October 2008/1

American International Group (AIG) has agreed to hand over details of all compensation paid to senior executives to New York attorney general Andrew Cuomo as he looks to recover “illegal expenditures” from the beleaguered insurer.

Ascot Underwriting founder Martin Reith has stepped down as its CEO just months after agreeing a deal with American International Group (AIG) for the Lloyd’s insurer to become a wholly owned subsidiary of the troubled US giant.

New York attorney general Andrew Cuomo is to scrutinise executive compensation since the start of 2007 at American International Group (AIG) as he launched a probe into what he called “unwarranted and outrageous” spending by the fallen giant.

After the gains of earlier in the week, European and Asian shares have continued to fall this morning (16 October) amid gloomy economic news both sides of the Atlantic.

Bermudian (re)insurer Max Capital Group Ltd will cut its allocation to alternative investments after being hit by poor results from the portfolio, while compatriot Allied World Assurance Company Holdings (AWAC) said it expects to take $210mn investment lo

Broking giant Aon Corporation has agreed a $154.7mn deal to sell off its auto unit AIS Management Group to Mercury Insurance Group, California’s third-largest personal automobile insurer.

The directors of nationalised UK bank Northern Rock will not be sued by its new owner over the collapse of the mortgage lender earlier this year.

American International Group's (AIG) rescue deal with the US government will result in its liquidation, according to former chief executive Hank Greenberg.

WR Berkley has confirmed the hire of a financial institutions (FI) team from American International Group, as previously revealed by The Insurance Insider.

XL Capital shares have surged after the company reported an estimated third quarter net loss of $1.65bn to $1.67bn that included a $1.4bn charge in relation to its August transaction to close the majority of liabilities to former bond insurer affiliate Se

Berkshire Hathaway is restructuring its London market operations with a view to selling its Lloyd's insurer Marlborough Underwriting Agency, The Insurance Insider can reveal.

Fancy buying over $20 for $5? Then perhaps all you need do is instruct your broker to buy XL Capital. The embattled insurer was forced to reassure shareholders on Friday (10 October) that its third quarter book value would be $21-$22.50 after its stock tu