AIG is set to sell $1.25bn of PICC P&C shares in what will be the third major sale of the Chinese insurer's stock by the insurance giant in just over a year.
A bill that could see private surplus lines carriers take a larger chunk of the market for flood insurance has overcome another hurdle after passing the US House of Representatives.
Shares in State Auto traded down by as much as 8 percent today (28 April) after the US insurer announced Q1 operating earnings per share of just $0.05, considerably below Wall Street analysts' consensus estimate of $0.37.
Losses stemming from the series of hailstorms that hit Texas in the first few months of the year are expected to top $2.6bn, according to data from the state's insurance board
A higher-than-expected expense ratio contributed to an earnings miss at XL Group as operating profits fell from $194.4mn in Q1 2015 to $103.4mn in the current reporting period.
