Keyword
AIG
U.S. P&C industry records US$5.1 billion underwriting loss in first half of 2017: A.M. Best
August 29, 2017 by Canadian UnderwriterThe property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%…
Fairfax ‘not oriented’ towards more acquisitions: Watsa
August 10, 2017 by Canadian UnderwriterOfficials with Fairfax Financial Holdings Ltd., which recently bought a majority interest in Allied World Assurance Company Holdings AG, “want to look at how” they can “organically expand” the firm’s existing business, chairman Prem Watsa told financial analysts recently. Toronto-based…
Commercial premiums down 15% for AIG
August 3, 2017 by Canadian UnderwriterAmerican International Group Inc. reported Wednesday its net income was $1.13 billion during the three months ending June 30 and its Q2 combined ratio in personal insurance improved 5.9 points from last year, but the combined ratio in commercial insurance…
AIG, IBM and Standard Chartered Bank pilot “first multinational insurance policy powered by blockchain”
June 15, 2017 by Canadian UnderwriterAmerican International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking…
Nuclear energy producers, alcohol manufacturers excluded from new AIG mutual fund
May 19, 2017 by Canadian UnderwriterInvestors wanting to keep their money out of nuclear energy, the arms industry or alcohol manufacturers are being targetted by American International Group Inc., which announced Thursday it is marketing a new dividend mutual fund. New York City-based AIG announced…
Former Marsh & McLennan CEO Duperreault replaces Hancock as CEO of AIG
May 15, 2017 by Canadian UnderwriterAmerican International Group Inc. has a new chief executive officer, Brian Duperreault, as of Sunday, the New York City-based insurer announced. Duperreault (pictured right), a former CEO of Marsh & McLennan Companies Inc., is now also president and director of…
Simultaneous cyberattacks on multiple companies likely in 2017, financial services industry key concern: AIG study
May 11, 2017 by Canadian UnderwriterNine in 10 global cybersecurity and risk experts believe that cyber risk is systemic and that simultaneous attacks on multiple companies are likely in 2017, according to a study issued on Wednesday by global insurer American International Group, Inc (AIG).…
Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG
May 8, 2017 by Canadian UnderwriterBerkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by…
M&A insurance claims rising, 23% of deals over US$1 billion end in a claim: AIG study
April 20, 2017 by Canadian UnderwriterThe frequency of insurance claims related to mergers and acquisitions (M&A) is rising as large deals prove risky and the average payout on the most severe category of claims tops US$20 million, according to a new global study from American…
Willis Towers Watson launches new cyber product for global airlines
April 11, 2017 by Canadian UnderwriterGlobal advisory, broking and solutions company Willis Towers Watson (WTW) announced on Tuesday that it has introduced a new “flexible insurance solution” specifically tailored to cover cyber exposure affecting the global airline industry. CyFly forms part of WTW’s integrated approach…
Peter Hancock to resign as president and CEO of AIG, lack of shareholder support cited
March 9, 2017 by Canadian UnderwriterAmerican International Group (AIG) announced on Thursday that its president and CEO, Peter D. Hancock, has informed the board of directors of his intention to resign, citing lack of shareholder support. As part of the transition plan, Hancock will remain…
Fairfax reports 2016 combined ratio for insurance and reinsurance operations of 92.5%
February 17, 2017 by Canadian UnderwriterToronto-based Fairfax Financial Holdings has released its most recent financial results for the fourth quarter and full-year 2016 ending Dec. 31, reporting a combined ratio for its insurance and reinsurance operations of 92.5% on a consolidated basis. This result produced…