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(Last updated September 28, 2009, 2:20 PM CDT)
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Recent Market Events:
Benmosche Hailed as Excellent Choice for AIG, Aon Says
Gregory C. Case, president and chief executive officer of Aon Corporation, issued the following statement on August 4 regarding the appointment of Robert H. Benmosche as president and chief executive officer of American International Group (AIG):
"We all owe Ed Liddy a debt of gratitude for all of his hard work and effort on behalf of AIG and the insurance industry. Bob Benmosche is an excellent choice to succeed Ed in taking up the mantle of leadership to guide AIG, and I congratulate the AIG board of directors for his selection."
Aon Market Security Overview
This document provides a description of our Market Security process, methodology, and team. If you are in need of information on carrier market security, please contact your local Aon representative who will access the team’s latest insights.
Market Security Overview
Insurer Financial Strength
This document provides a summary of insurer financial strength ratings by AM Best, Fitch, Moody's and Standard and Poor's for various global carriers.
Click here to learn more.
For a quick summary of each rating agency's rating structures, please click here.
AIG
AIG Reports Second Quarter 2009 Results
American International Group, Inc. (AIG) reported its first quarterly profit since the third quarter of 2007, as certain of its businesses stabilized and the company’s results reflected positive valuation changes. AIG also achieved several important milestones in its restructuring program.
For the second quarter ended June 30, 2009, AIG reported net income attributable to AIG of $1.8 billion, including net income attributable to AIG common shareholders of $311 million or $2.30 per diluted common share, compared with a net loss of $5.4 billion or $41.13 per diluted share in the second quarter of 2008. Second quarter 2009 adjusted net income was $2.0 billion, compared with an adjusted net loss of $1.3 billion in the second quarter of 2008.
To view the earnings announcement, please click here.
Special Purpose Vehicle Formed, New Brand Announced
It was announced this morning that the special purpose vehicle into which AIU Holdings will be contributed was formed and that Kristian P. Moor has been named President and Chief Executive Officer of the Company.
In connection with these developments, the launch of the Company's new brand, Chartis, also was announced. In a letter to business colleagues, John Doyle, President and Chief Executive Officer of Chartis U.S., explained that the name comes from the Greek word for map, suggesting the Company's ability to set a course for clients and to help them explore new possibilities. The Company is expected to introduce the Chartis brand worldwide over the next few months.
A new global website at www.chartisinsurance.com has been launched to provide information on the products and services that Chartis is delivering in the areas of Commercial Insurance, Foreign General Insurance, and Private Client Group Operations.
Updated financial information will be provided soon in conjunction with a second quarter earnings announcement. The date of that announcement has not yet been published.
To view the earnings announcement, please click here.
Aon Market Security Update - Client Advisory
Market Security Update - last updated August 20, 2009, 2:20 PM CDT
News from Rating Agencies
- Fitch Downgrades Various AIG Ratings; IDR to 'BBB' - May 15, 2009
- Best Comments on AIG Rating and the U.S. Government's Revised Plan - March 2, 2009
- Fitch affirms AIG, stable outlook – March 2, 2009
- S&P affirms AIG, removes ratings from CreditWatch – March 2, 2009
- Moody's confirms AIG ratings – March 2, 2009
- S&P American International Group Inc. Ratings Unaffected By Recent Media Reports – December 12, 2008
- Fitch: Government Support a Benefit for AIG; Ratings Affirmed – November 10, 2008
- A.M. Best Affirms Ratings of AIG and Its Subsidiaries; Assigns Negative Outlook – November 10, 2008
- S&P Creditwatch Revises AIG P&C Subsidiaries Rating to Negative – November 6, 2008
Fortis Insurance
A link to our postings of the most recent news stories on Fortis, as well as our latest Market Security updates is below.
Click here for more information.
Latest News
Headlines
Risk managers dig deeper to uncover insurance flaws - Business Insurance, (9/21/09)
AIG Comp Fraud Case to Enter Next Stage - P&C National Underwriter, (8/28/09)
AIG Chief: Loud Voice and a Listener's Ear - Wall Street Journal, (8/10/09)
NAIC, AIG refute details, sources cited in NYT piece - SNLi, (8/3/09)
AIG's New Boss: Robert Benmosche - BusinessWeek, (8/3/09)
After Rescue, New Weaknesses Seen at AIG - The New York Times, (7/30/09)
AIG shares continue dive after reverse stock split - Forbes, (7/7/09)
The Hartford Not Standling Idly By - Hartford Courant, (7/7/09)
AIG Gets Bid for Taiwan Unit - TheStreet.com, (7/6/09)
AIG Shares Drop After 1-for-20 Reverse Stock Split - Forbes, (7/1/09)
AIG Offers Shareholders Little Hope for Recovery - New York Times, (7/1/09)
AIG Plan to Boost Number of Common Shares Defeated - MarketWatch, (6/30/09)
The Hartford Takes $3.4 Billion in Bailout Funds - Insurance Journal, (6/29/09)
AIG Investors Gather Amid Search for Fifth Chief Since 2005 - Bloomberg.com, (6/29/09)
AIG Taiwanese Unit Said to Draw Interest From Buyout Firms - Bloomberg.com, (6/29/09)
AIG Moving Forward With Accelerated Separation of AIA to Be Placed in SPV - Business Mirror, (6/29/09)
AIG to sell NY buildings for $150 million - Reuters, (6/23/09)
AIG Trading Partners Squeeze Insurer Before Bailout - Bloomberg.com, (6/22/09)
New rebrand in works for AIG commercial P/C unit - Business Insurance, (6/18/09)
Hartford names chief risk officer - Business Insurance, (6/18/09)
AIG Hires Deutsche, Morgan Stanley for AIA Asia IPO - Bloomberg, (6/17/09)
AIG extends exchange offers for debt - Marketwatch, (6/17/09)
Hartford to accept $3.4 billion Tarp aid - FT.com, (6/13/09)
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"Information on this site and the information on linked sites are provided solely for clients' information and do not necessarily reflect the views of Aon Corporation and/or its affiliated and subsidiary companies ("Aon"). Aon does not take responsibility for the accuracy of information on linked websites or from media sources cited herein." |
