AIG Annual Report (2020)
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Announcement
Announcement QBE Asia wins Digital Insurance and two Claims Initiative Awards in Hong Kong and Singapore Hong Kong and Singapore, 15 Aug 2021 - QBE Asia, part of the International Division of QBE Insurance Group Limited, has won a total of three Claims and Digital Initiative awards at the Insurance Asia Awards 2021. These awards recognise the company’s outstanding achievement in providing seamless and convenient digital claims experiences for our business partners and customers. In Hong Kong, QBE extended its Digital Claims platform’s capability for home insurance in January 2021 following the success with its first introduction of the Digital Claims platform in 2019. It is an integrated platform where customers can manage both home claims and repairs simultaneously. Claims can be submitted, processed, and paid 24/7 anywhere and on any web-based device. Customers will be connected and auto matched to QBE’s network of adjusters and panel home contractors according to their needs and the nature of the home damage. Furthermore, they can also enjoy a faster repair survey and claims settlement via a single touchpoint with exclusive benefits on repairs. This will speed up their home damage recovery progress and allow them to return to normal daily lives quickly. “At QBE Hong Kong, we put our customers at the centre of all that we do, we understand our customers’ pain points and we are committed to provide a seamless claims process and value-added experience that will help them get back on their feet quickly.” said Lei Yu, Chief Executive Officer for North Asia and Regional Head of Distribution, QBE Asia. -
American International Group, Inc
American International Group, Inc. Resolution Plan Public Section December 31, 2015 AIG RESOLUTION PLAN – PUBLIC SECTION A. INTRODUCTION American International Group, Inc. (“AIG, Inc.” and together with its subsidiaries and affiliates, “AIG” or the “Company”) is a leading global insurance organization that offers insurance products and services that help businesses and individuals in over 100 countries and jurisdictions protect their assets, manage risks and provide for retirement security. AIG provides a diverse range of property and casualty insurance, life insurance, retirement products, mortgage insurance and related financial services to its customers. Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and the related joint implementing regulation (“Dodd-Frank Rule”) issued by the Board of Governors of the Federal Reserve System (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”) require each nonbank financial company, designated as systemically important by the Financial Stability Oversight Council (“FSOC”), to submit to the FRB and the FDIC a plan for that organization’s rapid and orderly resolution in the event of material financial distress or failure (“Resolution Plan” or the “Plan”). On July 8, 2013, the FSOC designated AIG as a nonbank systemically important financial institution (“SIFI”) pursuant to the Dodd-Frank Act. The Dodd-Frank Act and the Dodd-Frank Rule require AIG to demonstrate how the Company could be resolved within a reasonable period of time without extraordinary government support and in a manner that substantially mitigates the risk that failure of the Company would have on the financial stability of the U.S. AIG has made recovery and resolution preparedness a company-wide priority and undertaken significant initiatives to reduce risk and focus on its insurance businesses. -
AIG Financial Products Corp
AIG Financial Products Corp. 50 Danbury Road, Wilton, CT 06897-4444 For Immediate Release AIG FINANCIAL PRODUCTS AND GLOBAL INFRASTRUCTURE PARTNERS AGREE ON THE ACQUISITION OF LONDON CITY AIRPORT LONDON – 11 October, 2006 -- AIG Financial Products Corp. (AIG-FP), a wholly- owned subsidiary of American International Group, Inc., and Global Infrastructure Partners (GIP), the infrastructure joint venture between Credit Suisse and GE Infrastructure, announced today that they have signed a definitive agreement to acquire 100% of the share capital of the company that owns and operates the business known as London City Airport (the “Airport") from Airport Management and Investment