Tag: AIG

AIG insurance company CEO steps down following huge loss

Logan B.
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,…

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

Julie Campbell
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…

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Two-tier insurance company capital standards proposed by Fed

Marc
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…

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

Julie Campbell
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…

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

H. Cutner
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…

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