American International Group plans to split the AIG Life & Retirement business off from the rest of the company. Peter Zaffino will be taking over from Brian Duperreault as the company’s chief executive officer, which Duperreault becoming the company’s executive chairman. The general insurance business suffered about $790 million in catastrophe losses, before taxes, in the third quarter. Actuarial assumption updates at the Life & Retirement business led to a charge of $22 million, before taxes, due to a combination of a change in the company’s net realized capital losses figure and a change in the value of deferred acquisition costs related to annuity guaranteed minimum withdrawal...
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(Reuters) - Insurer American International Group Inc AIG.N on Monday said its board approved a plan to separate the life and retirement business from the rest of the company, and named President Peter Zaffino as chief executive officer, effective next year. AIG shares were up nearly 8% in extended trading. Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. Zaffino will be AIG’s seventh CEO since 2005. The insurer, which ranks among the top 10 U.S. carriers by market value, said it has yet to make a decision on how to carry out the separation, beyond the board voting to establish two independent, market-leading companies. The separation of the business could...
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If you were or are employed by Avery Dennison or Rollins, Inc. In 2019, Avery Dennison transferred $750 million in pension obligations to American General Life Insurance Company. The agreement between the two companies covered approximately 8,500 retirees, beneficiaries, and deferred vested and active members. Later that same year, Rollins, Inc. also purchased a $198.3 million-dollar group annuity contract from AIG, transferring the remaining liabilities of its U.S. pension plan. These annuity contracts could put Avery Dennison and Rollins’ employees’ and retirees’ pensions at risk. The companies will no longer have any legal responsibility for your pensions and you will...
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American General Insurance Company Review American General is one of the insurance companies owned by the American International Group (AIG). AIG nearly collapsed in 2008 after it became unable to meet its financial obligations. The only thing that prevented the collapse was an $85 billion bailout from the federal government. Some critics alleged the company's management team caused the collapse by making questionable financial deals called credit swaps. American General's role in these events is unclear but the company's financial ratings are currently strong. The relationship between American General and another insurer owned by AIG: SunAmerica is also unclear. SunAmerica seems to have...
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Transporte Público a American General Life and Accident Insurance Company (AGLA) en 20591 ¿Te preguntas cómo llegar a American General Life and Accident Insurance Company (AGLA) en 20591, Estados Unidos? Moovit te ayuda a encontrar la mejor manera de llegar a American General Life and Accident Insurance Company (AGLA) con indicaciones paso a paso desde la estación de transporte público más cercana. Moovit proporciona mapas gratuitos y direcciones en vivo para ayudarte a navegar por tu ciudad. Mira los horarios, las rutas, los servicios y descubre cuánto tiempo lleva llegar a American General Life and Accident Insurance Company (AGLA) en tiempo real. Puedes arribar a American General Life...
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Start Preamble April 24, 2020. The following is a notice of applications for deregistration under section 8(f) of the Investment Company Act of 1940 for the month of April 2020. A copy of each application may be obtained via the Commission's website by searching for the file number, or for an applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090. An order granting each application will be issued unless the SEC orders a hearing. Interested persons may request a hearing on any application by emailing the SEC's Secretary at Secretarys-Office@sec.gov and serving the relevant applicant with a copy of the request by email, if...
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The race for scale in U.S. life insurance stepped up Friday, as global insurance giant American International Group reached an agreement to acquire fellow insurer American General Corp. for about $23 billion in stock. The deal--the largest ever in insurance--would create the largest U.S. insurer by far, and sends a signal to all other U.S. life insurers and annuity sellers that they have to get much bigger to compete. That means more acquisitions are likely, continuing a steady flow of deals over the past few years. "The industry is wide open," said Rodney Clark, director of insurance ratings at Standard & Poor's. "American [life insurance] companies have not tended to be as large and...
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HOUSTON--( BUSINESS WIRE )--American General Life Companies (American General) announced today that it has introduced a new long term care insurance product, issued by American General Life Insurance Company. The American General LTC product features a built-in cash benefit to help cover expenses such as care from a family member; a Shared Care Benefit Rider, which creates a separate third pool of benefits that can be used by either spouse after their own benefits have been exhausted; graded premium options to make 3 percent or 5 percent compound inflation protection more affordable; and benefit amounts of $100,000 to $1 million rather than benefit time periods, so consumers know exactly...
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Norton Rose Fulbright and Winston & Strawn LLP in New York and Carey in Santiago have advised American General Life Insurance Company and other foreign institutional investors in a US$412 million private offering by a subsidiary of Chilean power generation company Latin America Power (LAP). Greenberg Traurig LLP in New York and Barros, Silva, Varela & Vigil Abogados Ltda in Santiago advised Inversiones Latin America Power. The offering closed on 28 September and is fully secured by subsidiaries of the issuer. It refinances existing project finance for LAP renewable energy projects selling output at the spot market price. Latin America Power's cross-border offering aims to refinance the...
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Available Products Term Life Select-a-Term: This product allows customers to choose the benefit amount they need for whatever length of time they need it. They offer 18 different term options with this policy, be it 10 years, between 15 and 30 years, or 35 years. There’s also a built-in conversion option available up to the end of the level-premium period (or age 70), without requiring any additional underwriting. QoL Flex Term: One of several of AIG’s “Quality of Life” insurance options (detailed later), this term insurance policy provides coverage along with built-in accelerated benefit riders, which provide an advance on the policy’s death benefit to cover costs for long-term care and...
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