranty and indemnity policy out of London’s M&A insurance market, as the city looks to Islamic finance to help bring new business. Development of Islamic finance is accelerating in …

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 …

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 …

Days of Cyber Insurers Avoiding Costly Claims May Be Numbered: Expert

Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that. “It’s exceptionally likely that we will see an event over the next months that will seriously …

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 …