AIG tries to allay subprime worries - Published:07/12/07
All occasions are London occasion Search News in the FTcom siteSearchSearch Quotes in the FTcom siteQuotesCOMPANIES Financial servicesBreadcrumb follow navigation:FT Home > Companies > By sector > Financial servicesServicesThe leader decision-making of American International Group sought on Wednesday to reassure investors about the world’s biggest insurer’s contact to the US housing market in spite of captivating another $600m writedownMartin Sullivan told investors at a appearance: “AIG’s exposure levels are manageable, given our size, monetary strength and global diversification”However, the insurer admitted it could countenance a total writedown of about $1bn for unrealised losses in its credit default swap collection for October and NovemberAIG supposed last month that it faced a writedown of about $550m through to the finish of October It said on Wednesday that it could take another $500m-$600m pre-tax writedown for the period from the finish of OctoberIn spite of the view of further charges, shares in AIG rose almost 6 per cent to $5875 in near the beginning tradeConcerns about the insurer’s exposure to the collapse of the US subprime mortgage market have weighed on its shares in recent weeksHowever, Mr Sullivan supposed that AIG was confident of all the market principles to which it had ascribed its investments, as well as “the reliability of our valuations, and the reasonableness of our methodologies”AIG, he said, was improbable to sustain an financial loss in its financial products division, which offers credit default swapsIn addition, AIG had the aptitude to hold devalued investments until revival, Mr Sullivan saidAIG’s presentation comes amid increasing concern about insurers’ exposure to the subprime mortgage disaster Zurich monetary Services will attempt to reassure investors on ThursdayMeanwhile, Mr Sullivan faces activist investor force from Maurice “Hank” Greenberg, the former chairman and chief decision-making pushing for changes to the management and structureCopyright The Financial era Limited 2007Bush to unveil mortgage plan - Dec-06Cool response for shrub subprime plan - Dec-06Lex: Subprime securities - Dec-05Mortgage loss alert sparks drop for MBIA - Dec-05Lex: MBIA’s capital deficit - Dec-05US jobs account eases slowdown fears - Dec-05More from this sectorMaverick China Payment Profiles: 99Bill, Hot Out of the Gates, but Sustainable Maverick porcelain Research12/3/2007$1000Maverick porcelain Payment Profiles: porcelainpay, Providing Online Payment Solutions for Chinese Banks nonconformist China Research12/3/2007$1000BlogsBrussels BlogCharles PretzlikClive CrookDear LucyEconomists’ ForumEnergy FilterJohn GapperGideon RachmanTech BlogThe Undercover EconomistWestminster BlogWillem Buiter’s MavereconRegional pagesLatin American agendaChinaIndiaBrusselsInteractivePodcastsDebates & pollsAsk the expertMarkets Q&AJobs and classifiedsBusiness for saleContracts & tendersJobs Search kind your search criteria below:* smallest amount delay 15 minutesAll times are London timeFT HomeSite mapContact usHelpAdvertise with the FTMedia centreStudent offersFT ConferencesFT SyndicationCorporate subscriptionsFT GroupPartner sites: Chinese FTcomLes EchosFT DeutschlandExpansionInvestors ChronicleExec-Appointmentscom© Copyright The Financial era Ltd 2007 "FT" and "Financial era" are trademarks of.
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Aig Tries To Allay Subprime Worries >>
Fool News: Many Parents Unintentionally Commit Insurance Fraud - Published:17/10/07
Thousands of unwitting parents may be committing insurance deception by letting their kids drive a automobile primarily insured for mum and dadResearch by Zurich Insurance reveals that nearly a tenth (9%) of drivers who have helped their children and grandchildren to purchase a automobile currently have it insured in their own name, with the majority blissfully unaware that what they are doing could be contravention the lawThe practice, known as ‘fronting', involves one person insuring the automobile in his or her name and adding someone else as a ‘named driver', when this named driver is in fact the major or only driver of the vehicleMore than semi (57%) of the 1,036 people surveyed didn't realise that fronting amounts to cover deception, with nearly a fifth (19%) mistakenly presuming that the car should be insured in their name because they legally own it Such assumptions can have serious consequences, leaving the driver uninsured with potential claims refusedOver two thirds (68%) of drivers who had the car insured in their own name admitted they did it largely to decrease their premiums, and although many think that their insurer will never find out about fronting, if the driver is concerned in an accident the repercussions can be more than now higher premiums Insurers have the right to say no claims and cancel policies where drivers have been dishonestIn addition, declined claims can lead to the law enforcement treating the driver as uninsured, leading to fines amounting to hundreds of pounds and possible penalty points on their licence For a new driver, six-points would guide to disqualification from drivingTo avoid possible confusion, it is a good idea to get in touch with the insurer to confirm that the details of the main driver are precise This will avoid any future evils and ensures everyone is covered should misfortune strike© Copyright 1998-2007, The Motley trick Limited All rights reserved This fabric is for personal use onlyPlace of Reg: England & Wales Company Reg No: 3736872 storage bin Reg No: 735 7818.
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Fool News: Many Parents Unintentionally Commit Insurance Fraud >>
Zurich Insurance: Be on guard with personal possessions - Published:17/09/07
Zurich has advised people who take expensive personal belongings with them to pay heed to their securityA spokesperson for the insurer said that many home cover policies do not cover goods when they are absent from the household, which highlights the need for people to make sure what level of cover they have"Cannier" thieves and a greater consciousness of the issue of defensive personal goods are two of the factors cited by the Swiss solid behind an increase in claims for stolen merchandise, such as mp3 players and mobile phonesThe spokesperson advised: "Check your policy and have your own personal security top of your list when you're out and about"People need to be aware of their own personal safety and what their gadgets do to highlight them as a aim"According to research by Zurich last year, the average person in the.
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Zurich Insurance: Be On Guard With Personal Possessions >>
