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The U.S. government and American International Group Inc. have parted ways again, and for the insurer its the end of a nine-year journey of retrenchment and reinvention.
State Farm, the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies.
The reinsurance deal transfers liabilities on certain U.S. policies from 2015 and earlier. The coverage involves so-called long-tail policies, in which claims can emerge years after a policy is issued.
AIG's business in Brazil agreed to transfer about 25,000 auto policies to a unit of Porto Seguro SA as the U.S. company scales back its international businesses.
AIG would weigh acquisitions to bolster high-priority businesses, even as CEO Peter Hancock exits other units, the head of the companys commercial insurance operation said.
The CEO is focusing on improving margins in the property-casualty operations that are the core of AIG.
The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier.
Dan Loebs reinsurer cited risks tied to regulation as the IRS and U.S. Senator Ron Wyden work to limit what the lawmaker called a tax loophole used by hedge fund managers to route investments abroad.
Activist investor Carl Icahn, whos pushing AIG CEO Peter Hancock to shrink the insurer and boost returns, said the CEOs presentation next week on his vision must offer a drastic strategic shift.
Billionaire investor Carl Icahn said he may seek to shake up leadership at AIG after CEO Peter Hancock rebuffed his plan to split the insurer into three companies.
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The mid-market life insurance segment holds tremendous potential, with 39% of consumers planning to buy life insurance in the next year (1). This white paper explores the unique opportunities for you to scale your mid-market segment and drive sustainable growth.
Download ResourceFrom AgentSync
The P&C insurance sector is currently facing challenges. This eBook outlines the most pressing problems, the most promising solutions, and a few examples of these principles in action.
Download ResourceFrom CoreLogic
Discover how one insurer drastically improved the efficiency of their water mitigation claim reviews, reducing costs and time while enhancing decision-making. Learn how this approach can transform your claims process, making it faster, more accurate, and less resource-intensive.
Download ResourceFrom AgentSync
Navigating today’s insurance landscape requires more than instinct. Assess the strengths and gaps in your distribution strategy with this comprehensive tool. Discover actionable insights to refine operations, enhance data quality, ensure compliance, and scale efficiently. Evaluate your current capabilities and see where you stand across five crucial areas. Start building a more resilient and agile network today.
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The mid-market life insurance segment holds tremendous potential, with 39% of consumers planning to buy life insurance in the next year (1). This white paper explores the unique opportunities for you to scale your mid-market segment and drive sustainable growth.
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