Commercial Lines

American International Group and the Federal Reserve Bank of New York (FRBNY) are at odds concerning whether the insurer has authority to sue banks over virtually worthless mortgages they sold that drove AIG to seek a federal bailout.

American International Group and the Federal Reserve Bank of New York (FRBNY) are at odds concerning whether the insurer has authority to sue banks over virtually worthless mortgages they sold that drove AIG to seek a federal bailout.

Global insurance and financial services organization Starr Companies has appointed Jeffrey Hayman as president of its International Insurance Operations.

Crop insurers have paid a record $11.6 billion to U.S. growers in compensation for losses due largely to widespread drought in 2012, the first money-losing year for the industry in a decade, the government said on Tuesday.

Farmers have spent 20 percent more on agricultural insurance in recent years to protect against crop losses from increasingly frequent bad weather events, according to reinsurer Swiss Re.

Farmers have spent 20 percent more on agricultural insurance in recent years to protect against crop losses from increasingly frequent bad weather events, according to reinsurer Swiss Re.