American International Group executives said the carrier’s third-quarter turnaround allows it to push ahead with structural overhauls, including divesting its life insurance business through either an initial public offering or private sale.
American International Group reported adjusted earnings of $709 million for the third quarter, exceeding Wall Street projections as rate improvements and improved investment returns outweighed heavy catastrophe losses for the carrier.
U.S. pharmaceutical distributor McKesson, in the midst of a battle with insurer AIG over coverage of opioid-related claims, said Tuesday that it may pay up to $8 billion to resolve lawsuits over its role in the prescription painkiller crisis.
State Farm must pay more than $10 million, Allstate will cough up over $1 million and American International Group was fined more than a half-million dollars after New York’s state financial regulator said it identified “numerous violations” of insurance laws related to personal automobile claims practices, policy cancellations and notice requirements.
Northwestern Mutual, one of the largest U.S. life insurers, is slated for a record year of policyholder dividends in 2021, despite analyst concerns that increased payouts have eroded mutual insurer solvency levels.
ReAlign Insurance Holdings has formed Summit Specialty Insurance, a surplus lines carrier, as the company builds out a nationwide network to capitalize on growth in the specialty insurance segment.
American International Group, the largest U.S. commercial insurance underwriter, disclosed that it was hit with catastrophe losses of $790 million in the third quarter, including $185 million related to COVID-19.
American International Group has tapped a successor to veteran chief executive Brian Duperreault, who could oversee a restructuring which includes a plan to split off the carrier’s life insurance business into a separate company.
A pair of American International Group units are asking a U.S. federal court to rule the insurer is not required to cover legal costs incurred by McKesson Corp. in defending the company in lawsuits stemming from the opioid epidemic, claiming the pharmaceutical distributor has not provided enough information for AIG to properly assess the situation.
U.S. insurer American International Group will give up more than $400 million in foreign tax credits under a settlement with the U.S. Department of Justice approved on Thursday, ending a tax battle that has lasted over a decade.
American International Group has debuted an annuity designed to guarantee growth on deferred income for up to 15 years, a product the firm said was the first of its kind available to New Yorkers.
The natural resources team for Harvard University’s endowment has spun out to form a stand-alone firm, Harvard Management Company CEO Narv Narvekar said in a memo Thursday, adding that the endowment will continue to have exposure to the segment through an investment in the new entity.
Sompo International will add directors and officers liability insurance for U.S. public companies to its suite of offerings, as the carrier takes another step into a sector that has seen a surge in losses and higher rates.
Starting this fall, T. Rowe Price 401(k) retirement plan participants will gain access to a selection of student loan education and management resources provided by online personal finance platform SoFi, in a partnership that the companies say will help Americans who collectively owe a growing $1.68 trillion in such debt save more for retirement.
Allianz Holdings, the U.K. subsidiary of insurance and asset management company Allianz SE, said Wednesday that it appointed former AXA senior executive Paul Evans as its non-executive chairman, as its parent company also prepares to usher in new members to its board of management.
Third Point Reinsurance said on Tuesday that it has selected David Junius, a former chief financial officer for a division of American International Group, as its new chief operating officer as its merger with Sirius Group remains pending.
American International Group, the largest U.S. underwriter of commercial insurance, nixed a key diversity post and saw three other Black senior managers leave the company in recent weeks, Bloomberg reported.
Munich-based insurance and asset management firm Allianz said Friday that it appointed two new members to its management board, one of whom is moving into a position that was held by the company’s retiring chief operating officer.
New York state’s financial regulator said Tuesday that it will begin evaluating insurers’ approach to managing climate risk, although the agency stopped short of imposing penalties for noncompliance.
Berkshire Hathaway moved to expand its specialty insurance arm into France on Monday, appointing two financial industry veterans to take the helm of the company’s introduction of its executive and professional lines in the new market.