Personal Lines

American International Group Inc. announced appointments today for two executives whom it said would have a major involvement in efforts to liquidate assets and restructure the firm to pay off government debt.

Chubb Corp. reported its first-quarter net income dropped 49 percent from the previous year, but the earnings were good enough to beat analysts' estimates by 5 cents a share.

Hartford Financial Services Group could possibly sell its property-casualty insurance operations for up to $7 billion, according to a UBS analysis issued after reports that the company is shopping the property.

In response to the New York insurance superintendent's inquiry into its possible illegal participation in unregulated insurance markets, Allstate has provided an affidavit that it is operating legally.

The European Parliament yesterday approved a Solvency II agreement that would take effect in 2012, providing a broad legal framework strengthening insurer capital requirements and supervision.

The insurance industry will need to improve risk management, technology and cost-cutting strategies to survive the "deepest financial crisis and recession in two generations," a consulting firm is advising.

A coalition of insurers and other groups announced a seven point plan they said could cut hurricane losses dramatically, if public officials and the private sector see to its adoption.

Consumer watchdogs are urging a closer look at insurers' estimation of post-catastrophe material and labor price increases, citing a study questioning demand surge figures used to set insurance rates.