American International Group's commercial insurance carriers are not holding onto business by engaging in aggressive price-cutting that is prolonging the property-casualty soft market, as some major competitors have alleged, one leading executive with the company asserted here.
John Q. Doyle, president and chief executive officer at AIG Commercial Insurance, defended his firm's market conduct during a panel discussion at the 20th Annual Executive Conference for the Property-Casualty Industry, presented by The National Underwriter Company and sponsored by Ernst & Young and Dewey & LeBoeuf.
Leading officials at ACE, Liberty Mutual and other carriers have suggested that AIG is undercutting its competition on rates to retain business in an effort to compensate for reputational damage done to the firm because of the federal bailout its corporate parent required.
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