Keyword
American International Group Inc.
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…
‘Significantly more’ than 90% of Allied World Assurance shareholders expected to tender stock for Fairfax merger
July 5, 2017 by Canadian UnderwriterOfficials with Allied World Assurance Company Holdings AG “fully expect” that all closing conditions for the merger with Toronto-based Fairfax Financial Holdings Limited will be met by Thursday, Allied World suggested in Wednesday in a press release. A deadline, for…
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…
Cyber security a ‘key aspect’ of risk management for medical professional liability insurers: A.M. Best
May 11, 2017 by Canadian UnderwriterMedical professional liability insurers who retain cyber risk need to limit their exposure “through strong policy language,” A.M. Best Company Inc. warned in a report released Wednesday. The ability to “identify emerging risks in areas such as cyber security,” is,…
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).…
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…
Fairfax proposes to acquire New Zealand insurer Tower for nearly $200 million
February 9, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd., the corporate owner of Northbridge Insurance, announced Wednesday it has agreed to buy Auckland-based Tower Limited, which writes property and casualty insurance in New Zealand and nearby nations. Tower’s shareholders, if they approve the deal, would…