News

Robert H. Benmosche, president and chief executive officer of American International Group, now predicts that AIG's repayment of a line of credit

Property and casualty insurance companies do not pose a systemic risk to the U.S. financial system and should not be subject to federal supervision, the American Insurance Association said in a comment letter to the Financial Stability Oversight Council.

American International Group posted a $2.4 billion third-quarter loss on restructuring-related charges of $4.5 billion, as its chief executive boasted of solid insurance operating results.

Losses from a capital hedge it has in place to protect statutory capital in its life insurance segment drove down Nationwide's third-quarter net income to $85 million, compared to $208 million during the same time a year ago.

Hurricane Tomas, a Category 1 storm, is expected on Friday to strike Haiti, a country still recovering from an earthquake early this year.

Liberty Mutual Group said it will partner with Videocon Industries to establish a company to provide personal and commercial insurance products in India.