An independent insurance agent association expressed concern that the troubles related to American International Group may create a false public perception that insurers have been engaging in the same risky transactions as banks and lenders.
Neal Sullivan, chairman of the Independent Insurance Agents and Brokers of New York (IIABNY) and president of Sullivan Financial Group in Mahopac, N.Y., said that AIG being in the news alongside names such as Lehman Brothers may "send the wrong message to consumers" that p-c insurance companies are mixed up with other Wall Street companies in the mortgage crisis.
Mr. Sullivan said property-casualty insurers are not into the type of business that has created the crisis, and he noted that even in AIG's case, many of the problems stem from investments, rather than actual insurance risks.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.