reorganization News
State Farm to Displace 4,200 Workers and Exit 11 Locations
State Farm Mutual Automobile Insurance Co., the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last ...
Zurich Combines North America Commercial, Global Corporate Units; Horgan to Lead
Zurich Insurance Group continues its ongoing effort to reorganize and streamline with news that its North America Commercial Markets and Global Corporate businesses will combine into one division. ...
AIG Transfers 25,000 Brazilian Auto Policies to Porto Seguro Unit
American International Group Inc.'s business in Brazil agreed to transfer about 25,000 auto policies to a unit of Porto Seguro SA as the U.S. company scales back its international businesses. The ...
AIG Hires Another Veteran JPMorgan Chase IT Exec for Major Role
AIG is hiring another JP Morgan Chase & Co. information technology executive in a major leadership role. Hugh Tamassia is set to become AIG's new chief enterprise architect, effective Oct. 3. AIG ...
Zurich Combines Corporate/Commercial Arms Into Single Unit; Ex-AIG Exec to Lead It
Zurich Insurance Group disclosed plans to combine its Corporate and Commercial businesses into a single Commercial Insurance unit, and a former AIG executive will help lead it. James Shea will be ...
Carl Icahn is Pleased. Can AIG CEO Peter Hancock Exhale Now?
Carl Icahn, who won representation to the board of American International Group Inc. after threatening a proxy battle, said he's warming to the approach of the insurer's chief executive officer. " ...
Zurich’s General Insurance Unit Sees Profit Rise as Reorganization Continues
Zurich Insurance Group AG rose to the highest in eight months on higher profit at its largest unit, adding to signs that an overhaul at Switzerland's biggest insurer is starting to bear fruit. ...
Munich Re Gains From Selling Investments and Currency Changes
Munich Re, the world's second-biggest reinsurer, reported second-quarter profit that beat analysts' expectations as gains from currencies and investments cushioned higher claims from natural ...