Live Insurance News

Insurance marketing investigation leads to lawsuit from AIG

April 8, 2014April 12, 2014 G. Turner

The insurer has now sued the top financial regulator in New York to block a fine. American International Group Inc. (AIG) has filed a lawsuit against Benjamin Lawsky, the top financial regulator in New York, in order to block it from being able to fine the insurer over its insurance marketing efforts that it has been conducting without a state license. The claim from AIG is that it would be unconstitutional to have to pay this fine. AIG has called the insurance marketing fine an interpretation that is “flawed and…

Insurance industry news made when Treasury sold remaining AIG shares

December 12, 2012April 30, 2013

There were 234.2 million shares left of the massive insurer, and their price was $32.50 each. The Treasury Department has just announced its latest insurance industry move with the sale of all of its remaining shares of American International Group (AIG), which brings to a close the largest bailout from the U.S. government in the 2008 financial crisis. The Treasury stated that it received $32.50 for each of the 234.2 million shares it continued to hold. That represented the last of the sales of the 16 percent ownership that the…

Insurance news from AIG now includes Chinese joint venture

November 23, 2012November 22, 2012 Julie Campbell

American International Group has announced that it will be working with PICC. The latest insurance news from U.S. insurer American International Group, Inc., is that it will be entering into a joint venture with the life policy business unit of People’s Insurance Co. (Group) of China, Ltd. This may place AIG into a situation where it is competing directly with its former Pan-Asian business unit. This insurance news has been released as the insurer announced that it would be purchasing $500 million worth of PICC shares in that companies up…

Insurance news from Prudential reveals new $590 million deal

November 6, 2012November 5, 2012 Julie Campbell

This Asian acquisition may put added pressure on its competitor, AIA Group. Insurance news from the Asia Pacific region has shown that Prudential PLC has just entered into an acquisition agreement to buy the coverage unit from Thanachart Bank in Thailand, for a reported $590 million, in cash. This will double the insurer’s current market share within that Asian nation. This is expected to add greater competition to the insurance news in Southeastern Asia, which is a rapidly growing marketplace where AIA Group has been working to maintain leadership. This…

Chartis to cancel 3,000 insurance policies for Australian soldiers in Afghanistan

January 30, 2012January 30, 2012 S.Vagus

Chartis Insurance, an international insurance group based in the U.S., has announced that it will be canceling the death and disability insurance policies of some 3,000 Australian soldiers serving in Afghanistan. The move is spurred by a shrinking insurance pool and a high rate of cancellations and payouts on claims. The company, which is a subsidiary of AIG, claims that the cancellations were necessary in order to continue providing benefits for holders of health policies. The problem, however, is that the Australian government is now left to handle the cost…

AIG makes $972 million repayment to the Treasury

November 4, 2011November 4, 2011 Nordstrom

American International Group (AIG) has made a $972 repayment on its bailout loan to the United States Treasury in its latest effort to bring down its total debt to the federal government. This most recent repayment has brought the owed amount on the taxpayer-funded bailout from 2008 down to approximately $50 billion. At the peak of the financial crisis, AIG was provided with a bailout of $182 billion by way of the Troubled Asset Relief Program. The insurer also borrowed money from the Federal Reserve, but has repaid all but…

Chartis insurance group seeks quality over quantity when it comes to growth

October 4, 2011October 4, 2011 Marc

Europe’s debt crisis has not daunted Chartis, a division of AIG that operates in the property and casualty insurance market. The company continues to seek opportunities for growth despite the economic turmoil currently faced by a number of nations in the region. While lucrative opportunities seem to be in abundance, the insurer is taking a “quality over quantity” approach. CEO Peter Hancock notes that this strategy will help the insurer protect itself from industry hype in markets that may be more volatile in the future than they are today. In…