Limited. Pursuant to the terms of the deal, AIG-FP and GIP will each own 50% of the equity interest of the company that owns the Airport. The Airport is located in the Royal Docks, in the London Borough of Newham in East London. The Airport is unique in that it predominantly serves business travelers to and from London, given its convenient location. The Airport is less than three miles from Canary Wharf, six miles from the City of London, and 10 miles from the West End. It offers easy access to 27 destinations within the United Kingdom and across Europe. The Airport also ranks as the third largest corporate aviation facility in the United Kingdom. The transaction remains subject to EU merger clearance and currently is expected to close in November 2006. “I am extremely pleased that AIG Financial Products and Global Infrastructure Partners have been successful in their bid for London City Airport,” said Joseph Cassano, President of AIG-FP. -
Fire & General Insurance Providers
FIRE & GENERAL INSURANCE PROVIDERS COMPANY FINANCIAL STRENGTH RATING RATING AGENCY AIG Asia Pacific Insurance Pte Ltd A A M Best A+ Standard & Poor’s AIG Insurance NZ Ltd A Standard & Poor’s Allianz Australia Insurance Limited AA- [*] Standard & Poor’s Ando (UK) Insurance Group Limited Refer Lloyd’s Ando Insurance Group Limited A- [*] A M Best (underwritten by Hollard Insurance Company Pty Ltd) AWP Services New Zealand Limited A- [*] A M Best trading as Allianz Partners (underwritten by Hollard Insurance Company Pty Ltd) Berkshire Hathaway Speciality Insurance A ++ A M Best (incl. BHSI Facilities) AA+ Standard & Poor’s Chubb Insurance New Zealand Ltd AA- Standard & Poor’s Classic Cover (underwritten by Lumley a Refer NZI a division of IAG New business division of IAG New Zealand Ltd) Zealand Ltd Cover-more (NZ) Ltd Refer Zurich New Zealand Dealersblock Insurance (Bus) Refer NZI a division of IAG New Zealand Ltd Delta Insurance NZ Ltd Refer Lloyd’s Delta Property Insurance Limited Refer Lloyd’s Dual New Zealand Ltd Refer Lloyd’s Ed Brokering LLP Refer Lloyd’s GT Insurance Refer Allianz Australia Insurance Limited HDI Global SE, Australia A+ [*] Standard & Poor’s Insurance Wholesale Limited Refer Lloyd’s International Underwriting Agencies Ltd Refer Lloyd’s, NZI a division of IAG New Zealand Ltd:-as advised Lumley, a business division of IAG New Refer NZI a division of IAG New Zealand Ltd Zealand Ltd NZI a division of IAG New Zealand Ltd AA- Standard & Poor’s (Incl. NZI Standard) NZI and Vero Insurance Refer NZI a division of IAG New Zealand -
Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm. -
The General Insurance Number
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Annual Report of Proxy Voting Record Date Of
ANNUAL REPORT OF PROXY VOTING RECORD DATE OF REPORTING PERIOD: JULY 1, 2018 - JUNE 30, 2019 FUND: THE VANGUARD US FUNDAMENTAL VALUE FUND --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ISSUER: American International Group, Inc. TICKER: AIG CUSIP: 026874784 MEETING DATE: 5/21/2019 FOR/AGAINST PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT PROPOSAL #1a: ELECT DIRECTOR W. DON CORNWELL ISSUER YES FOR FOR PROPOSAL #1b: ELECT DIRECTOR BRIAN DUPERREAULT ISSUER YES FOR FOR PROPOSAL #1c: ELECT DIRECTOR JOHN H. FITZPATRICK ISSUER YES FOR FOR PROPOSAL #1d: ELECT DIRECTOR WILLIAM G. JURGENSEN ISSUER YES FOR FOR PROPOSAL #1e: ELECT DIRECTOR CHRISTOPHER S. LYNCH ISSUER YES FOR FOR PROPOSAL #1f: ELECT DIRECTOR HENRY S. MILLER ISSUER YES FOR FOR PROPOSAL #1g: ELECT DIRECTOR LINDA A. MILLS ISSUER YES FOR FOR PROPOSAL #1h: ELECT DIRECTOR THOMAS F. MOTAMED ISSUER YES FOR FOR PROPOSAL #1i: ELECT DIRECTOR SUZANNE NORA JOHNSON ISSUER YES FOR FOR PROPOSAL #1j: ELECT DIRECTOR PETER R. PORRINO ISSUER YES FOR FOR PROPOSAL #1k: ELECT DIRECTOR AMY L. SCHIOLDAGER ISSUER YES FOR FOR PROPOSAL #1l: ELECT DIRECTOR DOUGLAS M. STEENLAND ISSUER YES FOR FOR PROPOSAL #1m: ELECT DIRECTOR THERESE M. VAUGHAN ISSUER YES FOR FOR PROPOSAL #2: ADVISORY VOTE TO RATIFY NAMED EXECUTIVE ISSUER YES FOR FOR OFFICERS' COMPENSATION PROPOSAL #3: ADVISORY VOTE ON SAY ON PAY FREQUENCY ISSUER YES ONE YEAR FOR PROPOSAL #4: RATIFY PRICEWATERHOUSECOOPERS LLP AS ISSUER YES FOR FOR AUDITORS PROPOSAL #5: REDUCE OWNERSHIP THRESHOLD FOR SHAREHOLDER YES AGAINST FOR SHAREHOLDERS TO CALL SPECIAL MEETING --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ISSUER: Amgen, Inc. TICKER: AMGN CUSIP: 031162100 MEETING DATE: 5/21/2019 FOR/AGAINST PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT PROPOSAL #1.1: ELECT DIRECTOR WANDA M. -
