American International Group Inc said shareholders approved a $21 million pay package for Chief Executive Officer Brian Duperreault by only a narrow margin during the company’s annual meeting on Tuesday. A nonbinding resolution to endorse the firm’s executive compensation received support from just 55% of votes cast, according to a securities filing by the company… Continue reading AIG Shareholders Narrowly Approve CEO’s $21 Million Pay Package
Tag: AIG
Advisory Firms Say AIG Shareholders Should Vote ‘No’ on Executive Pay
American International Group Inc shareholders should vote against compensation packages for top executives at the insurer’s annual meeting next week, according to two advisory firms that hold sway over investor votes. Institutional Shareholder Services Inc and Glass Lewis & Co, which together influence the vast majority of institutional shareholder votes, each argued in recent reports… Continue reading Advisory Firms Say AIG Shareholders Should Vote ‘No’ on Executive Pay
AIA’s Rise Highlights the Size and Promise of Chinese Financial Services
Once the crown jewel of American International Group Inc., pan-Asian life insurer AIA has eclipsed its former parent thanks to soaring demand from China’s middle class. Hong Kong-listed AIA Group Ltd., whose shares hit fresh records this month, now boasts a market capitalization of around $123 billion, more than three times that of AIG. AIA’s… Continue reading AIA’s Rise Highlights the Size and Promise of Chinese Financial Services
Bill Cosby Lashes Out Again at AIG for Settling Another Assault Lawsuit
Bill Cosby’s insurance company, American International Group, has settled a sexual-battery lawsuit that was filed against him by Chloe Goins, a model who accused Mr. Cosby of assaulting her in 2008, the incarcerated comedian’s office said on Tuesday. Mr. Cosby, who is serving time in a Pennsylvania prison for assaulting another woman in 2004, lashed… Continue reading Bill Cosby Lashes Out Again at AIG for Settling Another Assault Lawsuit
AIG Announces New Private Client Group President and CEO
American International Group (AIG) has announced the appointment of Kathleen Zortman as president and CEO of Private Client Group, General Insurance. Zortman will be based in New York and will report to Peter Zaffino, CEO of AIG General Insurance and global chief operating officer. She will also serve as a member of the general insurance… Continue reading AIG Announces New Private Client Group President and CEO
Seven Women Suing Bill Cosby Reach Settlement in Defamation Case with AIG
Seven women who accused Bill Cosby of sexual assault, and then sued him for defamation when his representatives accused them of lying, have settled their claims in their long-running case, according to documents filed Friday in federal court in Massachusetts. “The plaintiffs have settled their claims against Mr. Cosby,” a lawyer for the seven women,… Continue reading Seven Women Suing Bill Cosby Reach Settlement in Defamation Case with AIG
AIG Paid CEO Duperreault $20.9 Million in 2018
Insurer American International Group Inc said on Tuesday it paid Chief Executive Officer Brian Duperreault $20.9 million in 2018 while also outlining a series of reforms to its pay practices in the face of shareholder criticism. The pay, for Duperreault’s first full year at the helm of the insurer, was less than half the $43.1… Continue reading AIG Paid CEO Duperreault $20.9 Million in 2018
AIG Canada to Stop Underwriting New Individual Personal Policies
AIG Canada is pulling out of writing personal lines business in Canada. AIG communications director Lynn Woodburn confirmed to Canadian Underwriter Wednesday evening that it would no longer underwrite new policies in personal lines. This confirmed speculation among brokers that came to light late last week. The decision does not affect AIG’s commercial business, which… Continue reading AIG Canada to Stop Underwriting New Individual Personal Policies
Norsk Hydro Says Cyber Attack Could Cost $41M, Names AIG as Lead Insurer
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk insurance policy with recognized… Continue reading Norsk Hydro Says Cyber Attack Could Cost $41M, Names AIG as Lead Insurer
AIG Sells Stake in Chinese Insurer PICC
American International Group (AIG) has sold its holding of 1.1 billion Hong Kong-listed shares of China’s largest non-life insurer, exiting a six-year investment that barely broke even. AIG raised HK$3.8 billion ($484 million) from selling the stake in People’s Insurance Company of China (PICC), which accounts for 12.76% of state-owned PICC’s Hong Kong-listed equity, a… Continue reading AIG Sells Stake in Chinese Insurer PICC