Industry News
Morgan Stanley Says AIG May Sue Over Mortgage Investments
Morgan Stanley, the sixth-largest U.S. bank by assets, said it may be sued by American International Group Inc. over mortgage-backed securities that the insurer bought before the financial crisis. ...
PLUS Told World Needs Insurance Industry to be ‘Bold’ and ‘Sexy’ Now
It's time for the insurance industry to be "bold" and "sexy" in creating new insurance products and services to help the world deal with extreme risks that are becoming more common, according to a ...
Bank Of America Wins Dismissal of Shareholder Suit Over AIG Disclosure
Bank of America Corp has won the dismissal of an unusual lawsuit in which shareholders accused it of concealing a $10 billion fraud case brought by American International Group Inc. In a decision ...
Travelers Ends BPO Agreement on Confidentiality Breach
Property/casualty insurer, Travelers Cos., ended a contract with ExlService Holdings Inc. after the vendor's employees violated confidentiality policies. The staff shared a "procedural document" ...
XL Hires AIG’s Miller to Oversee Global Property/Casualty Claims
XL Group Plc, the insurer led by Chief Executive Officer Mike McGavick, hired David Miller as senior vice president and head of claims for international property/casualty coverage. Miller joins from ...
Horace Mann Announces P/C Leadership Changes
Horace Mann Educators Corporation announced today that Stephen P. Cardinal will be leading the property/casualty business effective immediately, as Executive Vice President, Property and Casualty. ...
If It Gambles Like a Bank, Regulate It Like a Bank: Bloomberg View
Five years after a crisis that almost took down the world economy, regulators are still groping for a way to address one of the global financial system's most obvious weaknesses: the trillions of ...
South Africa’s MMI Acquiring Alexander Forbes Insurance Business
MMI Holdings Ltd., South Africa's third-largest insurer, agreed to pay 1.6 billion rand ($158 million) for Alexander Forbes Ltd.'s insurance business. MMI will fund the cash acquisition of Guardrisk ...