News

A $17 million verdict in a class-action lawsuit concerning the use of aftermarket auto parts has gone against an insurer who used non-OEM or salvaged OEM parts when repairing some of its Missouri customers' automobiles.

American International Group Chairman and Chief Executive Officer Edward Liddy told a congressional panel today he hopes AIG can repay all money owed the government within three-to-five years.

Spencer Educational Foundation Inc., affiliated with the Risk and Insurance Management Society Inc. in New York, said today it appointed Warren J. Mula to its board of directors.

American International Group's game plan going forward is to establish "separate identities" for its "best businesses" and to shut down its financial products unit, company Chairman and CEO Edward Liddy is expected to tell a House panel tomorrow.

Choosing a financially strong carrier, striving to reduce workplace accidents and creating a formalized return-to-work program are some steps employers can take to control workers' compensation costs while also improving the process, PMA Companies said.

Property-casualty insurers will emerge from the recession with a distaste for equity investments and a renewed focus on underwriting, a leading insurance economist advised an industry group here.