NOT FOR REPRINT
Page Printed from: propertycasualty360.com/author/profile/sonali-basak-katherine-chiglinsky/
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.
The CEO is focusing on improving margins in the property-casualty operations that are the core of AIG.
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.
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.
{ "author": { "name": "Sonali Basak Katherine Chiglinsky", "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "description": "", "imageLarge": "https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g", "estimate": 10, "social": [], "articles": [ { "uri": "/2017/10/02/aig-finds-safer-harbor-after-years-of-retrenchment-regulation/", "title": "AIG finds `safer harbor' after years of retrenchment, regulation", "byline": "Sonali Basak, Katherine Chiglinsky", "kicker": "News", "prettyDate": "October 02, 2017", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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 }, { "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", "kicker": "News", "prettyDate": "May 04, 2017", "timeToRead": "3 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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 }, { "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", "kicker": "News", "prettyDate": "January 20, 2017", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null }, { "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", "byline": "Sonali Basak, Katherine Chiglinsky", "kicker": "News", "prettyDate": "October 03, 2016", "timeToRead": "2 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null }, { "uri": "/2016/09/12/aig-will-consider-takeovers-to-revive-growth/", "title": "AIG will consider takeovers to revive growth", "byline": " Sonali Basak, Katherine Chiglinsky ", "kicker": "News", "prettyDate": "September 12, 2016", "timeToRead": "3 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null }, { "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", "kicker": "News", "prettyDate": "August 16, 2016", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "summary": "The CEO is focusing on improving margins in the property-casualty operations that are the core of AIG.", "body": null }, { "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", "kicker": "News", "prettyDate": "April 07, 2016", "timeToRead": "2 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null }, { "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", "kicker": "News", "prettyDate": "March 02, 2016", "timeToRead": "3 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null }, { "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", "kicker": "News", "prettyDate": "January 19, 2016", "timeToRead": "2 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null }, { "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", "kicker": "News", "prettyDate": "November 23, 2015", "timeToRead": "4 minute", "image": { "uri": "", "width": "", "height": "" }, "authors": [ { "webUrl": "/author/profile/sonali-basak-katherine-chiglinsky/", "name": "Sonali Basak, Katherine Chiglinsky" } ], "kickerNode": [ { "uri": "/news/", "sectionName": "News" } ], "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.", "body": null } ] } }
From gryphon.ai
Is your organization protected against costly Do Not Call (DNC) and Telephone Consumer Protection Act (TCPA) violations and fines? This comprehensive checklist explores key compliance areas, offering insights to mitigate risks and protect your brand reputation in 2024.
Download ResourceFrom OneShield
Commercial insurers have faced many challenges in 2023 due to a record number of billion-dollar weather events, inflation and a tightening reinsurance market. The increasing focus on individual risk levels in the reinsurance market requires insurers to embrace new technology, data, and tools to improve loss ratios and customer satisfaction. This eBook explores solutions to navigate these challenges and enhance risk management capabilities.
Download ResourceFrom Origami Risk
Explore common pitfalls in core insurance transformations and how to avoid them. Discover comprehensive strategies and best practices to successfully plan and execute a cloud implementation in this comprehensive white paper.
Download ResourceFrom gryphon.ai
This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.
Download ResourceFrom Origami Risk
Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.
Download ResourceFrom Melissa
As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.
Download ResourceFrom gryphon.ai
Empower your organization to excel in marketing outreach without compromising compliance. This guide offers a roadmap to implement a best-in-class contact compliance strategy so that your organization can continue successful marketing campaigns, ethically and legally.
Download ResourceFrom gryphon.ai
Is your organization protected against costly Do Not Call (DNC) and Telephone Consumer Protection Act (TCPA) violations and fines? This comprehensive checklist explores key compliance areas, offering insights to mitigate risks and protect your brand reputation in 2024.
Download ResourceFrom OneShield
Commercial insurers have faced many challenges in 2023 due to a record number of billion-dollar weather events, inflation and a tightening reinsurance market. The increasing focus on individual risk levels in the reinsurance market requires insurers to embrace new technology, data, and tools to improve loss ratios and customer satisfaction. This eBook explores solutions to navigate these challenges and enhance risk management capabilities.
Download ResourceFrom Origami Risk
Explore common pitfalls in core insurance transformations and how to avoid them. Discover comprehensive strategies and best practices to successfully plan and execute a cloud implementation in this comprehensive white paper.
Download ResourceFrom gryphon.ai
This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.
Download ResourceFrom Origami Risk
Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.
Download ResourceFrom Melissa
As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.
Download ResourceFrom gryphon.ai
Empower your organization to excel in marketing outreach without compromising compliance. This guide offers a roadmap to implement a best-in-class contact compliance strategy so that your organization can continue successful marketing campaigns, ethically and legally.
Download ResourceFrom gryphon.ai
Is your organization protected against costly Do Not Call (DNC) and Telephone Consumer Protection Act (TCPA) violations and fines? This comprehensive checklist explores key compliance areas, offering insights to mitigate risks and protect your brand reputation in 2024.
Download Resource