News

American International Group has reduced its holdings in reinsurer Transatlantic Holdings, Inc., to 14 percent netting the New York-based insurer $1.14 billion as it continues to sell off its assets.

American International Group and Starr International Co. Inc. squared off in federal court today over a block of AIG's stock owned by Starr International.

The chief executive of the online insurance exchange MarketScout contends that three property-casualty insurers are keeping rates low at a time when business realities call for price-hardening, but he refuses to name the offending carriers.

Insurance trade groups have told the nation's insurance regulators the work of financial rating firms is unsatisfactory, but it's not a job the regulators should attempt.

American International Group's New York headquarters tower and a nearby AIG skyscraper have been bought by the investment and development firm Youngwoo & Associates (YWA) and a Korean bank, a real estate brokerage said.

The Independent Insurance Agents & Brokers of America said the importance of social networking tools like Facebook will be a topic at an upcoming workshop designed to teach agents and brokers how to attract younger people to insurance industry careers.