AIG management has sought to reassure investors on the health of its reserves after unexpected adverse development on its 2016 business led to a big earnings miss.
AIG shares fell as much as 5 percent in early New York trading today after the company surprised investors with a big adverse development charge that drove the global carrier to a significantly larger third quarter loss than anticipated.
Next year can't come soon enough for AIG's careworn investors after recently installed CEO Brian Duperreault last night declared 2018 the "Year of the Underwriter"
BP Marsh-backed start-up XPT Group has made its first acquisition with a deal to buy Texas-based wholesale broker and MGA WSS, The Insurance Insider can reveal
Alleghany reported a third quarter operating loss of $331.6mn that was significantly better than forecast by Wall Street as it took after-tax cat losses of $491mn in the period.
AIG disappointed investors hoping its reserving issues were in the past by taking another big adverse development charge in a Q3 operating loss that was significantly worse than analysts had forecast.