The Financial Structure of the Derivatives
Chapter Six AIG 1 Chapter Six AIG in the Crisis Abstract: The financial structure of the derivatives insured by AIG with credit default swaps (CDS) was ultimately related to the systemic risk from the inability of the mortgagors to service their debts. AIG made several serious mistakes. First: The estimate of the drift of the capital gain, which drove the bubble, was based upon the unsustainable growth of the housing price index 2004-06. A collapse would occur when the unsustainable capital gain declined below the interest rate. Second, risk was underestimated because AIG ignored the negative correlation between the capital gains and the liabilities/claims. The CDS claims grew when the value of the insured obligations declined. This set off collateral requirements, and the stability of AIG was undermined. The solution for the optimal insurance liabilities on the basis of SOC is derived. The SOC approach is a generalization of the contributions of the economics and actuarial literature. The chapter concludes with an evaluation of the government bailout. Introduction. At its peak, American International Group (AIG) was one of the largest and most successful companies in the world boasting a Triple-A credit rating, over $1 trillion in assets, and 76 million customers in more than 130 countries. Yet the sophistication of AIG’s operations was not matched by an equally sophisticated risk-management structure. This poor management structure, combined with a lack of regulatory oversight, led AIG to accumulate staggering amounts of risk, especially in its subsidiary, AIG Financial Products (AIGFP). I draw upon the Congressional Oversight Panel Report (COP, 2010) that describes AIG’s role in the financial market crisis. -
Changed the Maxpages
0001 [ST: 1] [ED: 10000] [REL: 010] (Beg Group) Composed: Thu Feb 19 18:10:18 EST 2009 XPP 8.1C.1 Patch #5 SC_00389 nllp 60098 [PW=500pt PD=684pt TW=360pt TD=580pt] VER: [SC_00389-Local:10 Feb 09 15:46][MX-SECNDARY: 12 Feb 09 09:05][TT-: 23 Aug 08 10:46 loc=usa unit=60098-aig]34 AIG’s Financial Distress: How Credit Default Swaps and the Lack of Regulation Brought Down an Insurance Giant and Implications for the Insurance Industry by Paul Walker-Bright and Timothy P. Law* I. INTRODUCTION The recent financial collapse of American International Group, Inc. (“AIG”) came as a shock to many people. How, they wondered, could one of the largest insurance organizations in the world fall so far and so quickly, to the point of bankruptcy and eventual bailout by the federal government? Equally troubling are the implications of AIG’s collapse on the insurance industry, in terms of the possible future of AIG’s subsidiary insurance companies and the potential for changes in the way insurance is regulated going forward. This article will attempt to address these questions and concerns. First, it will provide a brief summary of the causes of AIG’s financial distress, including a discussion of credit default swaps, the arcane financial instruments at the root of the collapse, how they caused AIG’s downfall, and what the federal government has done to rescue (or at least to ease the transition of) AIG. Next, this article will discuss some of the implications for the insurance industry. -
280440Paper0international0po
INTERNA International Political Risk Management: The Brave New World is the latest in a series based on the International MIGA–Georgetown University Symposium on International Political Risk Management. Volumes in this series offer leading-edge assessments of needs and capabilities in the international political risk insurance industry. These assessments come from 19 experts in the fields of international investment, finance, insurance, and academe. T I Public Disclosure Authorized O Contributors to this volume consider “The Brave New World” of the political risk insurance (PRI) industry in NAL PO political the wake of September 11, 2001, the Argentine economic crisis, and other upheavals. The book