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(Last updated December 18, 2009, 9:30 AM 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 Makes Statement in Response to Research Report, Aon Market Security Committee Deems No Action Necessary
On Wednesday, December 2, 2009, AIG responded to a recent research report focused on its loss reserves. Please access the AIG statement here.
The Aon Market Security Committee convened and has determined that no action was necessary as regards the AIG group's authorization status with Aon. The authorized members of the AIG group continue to remain authorized for use by Aon clients with a required Client Advisory. The updated Advisory reflecting this week's events and other supporting documents is posted below.
AIG noted, in several public financial releases, that certain transactions that have recently occurred will cause distortions on the loss reserve development data reported in the publicly released documents that were used for the research report. These include statutory financial statements filed by the AIG's U.S. based insurance company affiliates and SEC filings 10-K and 10-Q. AIG highlighted two specific transactions, the redomestication of two branch operations (in Canada and the U.K) that resulted in the movement of loss reserves applicable to the business produced by those two companies. AIG also stated to Aon's Global Market Security Co-ordinator that the accounting of these transfers will distort the pay-out patterns of AIG losses and will make it appear that the Group has encountered an increase in loss payments and a decrease in the carried reserves which might suggest that future losses will be larger than originally estimated.
Loss reserve reviews have been performed by AIG's independent auditors and actuaries, results have been reviewed by all of the rating agencies, and financial documents have been provided to all the appropriate regulators, none of which have apparently noted reserve deficiencies of the magnitude reported in the research report.
AIG Reports Third Quarter 2009 Results
For the third quarter ended September 30, 2009, AIG reported net income attributable to AIG of $455 million, including net income attributable to AIG common shareholders of $92 million, or $0.68 per diluted common share, compared with net loss of $24.5 billion or $181.02 per diluted share in the third quarter of 2008. Third quarter 2009 adjusted net income was $1.9 billion, compared with an adjusted net loss of $9.2 billion in the third quarter of 2008.
To view the earnings announcement, please click here.
The Aon Market Security Committee has published a new AIG Client Advisory to include financial updates from AIG’s third quarter 2009 earnings release and the most recent rating rationales by Fitch, A.M. Best, Moody’s and Standard & Poor’s. There have been no rating changes since the Committee's August report. A financial update with consolidated third quarter statutory results is available for the insurers comprising the Chartis group. This AIG advisory continues to be required for placements with the Chartis group members and all other AIG-owned companies. The ratings that have been assigned to the insurance company members of the AIG Group by all four of the major rating agencies remain above Aon's minimum requirements.
Please see the complete Client Advisory below.
Aon Market Security Update - Client Advisory
Market Security Update - last updated December 3, 2009
News from Rating Agencies
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
AIG Drops As Bernstein Cuts Price Target On Loss Reserve Fears -The Wall Street Journal, (11/30/09)
Report Cites $11 Billion Shortfall in A.I.G. Business -The New York Times, (11/30/09)
AIG's Benmosche Threatens to Jump Ship - The Wall Street Journal, (11/11/09)
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." |
