AIG
American International Group IncNYSE
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  • Wed, Oct. 26, 9:40 AM
    • Prior limits for property terrorism insurance was $250M.
    • In expanding its appetite for terrorism risk, AIG notes new and proprietary terrorism risk engineering services as well as enhanced risk selection tools.
    • "Demand from our clients for better protection against this risk has been strong," says George Stratts, president of Property and Special Risks.
    | Wed, Oct. 26, 9:40 AM | 2 Comments
  • Tue, Oct. 18, 8:27 AM
    • Sold to Fairfax Financial (OTCPK:FRFHF) are AIG's consumer insurance operations in Argentina, Chile, Colombia, Uruguay, Venezuela, and Turkey. Fairfax will also acquire renewal rights for the portfolio of local business written by AIG's operations in Bulgaria, Czech Republic, Hungary, Poland, Romania, and Slovakia.
    • The deals are all-cash and total $240M.
    • Alongside, Fairfax will become AIG's main strategic multinational network partner. For AIG, this continues management's goal of focusing on core operations in major economies with the best potential for profitable growth.
    • Prem Watsa: "We are very excited to partner with AIG and to have the LATAM group of companies and operations in CEE and Turkey join the Fairfax family."
    | Tue, Oct. 18, 8:27 AM | 3 Comments
  • Mon, Oct. 17, 12:50 PM
    • Appearing on CNBC following David Tepper ("pretty cautious, not downright bearish"), Carl Icahn says a lot of companies are "way overvalued."
    • "Uniquely undervalued," however, are Xerox (NYSE:XRX), Cheniere (NYSEMKT:LNG), and AIG, says Icahn.
    • Herbalife (NYSE:HLF): "I don't understand why there's a 25M share short position ... Could be the mother of all short squeezes."
    • Twitter (NYSE:TWTR)? "I haven't looked at Twitter. I'm not going to comment."
    | Mon, Oct. 17, 12:50 PM | 23 Comments
  • Fri, Oct. 7, 7:44 AM
    • Alongside the Top Pick designation for VOYA is a $39 price target, suggesting 30% upside.
    • Started at Underperform is Aflac (NYSE:AFL), with analyst John Nadel noting recent outperformance, global low rates as pressuring investment income, and the growing spread between U.S. and Japanese rates as boosting hedging costs. The $75 price target compares to yesterday's close of $72.07.
    • Principal Financial Group (NYSE:PFG) also rates an Underperform, with Nadel noting more intense competition, exposure to FX and emerging markets volatility, and lower rates as maybe muting EPS growth and flatten margins.
    • MetLife (NYSE:MET), Prudential (NYSE:PRU), Lincoln National (NYSE:LNC), Reinsurance Group of America (NYSE:RGA), AIG, and Unum Group (NYSE:UNM),
    | Fri, Oct. 7, 7:44 AM | 9 Comments
  • Thu, Oct. 6, 11:23 AM
    • The National Hurricane Centers says Hurricane Matthew has already strengthened to a category 4 storm, with some additional strengthening possible as it approaches Florida.
    • Universal Insurance (UVE -10.1%), United Insurance (UIHC -7%), Federated National (FNHC -8.2%), HCI Group (HCI -11.8%), Heritage (HRTG -13.1%).
    • The team at CreditSights notes Progressive (PGR -1.3%), Allstate (ALL -0.7%), AIG (AIG -0.4%), and Chubb (CB -1%) as all names with top-20 market shares in the hurricane-loss prone lines of business, and are in the top-20 writers of homeowner's insurance in Florida.
    • These shops are large and diverse though. While losses could create a hit to earnings, they're unlikely to damage credit in any large way.
    | Thu, Oct. 6, 11:23 AM | 31 Comments
  • Wed, Sep. 28, 3:16 AM
    • Former AIG Chairman Hank Greenberg took the witness stand yesterday to defend against claims that he orchestrated two sham deals to hide the insurer's financial condition from shareholders.
    • Greenberg said he became aware of serious problems at AIG's auto-warranty business as early as 1998, but began taking steps to correct them the following year, and disagreed with the characterization that he was a "hands-on CEO."
    | Wed, Sep. 28, 3:16 AM | 1 Comment
  • Tue, Sep. 27, 2:28 AM
    • After 11 years of legal maneuvers, Hank Greenberg, the former chief executive of AIG, will take the witness stand today during his civil fraud trial with New York's Attorney General.
