american international group (AIG) Key Developments
Willis and AIG Launch Evergreen, a New Automatically Renewing Insurance Policy for Mid-Market Clients
Sep 1 15
Willis Group Holdings and American International Group, Inc. have announced the launch of Evergreen, an innovative, new approach to insurance that removes the need for annual policy renewal. Evergreen is the first UK mid-market offering with no renewal date that covers major insurance classes under one contract. Developed by Willis in conjunction with and underwritten by AIG, the Evergreen contract continues indefinitely, reduces frictional costs and cuts out time consuming administration at renewal. Regular reviews ensure the correct level of protection is maintained at all time, complemented by risk management support. The Evergreen policy also provides a six month cancellation clause, which gives clients greater flexibility and freedom compared to a traditional annual insurance policy that cannot be cancelled after inception.
American International Group Mulls Acquisitions
Aug 18 15
American International Group, Inc. (NYSE:AIG) is seeking acquisitions. American International Group announced that it has priced the sale of 10.6 million ordinary shares of AerCap Holdings N.V. (NYSE:AER) by means of an underwritten public offering. Closing of this transaction is scheduled for August 24, 2015 and is subject to customary closing conditions. AIG will receive net cash proceeds of approximately $500 million. After the closing of the sale, AIG will not own any ordinary shares of AerCap. "The sale of our remaining ordinary shares of AerCap marks a further step in our efforts to enhance intrinsic value," said Peter D. Hancock, President and Chief Executive Officer, AIG. "It adds to AIG's financial flexibility and provides us with an opportunity to maximize shareholder value - whether through continued balance sheet optimization and capital management, organic growth investment, or inorganic acquisitions that help us meet our customers' needs."
American International Group Inc. Announces Impairment Charges for the Second Quarter of 2015
Aug 5 15
American International Group Inc. took a $72 million impairment on its life settlement investments in the second quarter of 2015, which is up 60% from $45 million in impairments for the same quarter a year ago.
American International Seeks Acquisitions
Aug 4 15
American International Group, Inc. (NYSE:AIG) is seeking acquisitions. Elizabeth Werner, Vice President of IR, American International Group, said, "We consider acquisitions as a potential strategy to build capabilities that meet our customers' needs, enhance our infrastructure, contribute to growth and that are not overly capital intensive." Peter Hancock, President and Chief Executive Officer of American International Group added, "We will be making more modest acquisitions to add capabilities."
American International Group, Inc. Declares Quarterly Dividend, Payable on September 28, 2015
Aug 3 15
On August 3, 2015, American International Group, Inc.'s Board of Directors declared a 124% increase in the quarterly dividend to $0.28 per share. The dividend is payable on September 28, 2015, to stockholders of record at the close of business on September 14, 2015.