News

Chartis, the property and casualty unit of American International Group Inc. (AIG), says it has reorganized the structure of its management team, with Peter D. Hancock replacing Kristian P. Moor as CEO.

Disclosure that the Federal Reserve Board has subjected MetLife to a “stress test” should put to rest any thoughts that the insurance industry has repulsed intervention by federal regulators into their business, a concern that was raised by the near-failure of American International Group.

Circumstances surrounding David Sokol’s recent resignation from Berkshire Hathaway are credit negative for the company, Moody’s Investors Service says, due to an appearance of conflict of interest and, more broadly, management succession risk at the company.

A jury in New York found that Toyota is not responsible for a 2005 crash in the first trial related to the car manufacturer’s recall of eight million vehicles due to unintended acceleration.

In the wake of New York’s decision not to join a nationwide compact on sharing of surplus-lines taxes, industry officials believe such compacts may be doomed.

Aviation losses were again above average in 2010, but that result will not necessarily translate into a hard market for aviation insurance, says insurance broker Aon.