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...a slimmed down, specialist property and casualty insurer....
...The company is the only big US insurer to combine life with property and casualty units, impeding comparisons with peers....
...AIG is the only US-listed insurer combining life and property and casualty units, making it difficult to compare with peers and depriving it of a natural investor base....
...The group plans to separate its life insurance unit from its broader property and casualty business, a move that had been long demanded and long resisted....
...Zurich Insurance is in talks to buy the US property and casualty insurance unit of New York-based MetLife, according to a statement from the Swiss company....
...Premiums written in AIG’s core property and casualty insurance business are expected be flat with 2019, at $45bn....
...Insurance premiums written at the company’s big property and casualty operations were down slightly from the year before....
...Net property and casualty premiums written — a measure of sales activity, less risks passed on to reinsurers — fell 6 per cent from the year before....
...This trend in property and casualty insurance echoes one under way in the life insurance world for a decade....
...The insurer’s life division has performed far better than its property and casualty business, where a series of reserving charges and muted profitability have undermined investor confidence....
...Today, it is the traditional property and casualty insurance business, which accounts for almost two-thirds of revenues, that is the group’s big anxiety....
...The investment income garnered last year by the US property and casualty industry of $48bn was about $10bn lower than 2007, according to AM Best, the rating agency....
...Mr Greenberg created the Chubb of today when in 2015 he struck the biggest deal in property and casualty insurance history. He was CEO of Ace, the Zurich-based insurer he joined in 2001....
...Berkshire is a powerhouse in reinsurance and consumer policies – including through the car underwriter Geico – but until recently it has avoided the type of big ticket property and casualty cover that AIG...
...The industry veteran won early support from AIG shareholder Carl Icahn, even thought the activist has previously called for the group to separate its property & casualty business from its life insurance...
...Almost half of the recent reserve increase relates to the time when he was either running the property and casualty business or the company in its entirety....
...The former head of the UK’s Financial Services Authority is joining the group almost two years after Mr Greenberg struck the biggest property and casualty deal in insurance history....
...Will it try to regain its status as the world’s number one property and casualty insurance company, or will it become more specialist, focusing only on those areas where it can make money?...
...Despite that apparent victory, Mr Paulson has been unsuccessful in his wider push to break AIG’s life business apart from its property and casualty insurance arm....
...Given AIG’s particular troubles with property and casualty insurance, some analysts think it would be wise not to choose another person short of industry experience....
...The insurer, which is more than 200 years old, has overhauled its operations in recent years to focus on property-casualty cover, as well as group benefits and mutual funds....
...The business will maintain distribution agreements with AIG Japan. AIG will continue to offer property and casualty insurance in Japan, where it is the largest foreign-based non-life insurer....
...Mr Binner added that AIG’s results this time would also benefit from a low level of losses across the property and casualty insurance industry....
...Mr Icahn had demanded that AIG split life, property & casualty into a separate unit from mortgage insurance. With shares up nearly a fifth since February, no such surgery is necessary, yet....
...The acquisition of the global provider of property and casualty insurance and reinsurance is the latest sign that a growing number of Japanese companies — backed by a strong yen — are seeking to expand their...
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