AIG requests more time before Bill Cosby legal fee payout

bill cosby legal insurance

The insurance company is seeking more time because its appeal about an April ruling is still pending. AIG has asked for more time before being required to pay the Bill Cosby legal fees associated with the controversial lawsuits launched back in 2015. At the moment, AIG is required to pay over $675,000 to the celebrity to cover his legal costs. AIG Property Casualty Company says it is entitled to more time before the Bill Cosby legal costs are settled as an appeal to a previous ruling on the subject is…

Read More

Smart contract insurance partnership launches between AIG and IBM

IBM Supercomputer - smart contract insurance

The insurer and tech giant will use blockchain for managing complex forms of international coverage. American International Group (AIG) and International Business Machines (IBM) are partnering to create a form of smart contract insurance policy. This coverage will employ blockchain for the management of highly complex forms of international insurance protection. The two companies recently completed the smart contract coverage policy pilot project. The smart contract insurance multi-national policy pilot provided Standard Chartered Bank PLC with coverage. The pilot used blockchain’s digital leader technology for what IBM and AIG called…

Read More

AIG insurance company CEO steps down following huge loss

AIG Insurance company CEO - Building in Manhattan

Peter Hancock has opted to leave his current position with the insurer following a tremendous loss. It has been only three weeks since the report of massive losses from AIG and the insurance company CEO, Peter Hancock, has chosen to step down from his position. Hancock has been the AIG CEO for less than three years, when he was first appointed to the position. The insurance company CEO was chosen for the job in the hopes that he would be the person to turn things around at AIG. That said,…

Read More

Will insurance industry giants continue to be “too big to fail”?

Insurance Industry Giants - Metlife Building New York

A new memo is currently circulating to propose legislation removing that status from massive insurers. Representative Jeb Hensarling (R-Texas) is circulating a memo to remove insurance industry giants from their “too big to fail” designation. The memo stated that proposed legislation would take that status away from even the biggest insurers in the country. The designation was granted to MetLife, AIG and Prudential immediately following the recent financial crisis. A regulatory consortium, the Financial Stability Oversight Council, deemed the insurance industry giants as “systematically important” to the American economy. That…

Read More

Two-tier insurance company capital standards proposed by Fed

Insurance company capital standards business financial skyscrapers

The concept is to treat exceptionally large firms differently from others within the industry. The Federal Reserve proposed new insurance company capital standards as a part of a two tiered system that had already been expected for the industry and that is expected to provide significant protection for the American economy. Within this system, major insurers are going to have different capital requirements applied to them. Prudential Financial Inc. and American International Group Inc. will both have different insurance company capital standards applied to them due to their size and…

Read More

AIG crowdfunding insurance will be among the company’s next offerings

AIG Insurance company CEO - Building in Manhattan

In order to assuage the concerns of investors, this coverage will help to protect them from being ripped off by startups. The American International Group has now unveiled a new form of coverage and this AIG crowdfunding insurance is meant to provide a unique protection not to startups that are attempting to raise money, but actually to the investors who want to take a chance on them but who are afraid of being scammed or losing their investments. The New York based insurance company is now gearing up for the…

Read More

Bill Cosby turns to insurance coverage to pay the bill for defamation suits

bill cosby lawsuit insurance coverage

The costs associated with defending himself in court are piling up and a home policy will likely pay for much of it. When defending oneself in court in several sexual assault and defamation cases, the legal bill can rapidly rise and Bill Cosby is using his homeowners insurance coverage to help him to pay for these expenses. This method of footing the bill for legal fees has come to quite a surprise to many though it is not necessarily uncommon. That said, Cosby has been facing lawsuits across three states…

Read More

New mortgage insurance unit spin-off is added to AIG’s current goals

AIG Insurance company CEO - Building in Manhattan

American International Group has made the decision to look into a spin-off of that branch of its business. American International Group (AIG) is now in the midst of the pursuit of a spin-off of its existing mortgage insurance business, according to several reports based on sources who are familiar with the matter. This new strategy from the insurance company could come at precisely the time that goes up against Carl Icahn. Despite the attempts that the company is seeking to make to spin-off its mortgage insurance business – which made…

Read More

Bill Cosby’s insurance company may be required to foot his bill

bill cosby lawsuit insurance coverage

A court has now ruled that the insurer will be required to pay for the celebrity if he loses his sexual assault case. Although this year has certainly not been the best one Bill Cosby has ever lived, particularly in terms of the sexual assault allegations that have been placed against him, a recent court ruling has given him a potential financial break as his insurance company will be required to pay for him if he is found to have been guilty of these atrocities. In the sexual assault case…

Read More

The Bill Cosby lawsuit filed by AIG is “draining” the celebrity’s resources

bill cosby lawsuit insurance coverage

The entertainer’s lawyers have stated that financial drains are decreasing his ability to successfully defend himself. The lawsuit that was filed by American International Group (AIG) against Bill Cosby has been considerably “draining” on the resources of the celebrity, who is now saying (by way of his lawyers) that this is seriously cutting into his ability to present a successful defense for himself against the allegations of sexual abuse. The reason is that Cosby is currently being required to defend himself simultaneously against several suits. Lawyers representing Bill Cosby told…

Read More