AIG
Survey - Insurance buyers: Making decisions
Elizabeth Duffy reveals the results of recent research into what corporate risk managers look for when selecting a broker partner — and what frustrates them.
Prudential starts $21bn delayed offering
Rights' offer to fund the purchase of AIG’s Asian unit, AIA, after a 12-day delay has fuelled speculation that the deal will fail.
Chartis: FSA, SFO and HSE investigations of most concern
Companies are most concerned about the threat of investigations by official bodies, according to delegates at a seminar held by Chartis Insurance UK.
Pru and AIG in talks on restructuring AIA sale
AIG and Prudential are in advanced talks to restructure the $35.5bn sale of AIA, the AIG’s Asian unit, in a move that would cut the cash consideration by about $2bn but could answer UK regulators’ last-minute objections to the deal according to the…
AIG approves $380m bonuses in 2010
AIG has approved a plan to award executives $380m based on their performance according to newswire Bloomberg.
New IFB director seeks new income streams
Generating more income for the Insurance Fraud Bureau will become the top priority of newly appointed director Glen Marr, according to IFB chairman David Neave.
Oil spill could cost $3.5bn
The Deepwater Horizon oil slick approaching the Louisiana coastline could cost the insurance industry $3.5bn (£2.3bn).
Approval of Chubb's move into Lloyd's market imminent
US insurance giant Chubb is set to enter the Lloyd's market almost a decade after its failed bid to buy Hiscox. According to sources, Chubb has received conditional approval for market entry with full authorisation following a Financial Services…
Fairholme increases AIG stake
Fairholme Capital Management, the investment firm run by Bruce Berkowitz, has raised its bet on the recovery of AIG by increasing holdings to 25.5 million shares, following the release of the insurance giant’s first quarter results.
Prudential takeover of AIA given go ahead by FSA
Prudential saved its takeover of AIG’s main Asian unit after reaching an agreement with the UK regulator, the Sunday Times has reported.
AIG reports net income of $1.5bn
AIG has reported net income of $1.5bn for the first quarter of 2010, or $2.16 per diluted common share, compared to a net loss of $4.4bn in the first quarter of 2009.
Chartis' Marr appointed IFB director
The Insurance Fraud Bureau has named Chartis vice president of financial crime Glen Marr as its new director.
Chubb Europe appoints European accident and health manager
Chubb Europe has appointed Steven Ord as European accident and health manager.
Chartis CEO mulls options for European HQ
Lex Baugh, president and chief executive of Chartis Europe Holdings, has refused to rule out any insurance centre on the continent as a possible headquarters for the newly established group.
Chartis CEO mulls options for European HQ
Lex Baugh, president and chief executive of Chartis Europe Holdings, has refused to rule out any insurance centre on the continent as a possible headquarters for the newly established group.
Post in print - 29 April 2010
Post reporter Leigh Jackson provides a quick overview of this week's news including: Ex-Hero boss plans start-up, UK market facing £600m hole with no Quinn, HSBC facing Marsh cull, Chartis CEO scans Europe for new HQ and political parties outline their…
AIG “relatively stable” – US government
AIG has remained in “relatively stable” financial shape since September last year, the United States Government Accountability Office said.
US stock market plunges
The US stock market plunged on Tuesday after downgrades to debt ratings in Greece and Portugal sent stocks falling over 2% at the end of trading.
Insurer trio ordered to pay up to £20m over faulty sofas
Axa, Chartis and Travelers will pay a share of up to £20m in compensation to thousands of consumers who received serious chemical burns from sofas manufactured in China.
Chartis CEO scans Europe for possible HQ location
Lex Baugh, president and chief executive of Chartis Europe Holdings, has refused to rule out any insurance centre on the continent as a possible headquarters for the newly established group.
Chartis UK profit falls £241m
Chartis UK full year results for 2009 show the insurer has posted a reduced profit before tax of £83m, down from 2008’s result (excluding restructure) of £324.3m.
Prudential sees Asian listings in May
Prudential has revealed it plans to list in Hong Kong in May, and also announced a secondary listing in Singapore as it prepares to fund its $35.5bn takeover of AIG’s Asian arm, AIA.
AIG linked with Goldman Sachs legal action as Clegg weighs in
AIG is reported to be considering action against Goldman Sachs.
Regional Review - Glasgow: Local strength
With significant activity already in 2010 and the emergence of a new financial district, the Glasgow insurance market looks set for further growth. Mairi MacDonald assesses the financial landscape in Scotland's largest city.