Keyword
American International Group
AIG reports net income of US$462 million for Q3 2016 compared to net loss of US$231 million in Q3 2015
November 3, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has reported a net income of US$462 million for the third quarter of 2016 ending Sept. 30 compared to a net loss of US$231 million in the prior-year quarter. Net income during the quarter included…
AIG quadruples global property terrorism insurance limits to $1 billion
October 26, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) announced on Wednesday that it has raised its property terrorism insurance limits globally to $1 billion. The larger capacity is available to clients on a standalone basis or as expanded limits within AIG’s Large Limits…
Zurich combines corporate, commercial businesses into single unit, appoints CEO of Commercial Insurance
September 21, 2016 by Canadian UnderwriterZurich Insurance Group announced on Tuesday that it will combine its corporate and commercial businesses into a “single global business as part of its process to simplify and strengthen its organization.” The new unit, to be called Commercial Insurance, brings…
Canada Pension Plan Investment Board to acquire Lloyd’s syndicate Ascot Underwriting for US$1.1 billion
September 16, 2016 by Canadian UnderwriterThe Canada Pension Plan Investment Board (CPPIB) announced on Friday that it has signed an agreement with American International Group (AIG) to acquire 100% of Ascot, AIG’s Lloyd’s platform, for a “total consideration” of US$1.1 billion. The CPPIB said in…
AIG reaches agreement to sell United Guaranty Corporation to Arch Capital for US$3.4 billion
August 17, 2016 by Canadian UnderwriterAmerican International Group, Inc. has entered into an agreement to sell its 100% interest in United Guaranty Corporation (UGC) to Arch Capital Group Ltd. for US$3.4 billion, a move in line with AIG’s continuing efforts to streamline operations and better…
Combined ratio for AIG up 3.3% in Q2 2016 to 102.1%
August 3, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has reported a 3.3% deterioration in its combined ratio for the second quarter of 2016, from 98.8% in Q2 2015 to 102.1% in the most recent quarter, reflecting underwriting loss driven by higher catastrophe losses,…
Double Duty
August 1, 2016 Hollis Bromley, Partner, Alexander Holburn Beaudin + Lang LLPA recent ruling out of British Columbia reviewed the duty to defend in the context of forced labour and slavery allegations. The case addresses a number of weighty coverage considerations, including the “mere possibility” test and derivative pleadings.
GE Capital should lose ‘systemically important financial institution’ designation: General Electric
March 31, 2016 The Associated PressNEW YORK – General Electric Co. asked the U.S. government to drop the “too big to fail” tag for GE Capital, saying that its financing operations are a shadow of what they were when the Federal Reserve placed it under…