The U.S. government and American International Group Inc. have parted ways again, and for the insurer its the end of a nine-year journey of retrenchment and reinvention.
State Farm, the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies.
The reinsurance deal transfers liabilities on certain U.S. policies from 2015 and earlier. The coverage involves so-called long-tail policies, in which claims can emerge years after a policy is issued.
AIG's business in Brazil agreed to transfer about 25,000 auto policies to a unit of Porto Seguro SA as the U.S. company scales back its international businesses.
AIG would weigh acquisitions to bolster high-priority businesses, even as CEO Peter Hancock exits other units, the head of the companys commercial insurance operation said.
Dan Loebs reinsurer cited risks tied to regulation as the IRS and U.S. Senator Ron Wyden work to limit what the lawmaker called a tax loophole used by hedge fund managers to route investments abroad.
Activist investor Carl Icahn, whos pushing AIG CEO Peter Hancock to shrink the insurer and boost returns, said the CEOs presentation next week on his vision must offer a drastic strategic shift.
Billionaire investor Carl Icahn said he may seek to shake up leadership at AIG after CEO Peter Hancock rebuffed his plan to split the insurer into three companies.
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"uri": "/2017/10/02/aig-finds-safer-harbor-after-years-of-retrenchment-regulation/",
"title": "AIG finds `safer harbor' after years of retrenchment, regulation",
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"summary": "The U.S. government and American International Group Inc. have parted ways again, and for the insurer its the end of a nine-year journey of retrenchment and reinvention.",
"body": null
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{
"uri": "/2017/05/04/state-farm-to-displace-4200-workers-exit-11-locati/",
"title": "State Farm to displace 4,200 workers, exit 11 locations",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"summary": "State Farm, the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies.",
"body": null
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{
"uri": "/2017/01/20/aig-to-pay-berkshire-9-8-billion-in-insurance-transfer-deal/",
"title": "AIG to pay Berkshire $9.8 billion in insurance transfer deal",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"summary": "The reinsurance deal transfers liabilities on certain U.S. policies from 2015 and earlier. The coverage involves so-called long-tail policies, in which claims can emerge years after a policy is issued.",
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{
"uri": "/2016/10/03/aig-shifts-25000-brazilian-auto-policies-to-porto-seguro-unit/",
"title": "AIG shifts 25,000 Brazilian auto policies to Porto Seguro unit",
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"summary": "AIG's business in Brazil agreed to transfer about 25,000 auto policies to a unit of Porto Seguro SA as the U.S. company scales back its international businesses.",
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{
"uri": "/2016/09/12/aig-will-consider-takeovers-to-revive-growth/",
"title": "AIG will consider takeovers to revive growth",
"byline": " Sonali Basak, Katherine Chiglinsky ",
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"prettyDate": "September 12, 2016",
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"summary": "AIG would weigh acquisitions to bolster high-priority businesses, even as CEO Peter Hancock exits other units, the head of the companys commercial insurance operation said.",
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{
"uri": "/2016/08/16/aig-set-to-sell-mortgage-guarantor-to-arch-for-3-4/",
"title": "AIG set to sell mortgage guarantor to Arch for $3.4 billion",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"prettyDate": "August 16, 2016",
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"summary": "The CEO is focusing on improving margins in the property-casualty operations that are the core of AIG.",
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{
"uri": "/2016/04/07/hartford-ceo-chris-swifts-pay-nearly-doubles-to-10/",
"title": "Hartford CEO Chris Swift's pay nearly doubles to $10 million",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"prettyDate": "April 07, 2016",
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"summary": "The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier.",
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{
"uri": "/2016/03/02/loeb-einhorn-reinsurers-cite-risk-from-irs-wyden-tax-scrutiny/",
"title": "Loeb, Einhorn reinsurers cite risk from IRS, Wyden tax scrutiny",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"prettyDate": "March 02, 2016",
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"summary": "Dan Loebs reinsurer cited risks tied to regulation as the IRS and U.S. Senator Ron Wyden work to limit what the lawmaker called a tax loophole used by hedge fund managers to route investments abroad.",
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{
"uri": "/2016/01/19/icahn-urges-drastic-aig-shift-says-ceo-credibility-on-the-line-414-8262/",
"title": "Icahn urges drastic AIG shift, says CEO credibility on the line",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"prettyDate": "January 19, 2016",
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"summary": "Activist investor Carl Icahn, whos pushing AIG CEO Peter Hancock to shrink the insurer and boost returns, said the CEOs presentation next week on his vision must offer a drastic strategic shift.",
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{
"uri": "/2015/11/23/icahn-proposes-aig-shakeup-says-ceo-unwilling-to-b/",
"title": "Icahn proposes AIG shakeup, says CEO unwilling to be bold",
"byline": "Sonali Basak, Katherine Chiglinsky",
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"prettyDate": "November 23, 2015",
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"summary": "Billionaire investor Carl Icahn said he may seek to shake up leadership at AIG after CEO Peter Hancock rebuffed his plan to split the insurer into three companies.",
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