Scandal, stocks standards dominate global seminar.The "perfect storm" that has engulfed the insurance industry since Sept. 11, 2001--including corporate-governance reforms, turbulent financial markets and changing international accounting standards--made for lively discussion among 500 insurance executives who gathered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. for the International Insurance Society's 39th annual seminar. The seminar was titled "The New World of Insurance: Pursuing New Opportunities, Protecting Existing Markets," and it featured top industry leaders, including Maurice R. Greenberg Maurice R. "Hank" Greenberg (born May 4, 1925 in New York City) is an American businessman and former chairman and CEO of American International Group (AIG), the world's largest insurance and financial services corporation. He is currently chairman and CEO of C.V. , chairman and chief executive officer of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. Greenberg took aim at the current wave of corporate-governance legislation, especially the Sarbanes-Oxley Act See SOX. in the United States, saying it's "gone too far." Other comments from the conference appear below. Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance Group "New financial-reporting requirements will reach a point where they become meaningless or obstructive. There is also the tendency to follow the latest fads in thinking about business. Just as in the 1980s, conventional wisdom said the Japanese business model was the future, or the U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). accounting model is the most transparent." --James J. Schiro, Chief Executive Officer Headquarters : Zurich Switzerland A.M. Best No. 86976 Main Business Lines: Property, motor, general liability and accident, life protection, asset accumulation, income distribution, wealth transfer products. 2002 Admitted Assets: $285,856,000,000 Source: A.M. Best company reports Tokio Marine and Fire Insurance Co. Ltd. "Although the terrorist catastrophe afflicted af·flict tr.v. af·flict·ed, af·flict·ing, af·flicts To inflict grievous physical or mental suffering on. [Middle English afflighten, from afflight, [the] property/casualty industry with huge losses across many lines, there were no major failures, attesting to the financial strength of the industry. Since then, global supervisory organizations have been seeking greater transparency and more stringent rules for insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . I think this would not be good for the reinsurance industry, which now operates efficiently in the market." --Kunio Ishihara, President and Chief Executive Officer Headquarters: Tokyo A.M. Best No. 85100 Main Business Lines: Oldest and largest nonlife insurance company in Japan. In addition to a dominant commercial and personal lines customer base, clients include financial, industrial, service and trading companies. March 31, 2002, Total Assets: $59,552,000,000 Source: A.M. Best company reports American International Group Inc. "In today's market, you need a combined ratio of about 90 in any single line of business to justify investing capital in that line. That is the only way to manage a good property/casualty business." --Maurice R. Greenberg, Chairman and Chief Executive Officer Headquarters: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of A.M. Best No. 05953 Main Business Lines: Four primary business divisions--General Insurance, Life Insurance, Financial Services and Retirement Savings and Asset Management--provide life and property/casualty insurance, retirement services, investment management and financial products to institutional, corporate and retail customers. 2002 Total Assets: $58,214,951,000 Source: A.M. Best company reports Ace Ltd. "Both the life and property/casualty industries have to deal with declining interest rates, corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and regulatory issues and tight capital markets, among other things. I can barely consider tomorrow's challenges, considering the challenges we face today." --Brian Duperreault, Chairman and Chief Executive Officer Headquarters: Hamilton, Bermuda A.M. Best No. 85875 Main Business Lines: Property/casualty, marine and aviation, accident and health, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , automobile and financial guaranty. 2002 Total Assets: $43,450,937,000 Source: A.M. Best company reports ING Group "We need a corporate-governance system that is basically the same worldwide. Every country is doing its share, but I think the Europeans need to talk to each other, then talk to the Americans." --Ewald Kist kist n. Variant of cist2. kist Noun Scot & S African a large wooden chest Kist a chest of money, hence, a store or cache of money, 1619. , Chairman of the Executive Board Headquarters: Amsterdam, Netherlands A.M. Best No. 85144 Main Business Lines: Products and services include life and nonlife insurance and investments. 2002 Total Assets: 716.4 billion euro (about $782,100,000,000) Source: A.M. Best company reports |
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