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...A version of this article was first published by the Nikkei Asian Review on April 6, 2018. ©2018 Nikkei Inc. All rights reserved....
...One example was AIG, the insurer, which rebranded its property and casualty arm as Chartis in 2009 after AIG’s traumatic $180bn rescue....
...Now, AIG is seeking to refocus its Chartis unit as part of a push for increased profitability....
...The US group’s main business, Chartis, is a property and casualty insurer that is concentrated on US and European markets where growth opportunities are limited....
...As has been the case with other insurers, Chartis has been increasing pricing and tightening underwriting standards....
...“It’s a business that I’d say has been managed to growth over the last 30 years,” Mr Hancock said about his Chartis unit, which sells property insurance....
...Chartis, the property insurance operation, recorded $936m in operating income compared with $783m a year earlier. Lower catastrophe losses and higher prices helped that business....
...broadly been raising their rates since last year, the end of a multiyear cycle of rate competition following the financial crisis and moves by the biggest business insurance groups, such as Chubb and AIG’s Chartis...
...The tax benefits were primarily related to Chartis. AIG’s largest unit saw some $368m in losses as a result of floods in Thailand, but overall earned $348m. It also released $13m from loss reserves....
...Paul Hayes, Ascend’s director of air safety, said leading airline insurers including ACE, Allianz, Amlin and Chartis should have had a profitable 2011 because premium income was expected to exceed claims...
...There are nearly 70 general insurers operating in the country, including Allianz, Chartis, Axa and Japan’s top three non-life insurers – Tokio Marine, MS&AD and NKSJ Holdings – either independently or in...
...It said it expected to its core units such as Chartis, the property & casualty insurer, and Sun America, the life assurer, to remain profitable....
...Chartis, the property-casualty insurer; SunAmerica, the life insurer; United Guaranty Corporation, the mortgage insurer; together with other businesses led by International Lease Finance Corporation, the...
...AIG has appointed former JPMorgan finance chief Peter Hancock to run Chartis, its largest business, the FT says....
...AIG has appointed Peter Hancock to run Chartis, its largest business, strengthening the Wall Street veteran’s case to succeed the group’s chief executive, reports the FT....
...At Chartis he will be in charge of managing its property and casualty insurance lines....
...Robert Benmosche, AIG’s chief executive, said 1Q earnings at Chartis, the group’s property-casualty business, were hit by “significant catastrophe losses” related to Japan’s March 11 earthquake and tsunami...
...Chartis reported an operating loss of $463m, compared with income of $879m a year earlier....
...Much of the loss is related to a previously disclosed a $4.1bn charge to shore up potential losses at its Chartis unit....
...Chartis....
...The company said the office of the special inspector general for the government’s troubled asset relief program did not review either the pricing or the reserves of its property insurance arm, Chartis....
...least, adds the WSJ, AIG in hiking its loss reserves is addressing concerns about “the true profitability of its insurance business” – even though it will cancel out most of the past year’s earnings at Chartis...
...Yet AIG has remained a major force in the insurance markets, particularly its global property and casualty business now known as Chartis....
...AIG, which operates four businesses in Japan under the umbrella of Chartis Inc, accounts for just under 9 per cent of Japan’s vast property and casualty insurance market, making it the market’s largest foreign...
...All of the regulatory activity is expanding the global market for financial risk management technology, which is expected to grow to $4.2bn by 2013, according to Chartis research....
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