american international group (AIG) Key Developments
American International Group Announces New Subsidiary Company in Bermuda for Segregated Accounts
Mar 10 14
American International Group Inc. (AIG) has launched Grand Isle SAC Limited subsidiary in Bermuda after a demand for alternative risk financing programmes was made mainly by small and medium-sized companies. Grand Isle will offer the option of establishing segregated accounts in an AIG sponsored captive and customers can access the captive's established capital, insurance license and underwriting capabilities to retain and manage their risk, without the starting and operating costs of their own standalone captives, the company mentioned. Further, the company said that segregated account companies have been used in all industry segments for different coverages and this kind of company is considered an option to share risk, achieve cost savings and flexibility in insurance programme. AIG Captive Management Services in Bermuda manages the regulatory requirements, financial reporting and administrative functions for all participating in Grand Isle.
American International Group, Inc. Announces Executive Changes
Mar 4 14
American International Group, Inc. announced senior leadership changes in its Commercial Insurance business, naming Michael Smith as Chief Operating Officer. Also, James Shea has been appointed as President of Global Financial Lines, and Robert Thomas has been named President of Global Specialty Lines. All three executives will report to John Q. Doyle, CEO of Global Commercial Insurance. As COO, Mr. Smith will be responsible for advancing Commercial Insurance's long-range strategies and its customer-focused distribution strategy. He will direct a team responsible for broker and client relationships; Global Risk Solutions, including multinational insurance strategy; and marketing strategy and innovation. Mr. Smith will also oversee operations and systems initiatives for Commercial Insurance worldwide. Mr. Smith most recently served as President of Global Financial Lines for AIG. Prior to that, he was President of Executive Liability. Mr. Smith has significant global experience in underwriting and claims management. Mr. Shea, currently President of Global Specialty Lines, will assume Mr. Smith's responsibilities as the new President of Global Financial Lines. Mr. Thomas will succeed Mr. Shea as President of Global Specialty Lines. In this role, he will oversee aerospace, environmental, marine, trade credit, political risk, surety, and programs insurance worldwide. Mr. Thomas moves to the role after serving as the Commercial Insurance COO since 2011.
AIG Announces Launch of its Global Casualty Single Solution
Feb 19 14
American International Group, Inc. (AIG) announced the launch of its Global Casualty Single Solution (GCSS), a new product to cover cross-border casualty risks for U.S.-based multinational companies. The product is designed for middle market businesses with up to $700 million in annual revenue.
With GCSS, for the first time, brokers can access on behalf of customers AIG's U.S. domestic, foreign, and excess casualty products and services through one underwriting contact, using one online submission, and a single global claims coordinator. GCSS provides companies with more consistency across policy forms to help mitigate the risk of casualty insurance gaps, whether based on geography, severity, or coverage type.
American International Group Announces Impairments for the Fourth Quarter of 2013
Feb 16 14
American International Group announced impairments for the fourth quarter of 2013. The company recorded a $832 million impairment on its life- settlement holdings in the fourth quarter bringing the total for 2013 to $971 million before taxes.
American International Group Inc. to Cut Jobs
Feb 13 14
American International Group Inc. announced that it is cutting 3% of its workforce to better focus its business. The company took a $265 million severance charge during the 2013 fourth quarter related to the reductions, which will primarily be in its property casualty business. The company would not say how many jobs will be cut or where they are located. Based on the company's global workforce of 63,000, the jobs eliminated work out to about 1,900.