begins with the supply-side perspective of insurers and then turns to the concerns of investors and lenders, in particular those involved in large infrastructure projects in emerging markets. It concludes with in-depth assessments of new challenges to definitions and coverage of currency transfer, expropriation, breach of contract, and politi- cal force majeure. The diverse and detailed arguments collected here come together in a surprising consen- LITI sus: recent changes, contractions, and even losses are fueling the search for creative solutions and will ulti- mately prove beneficial for the industry and its clients. CAL RISK M An in-depth analysis from the front lines of international political risk management, this book will be a valu- able guide to those who are considering private sector investments in the developing world, whether as equi- ty sponsors, lenders, or insurers. It should also be of interest to independent analysts and scholars working in risk the field of political risk management. -
CEO Index Report 5-27 R2
THE CEO LEADERBOARD: COVID19 REPUTATION RANKINGS MAY 2020 1 INTRODUCTION THE COVID-19 PANDEMIC HAS UPENDED OUR WORLD, WITH NO CORNER OF LIFE UNTOUCHED. SIMILARLY, NO COMPANY — OR COMPANY LEADER — HAS ESCAPED ITS IMPACT. The CEO Leaderboard is a ranking of brand As a whole, CEOs at the top of the perception across Fortune 100 CEOs — Leaderboard are constantly speaking to measuring how they were perceived before the moment at hand. They’re using multiple COVID-19 was declared a global pandemic channels to get their messages across and how their reputations have shifted in traditional and digital channels, and they’re the subsequent weeks. creating a unique communications strategy geared toward each stakeholder — one that The ranking is based on tracking real-time ladders up to a greater brand strategy. conversation — attributed to a specific CEO — across the entire digital, social and The ones at the bottom are are communicating media landscape. It measures the actions inconsistently and infrequently — and often of the Fortune 100 CEOs during the relevant with narratives that are not in sync with the time periods (January 1, 2020 – February 28, organizations they're leading. 2020 and March 1, 2020 – April 15, 2020). Successful corporate leaders have on details big and small about how their reacted to the megacrisis with humility, companies are responding to every imaginable empathy and direct communications that disruption: supply chain, workforce, revenue, connect with employees, customers and employee health and safety. other stakeholders on an authentic, human level. Gone is the c-suite view from 30,000 SO HOW DID AMERICA’S TOP CEOS feet. -
American International Group, Inc
American International Group, Inc. Financial Supplement Second Quarter 2010 This report should be read in conjunction with AIG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the Securities and Exchange Commission. American International Group, Inc. Financial Supplement Table of Contents Consolidated Asia Operating Statistics........................................................................................................................35 Consolidated Statement of Income (Loss)……. ..............................................................................1 - 2 Japan Operating Statistics......................................................................................................................36 Consolidated Statement of Segment Operations .............................................................................3 – 4 Foreign Life Insurance & Retirement Services Notes ............................................................................37 Summary of Non-qualifying derivative hedging activities....................................................................5 Financial Services Consolidated Balance Sheet.............................................................................................................. 6-7 Financial Services Operating Results..................................................................................................38 Debt and Capital...................................................................................................................................8