Insurance News ME

Brazil's Unibanco Acquires AIG Local Assets For $820 Million

SAO PAULO -(Dow Jones)- Brazilian bank Banco Unibanco (UBB) acquired certain local assets of American International Group Inc. (AIG) for $820 million, the bank said in a statement Wednesday night.

AIG to rebrand US auto insurance unit to 21st Century Insurance, and cut jobs

American International Group, which has been bailed out by the US government, plans to remove AIG from the name of its US auto insurance unit, aigdirect.com, and rebrand it as 21st Century Insurance in January 2009. The auto unit also plans to cut 6.6% of its workforce.

Genworth buying bank, applying for gov't funds

NEW YORK (Associated Press) - After reaching a deal to acquire Interbank fsb, insurer Genworth Financial Inc. said it is applying to become a savings and loan, in a move to become eligible for funds under the government's $700 billion bank rescue package.

AEGON May Buy U.S. Thrift

AEGON, the owner of Transamerica Corp., has confirmed that it is currently examining the possibility of acquiring a thrift in the United States. This would potentially allow the company to qualify for the U.S. government's Troubled Asset Relief Program (TARP).

AIG Closes on Deal to Buy Majority Stake in Telecommunications Supplier

American International Group Inc. has completed the acquisition of a majority stake in UTStarcom Inc.'s personal communications division, in a transaction valued at approximately $240 million.

AIG shares rise in premarket after CEO Sullivan resigned

Shares of American International Group rose in premarket trading Monday, as Wall Street cheered the resignation of chief executive Martin Sullivan, and the subsequent appointment of Robert Willumstad as CEO.

U.S. insurer in talks with the big banks

BEIJING, June 17 -- The American International Assurance Co is to cooperate more closely with banks to boost its bancassurance business in China, a senior executive said yesterday.

Joanne Pietrini-Smith Named Chief Operating Officer of AXA Equitable Wholesale Life Insurance Unit

Joanne Pietrini-Smith has been appointed Chief Operating Officer of AXA Partners, the life insurance
business unit of AXA Distributors, LLC., based in Farmington, CT.

AIG's Sullivan Says He's Not Discouraged After Losses

American International Group Inc Chief Executive Officer Martin Sullivan told shareholders at the annual meeting he's ``not discouraged'' after the company posted a record first-quarter loss of $7.81 billion.

Marsh & McLennan posts loss on Kroll charge

Marsh & McLennan Cos. swung to a loss during the first quarter, hurt by a reassessment of the value of its Kroll Inc. security and risk-consulting business and by falling prices in the insurance industry, financial results showed Wednesday.