BestWeek: AIG Faces High Profile Week With Executive Exodus, Liddy's China Visit.OLDWICK, N.J. -- The past week was another high profile one for American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) as it dealt with personnel departures, market rumors and the potential sell-offs of their insurance units, this week's BestWeek U.S./Canada reports. The embattled giant, the recipient of a recent $150 billion federal bailout, saw two top executives suddenly leave Lexington Insurance Co., its excess and surplus lines carrier. It also had to publicly address its exposure to about $9.8 billion in trades involving synthetic securities and its new chief executive officer talked about the potential sale of some of its Asian assets. In the latest issue of BestWeek Europe, as China continues to develop as a global economic powerhouse, the insurance industry is taking notice. Announcements by the China Insurance Regulatory Commission of licenses granted to foreign insurers and brokers have become regular occurrences. U.K. linked insurance names with growing Chinese profiles include Kiln kiln (kĭl, kĭln), furnace for firing pottery and enamels, for making brick, charcoal, lime, and cement, for roasting ores, and for drying various substances (e.g., lumber, chemicals). , Standard Life, Prudential and Aviva. Also in BestWeek U.S./Canada: The National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. is staunchly opposed to federal regulation of the insurance industry, including proposals for an optional federal charter system. But state regulators could be in danger of being left behind. When AIG imploded im·plode v. im·plod·ed, im·plod·ing, im·plodes v.intr. To collapse inward violently. v.tr. 1. To cause to collapse inward violently. 2. in September, state insurance commissioners made a strong case that their responsibilities provided for a secure core: the parent corporation's state-regulated property/casualty companies. Still, as 2009 approaches, AIG relies on federal checks to stay out of bankruptcy. A handful of publicly traded insurance companies--including Prudential Financial Inc. and Hartford Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group Inc.--have applied for bailout funds through the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. . And in both editions of BestWeek: As of the close of the U.S. market on Thursday, December 11, the AMBG AMBG Arab-Malaysian Banking Group (Malaysia) stood at 666.97, a one-week increase of 7.33%. BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, please visit http://www.ambest.com/sales/BestWeek, or e-mail your request to customer_service@ambest.com. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion