Author: Farkas Laura

As residents begin the process of recovery from Hurricane Ike, the Property Casualty Insurers Association of America (PCI) urges consumers to report instances of price gouging and home repair scams to the state attorney general. “After suffering from the effects of a hurricane consumers should not be victimized for a second time by the actions… Continue reading PCI Urges Consumers Hit by Ike in TX to Report Price Gouging

In an exclusive interview with CNBC this morning, newly appointed Chairman CEO Edward Liddy of American International Group Inc. (AIG) spoke with Maria Bartirimo and said that within a week to ten days a list of the company’s assets to be sold will be released.         “I feel energized. I think I can help.… Continue reading New AIG CEO Liddy Speaks to CNBC, Plans to Release List of Assets to be Sold Within a Week

A Marsh Ltd. study reveals that demand for coverage to protect directors’ and officers’ personal assets has increased due to fears of increased litigation and growing economic uncertainty. The Marsh study found that about 50% of the FTSE 250 companies buy D&O insurance that covers personal assets, up from just 10% of companies that bought… Continue reading Demand for D&O Coverage for Personal Assets Rises

Former Chief Executive Robert Willumstad of American International Group Inc. (AIG) has rejected a $22 million severance payment, according to the Wall Street Journal.       In an email to his successor, Edward Liddy, Willumstad reportedly decided to forego the severance since he was not able to execute the restructuring plan he had developed.     … Continue reading AIG Former CEO Willumstad Says No Thanks to $22M Severance

As part of a strategic alliance, Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), announced today that it planned to take a stake of up to one-fifth in U.S. investment bank Morgan Stanley.      In its statement it would buy 10-20 percent of the common stock of Morgan Stanley. The bank said it would decide… Continue reading Japanese Bank to Buy Stake in Morgan Stanley

Senior executives at American International Group Inc. (AIG) told Business Insurance on Thursday that it does not intend to sell its U.S. and foreign commercial property/casualty businesses. “Domestic commercial insurance and foreign general insurance are core, and we have no plans to sell those,” said Kristian Moor, AIG executive vp and chief executive officer of… Continue reading AIG Has No Plans to Sell Commercial P/C Businesses

National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger issued the following statement on September 18 regarding American International Group (AIG):      “In times of crisis, the first questions on everyone’s mind are often: Who’s to blame? What went wrong? What should be done to fix it? And rightly so. However,… Continue reading NAIC Issues Statement on AIG, Examining the Facts

Rep. Henry Waxman, the Democratic chairman of the U.S. House of Representatives Committee on Oversight and Government Reform is asking chief executives of Lehman Brothers Holdings In and American International Group Inc (AIG) to provide internal documents in preparation for an upcoming hearing on the collapse of the companies.    Waxman wrote to Lehman CEO… Continue reading Congressman Waxman Asking for Key Documentation from AIG, Lehman’s for Scheduled Hearing

Due to increasing losses from subprime mortgage debt, Moody’s Investors Service said on Thursday that it may downgrade by more than one notch the ratings of bond insurers Ambac Assurance Corporation and MBIA Insurance Corporation.    Analysts have long feared that downgrades to these insurers would lead to a cascade of downgrades to bonds they… Continue reading Moody’s May Downgrade Ambac, MBIA

Newly elected Chief Executive Edward Liddy in an interview with the Wall Street Journal said that American International Group Inc. (AIG) may become a smaller firm with hopefully many of its largest insurance operations intact after assets are sold to pay back a federal loan.    “There will be a company at the end of… Continue reading Liddy Elected as AIG CEO, Sees Smaller Firm