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
Tag: AIG
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
AIG Appoints Jon Hancock Chief Executive Officer, International General Insurance
American International Group, Inc. today announced that Jon Hancock has been appointed Chief Executive Officer, International General Insurance. In this role, Mr. Hancock will lead the International operations of AIG’s General Insurance business. He will report to Peter Zaffino, President & Global Chief Operating Officer, AIG, and Chief Executive Officer, General Insurance, and serve on… Continue reading AIG Appoints Jon Hancock Chief Executive Officer, International General Insurance
Will A ‘Numbers Guy’ with Insurance DNA Be the Next AIG CEO?
Peter Zaffino sat at 2 World Trade Center poring over financial reports on the morning of Sept. 11, 2001, when the first plane struck a neighboring building. Zaffino, known by colleagues for his laser-like focus, remained at his desk as staff began fleeing. It was not until a fire warden pleaded with Zaffino – who… Continue reading Will A ‘Numbers Guy’ with Insurance DNA Be the Next AIG CEO?
AIG Travel Enhances Travel Assistance App with GeoSure Safety Feature
The AIG Travel Assistance App has been upgraded with a significant new feature through a partnership with GeoSure, developer of the most granular, real-time safety measurement platform available. The app, available for both iOS and Android, now provides business travelers who are insured through a group AIG business travel policy with access to hyper-local safety… Continue reading AIG Travel Enhances Travel Assistance App with GeoSure Safety Feature
AIG Names COO Peter Zaffino as President
American International Group Inc named Peter Zaffino, the executive overseeing a turnaround effort of the company’s general insurance unit, as the company’s president. Zaffino, AIG’s global chief operating officer and chief of its general insurance business, will continue to serve in those roles when he becomes president on Jan. 1, 2020, AIG said. He replaces… Continue reading AIG Names COO Peter Zaffino as President
AIG to Sell 76.6% Stake in Fortitude Re for $1.8 Billion
U.S. insurer American International Group Inc. said on Monday it would sell a major portion of its stake in reinsurer Fortitude Re to buyout fund Carlyle Group and Japanese insurer T&D Holdings for about $1.8 billion. Following the deal, AIG’s stake in the company will drop to 3.5% from about 80%, while Carlyle’s ownership in… Continue reading AIG to Sell 76.6% Stake in Fortitude Re for $1.8 Billion
SEC Probes AIG Unit on Retirement Products for Teachers
The Securities and Exchange Commission is investigating sales and disclosure practices at Valic, a unit of giant insurer American International Group Inc., including the company’s dealings with retirement-plan participants at school districts and universities, according to people briefed on the matter. The inquiry centers on whether incentives in Valic’s compensation structure rewarded representatives for selling… Continue reading SEC Probes AIG Unit on Retirement Products for Teachers