The last thing American International Group needs during this crucial renewal season is any hint that reserves for its property and casualty insurance carriers might be inadequate.
Yet it is disturbing that AIG had an official "no comment" when first confronted with a report by Todd Bault, an analyst with Sanford C. Bernstein, suggesting the company has a whopping $11 billion reserve deficiency, mostly impacting a trio of long-tail lines–workers' compensation, general liability and professional liability.
I'm sure risk managers and brokers doing business with AIG's commercial insurance carriers–now flying under the Chartis brand–would sleep a lot better if reassured by the company's highest officials that somehow Mr. Bault is mistaken in his conclusions, and that all is fine and dandy.
Continue Reading for Free
Register and gain access to:
- 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
© 2024 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.