    • Greenberg and AIG's former CFO, Howard Smith, are accused in part of engineering bogus reinsurance transactions to bolster reserves, and allegedly orchestrated other transactions that allowed the company to convert insurance losses into investment losses.
    | Tue, Sep. 27, 2:28 AM | 1 Comment
  • Mon, Sep. 26, 3:13 PM
    • In what doesn't sound like great news for the already-yield-starved insurance industry, cash balances are "ticking upward," says Zach Buchwald, head of BlackRock's insurance asset-management operation.
    • Buchwald: “In today’s environment, where every basis point is so precious, within your core fixed income, we want to be investing wisely and generating the best risk-adjusted returns we can, and a large cash balance doesn’t help.”
    • Nearly half of 315 insurers surveyed globally expect to boost cash holdings in coming months - that's up from 36% a year ago, says BlackRock. At issue are poor performance in alternative investments and credit concerns following a sizable narrowing in spreads this year.
    • Struggling insurers are past the point of expecting rising interest rates, says Buchwald. So - other than cash - where else will the money go? Allocations to private-equity appear to be set to rise, and outfits like AIG are turning to direct lending. At MetLife (NYSE:MET), commercial real estate loans hit a record last year.
    • Other interested parties: PRU, LNC, MFC, SLF, PRI, VOYA
    | Mon, Sep. 26, 3:13 PM | 1 Comment
  • Wed, Sep. 21, 11:20 AM
    | Wed, Sep. 21, 11:20 AM | 45 Comments
  • Fri, Sep. 16, 8:44 AM
    • The buyer is Canada Pension Plan Investment Board, and AIG will walk away with about $240M in cash.
    • Ascot and AIG founded the syndicate in 2001, and the two will maintain their strategic partnership.
    | Fri, Sep. 16, 8:44 AM | 1 Comment
  • Tue, Sep. 13, 4:27 PM
    • Thanks to AIG's $0.32 per share declared dividend, the strike price on the insurer's TARP warrants is trimmed to $44.5525 per share from $44.5826 previously. The number of shares of AIG common upon warrant exercise edges up to 1.010 from 1.009.
    • When issued, the warrants were struck at $45 per share. They expire in 2021.
    | Tue, Sep. 13, 4:27 PM | 22 Comments
  • Mon, Sep. 12, 2:33 AM
    • More than 11 years after civil charges were filed, New York's case against Hank Greenberg, the former chief executive of AIG, goes to trial this week.
    • Greenberg and AIG's former CFO, Howard Smith, are accused in part of engineering bogus reinsurance transactions to bolster reserves, and allegedly orchestrated other transactions that allowed the company to convert insurance losses into investment losses.
    | Mon, Sep. 12, 2:33 AM | 6 Comments
  • Tue, Aug. 23, 1:17 PM
    • AIG (AIG +0.4%) is in early discussions to sell insurance operations connected with Lloyd’s of London to Canada’s biggest pension fund, WSJ reports.
    • The talks are part of AIG’s efforts to improve its results by narrowing its focus and returning more than $25B in capital to shareholders, while an acquisition would mark Canada Pension Plan Investment Board's latest move to establish itself as a significant player in the global insurance industry, the report says.
    • AIG is minority owner of Ascot Underwriting Holdings, which manages a Lloyd’s syndicate for which AIG provides the capital.
    | Tue, Aug. 23, 1:17 PM
  • Fri, Aug. 19, 8:46 AM
    • Tallying up the total starting with Sept. 2008's sale of AIG's London airport stake, and ending with last week's agreement to sell United Guaranty for $3.4B, Bloomberg finds the insurer has divested itself of nearly $100B in assets over that eight-year period.
    | Fri, Aug. 19, 8:46 AM | 3 Comments
  • Mon, Aug. 15, 1:05 PM
    • AIG -- formerly readying an initial public offering of its United Guaranty mortgage insurance unit -- is instead nearing a deal to sell it for $3.4B, The Wall Street Journal reports.
    • The insurer could announce an agreement with Arch Capital Group as soon as early this week, it says.
    • An IPO would have left AIG with a majority stake in United Guaranty, but selling it outright would help the insurer speed up returning cash to shareholders.
    • The unit has been a star performer at AIG lately, amid an environment of improving mortgage-insurance results on top of higher-quality underlying home loans in the U.S. recovery.
    • It works fairly independently from the rest of AIG, making for a easier divestiture.
    | Mon, Aug. 15, 1:05 PM | 7 Comments
  • Mon, Aug. 8, 8:55 AM
    • American International Group (NYSE:AIG) is added to the group of stocks rated at Conviction Buy List at Goldman Sachs.
    • The GS team cites broad macro factors in making the bullish call on AIG.
    • Shares of AIG are up 0.83% premarket to $59.59 on light volume.
    | Mon, Aug. 8, 8:55 AM | 2 Comments