American International Group said it will sell its majority interest in its consumer lending business, American General Finance, and take a pre-tax loss of $1.9 billion in the third quarter from the transaction.

A tropical storm warning is in effect over the next 36 hours for the Gulf Coast from Destin, Fla., to Intracoastal City, La.--an area that includes Lake Pontchartrain and New Orleans, according to the National Hurricane Center.

The two new management liability product suites offer agents and customers the ability to streamline and customize coverage through flexible, modular policy with common language, terms and conditions.

While American International Group is the only property and casualty insurer expected to be deemed "systemically important" under financial services reform, that designation is expected to diminish over time, Moody's said in a recent report.