Personal Lines

A.M. Best and Standard & Poor's both said there will be no rating changes in the wake of the American International Group decision to spin off its property-casualty subsidiaries into a separate unit that will ultimately become a separate company.

Insurers bracing for potential losses from the installation of defective Chinese drywall in homes in the Southeast may find themselves named directly in lawsuits, according to legal experts.

Property-casualty insurers trying to keep adequate capital levels will face a tough challenge continuing past this year, a rating service said.

American International Group announced today it was accelerating the spin-off of its major property-casualty insurance units into a separate company so that it can sell off a minority share to the public.

Federal authorities need legislation to give them legal authority to step in when a huge non-bank company like American International Group gets into financial difficulties, Treasury Secretary Timothy Geithner told Congress today.

A New York inquiry into Allstate operations, provoked by statements in an article written by the firm's chief executive, has sparked some fiery words of controversy.

The dollar value of merger and acquisition activity for the U.S. property-casualty sector grew last year by $2.67 million, but worldwide for all insurers the monetary worth of mergers declined, a consulting firm reported.

The International Insurance Society Inc. in New York announced that Michael J. Morrissey has been named its new president and chief executive officer.