American International Group, Inc. and Blackstone today announced that the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed. It was announced back in July that the pair had… Continue reading AIG and Blackstone Close Transaction in Life & Retirement Business
Tag: AIG
COVID-19 Travel Insurance Becoming a Vacation Staple
COVID-19 insurance policies are increasingly joining passports and sunscreen as vacation staples, creating opportunities for insurers as more countries require mandatory coverage in case visitors fall ill from the coronavirus. Airline bookings are on the rise in some regions, driving cautious hopes of a revival in summer traffic, but also raising fears among tourist destinations… Continue reading COVID-19 Travel Insurance Becoming a Vacation Staple
Insurers Not Obligated to Pay $6 Million Phishing Loss
A federal district court in Dallas has ruled that American International Group Inc. and Beazley PLC units are not obligated to compensate a property management software company for money lost in a phishing scheme because it never technically held the funds that were stolen. The U.S. District Court in Dallas ruled the funds were held… Continue reading Insurers Not Obligated to Pay $6 Million Phishing Loss
AIG’s Zaffino Says Firm Is Fielding Calls on Life-Business Sale
American International Group Inc. has been fielding inquiries from companies that may want to buy a stake in the life and retirement business the insurer is seeking to divest. “We received inquiries from parties interested in strategically aligning with us and potentially purchasing the 19.9% stake in life and retirement,” President Peter Zaffino said Wednesday… Continue reading AIG’s Zaffino Says Firm Is Fielding Calls on Life-Business Sale
Applied Underwriters Forms International Fine Art and Collectibles Business Unit with Former AIG Execs
Mr. Steve Menzies, CEO of Applied Underwriters, Inc., announced today that the Company has named three top executives to architect and develop its newly formed Applied Fine Art & Collectibles business unit. According to Mr. Menzies, Messrs. Ronald Fiamma, Rand Silver and Christopher Walsh have joined the Company to create the preeminent global provider of… Continue reading Applied Underwriters Forms International Fine Art and Collectibles Business Unit with Former AIG Execs
Peter Zaffino to Take Over as AIG CEO, Insurer to Divest Life-Insurance Business
Insurance conglomerate American International Group Inc. is taking steps to split off its life-insurance business into a separate company, leaving it to focus on property-casualty insurance, a separation it will make under the direction of a new chief executive. In news releases late Monday afternoon, the New York company said current Chief Executive Brian Duperreault… Continue reading Peter Zaffino to Take Over as AIG CEO, Insurer to Divest Life-Insurance Business
AIG Settles Foreign Tax-Credit Suit for More than $400 Million
American International Group Inc. settled a case involving cross-border transactions the government claimed amounted to improper tax shelters. The insurer agreed to pay a 10% penalty and disallow more than $400 million in foreign tax credits as part of the long-running lawsuit, the acting U.S. attorney for the Southern District of New York said Friday… Continue reading AIG Settles Foreign Tax-Credit Suit for More than $400 Million
AIG’s Top Black Ranks Get Thinner with Four Leaders Leaving
American International Group Inc. has lost four senior Black managers in recent weeks, including two who were tasked with improving the diversity of the insurer’s ranks. Global inclusion head Vievette Henry and Walter Hurdle, who had previously run diversity efforts and was overseeing early-career recruiting, are leaving the insurer, according to people with knowledge of… Continue reading AIG’s Top Black Ranks Get Thinner with Four Leaders Leaving
AIG’s New Headquarters to Move to Midtown Manhattan
American International Group Inc will relocate its global headquarters in New York City, moving out of the financial district after more than three decades, the U.S. insurer said on Tuesday. The company will move its headquarters to 1271 Avenue of the Americas and will also consolidate its remaining New York City area footprint between two… Continue reading AIG’s New Headquarters to Move to Midtown Manhattan
AIG’s Zaffino Is Fighting to Turn Around the House that Hank Built
American International Group Inc.’s Peter Zaffino drew a clear line ahead of his jump to the insurer almost three years ago. “I didn’t want any advice,” Zaffino, AIG’s president, said in a rare sit-down interview. “I needed to see things for myself,” he added. “You just have to get underneath, business review after business review.”… Continue reading AIG’s Zaffino Is Fighting to Turn Around the House that Hank Built