Tag: AIG insurance

Insurance news from Prudential reveals new $590 million deal

Julie Campbell
Insurance news

This Asian acquisition may put added pressure on its competitor, AIA Group. Insurance news from the Asia Pacific region has shown that Prudential PLC has just entered into an acquisition agreement to buy the coverage unit from Thanachart Bank in Thailand, for a reported $590 million, in cash. This will double the insurer’s current market share within that Asian nation. This is expected to add greater competition to the insurance news in Southeastern Asia, which is a rapidly growing marketplace where AIA Group has been working to maintain leadership. This…

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Chartis to cancel 3,000 insurance policies for Australian soldiers in Afghanistan

S.Vagus

Chartis Insurance, an international insurance group based in the U.S., has announced that it will be canceling the death and disability insurance policies of some 3,000 Australian soldiers serving in Afghanistan. The move is spurred by a shrinking insurance pool and a high rate of cancellations and payouts on claims. The company, which is a subsidiary of AIG, claims that the cancellations were necessary in order to continue providing benefits for holders of health policies. The problem, however, is that the Australian government is now left to handle the cost…

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AIG makes $972 million repayment to the Treasury

Nordstrom

American International Group (AIG) has made a $972 repayment on its bailout loan to the United States Treasury in its latest effort to bring down its total debt to the federal government. This most recent repayment has brought the owed amount on the taxpayer-funded bailout from 2008 down to approximately $50 billion. At the peak of the financial crisis, AIG was provided with a bailout of $182 billion by way of the Troubled Asset Relief Program. The insurer also borrowed money from the Federal Reserve, but has repaid all but…

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Chartis insurance group seeks quality over quantity when it comes to growth

Marc

Europe’s debt crisis has not daunted Chartis, a division of AIG that operates in the property and casualty insurance market. The company continues to seek opportunities for growth despite the economic turmoil currently faced by a number of nations in the region. While lucrative opportunities seem to be in abundance, the insurer is taking a “quality over quantity” approach. CEO Peter Hancock notes that this strategy will help the insurer protect itself from industry hype in markets that may be more volatile in the future than they are today. In…

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