NEW YORK—Former American International Group Inc. Chairman and CEO Maurice R. Greenberg testified last week about a sham 2001 reinsurance deal between AIG and General Re Corp., moving a 2005 civil fraud lawsuit against him closer to trial, legal experts ... [full story]

Although making acquisitions is a prudent strategy for forward-thinking surplus lines insurance executives seeking to build their organizations, potential sellers are unlikely to agree to lower the deal prices offered, experts recently warned. The interplay between thoughtful buyers looking to diversify ... [full story]

Chilean insurance association AACH is estimating insurers will have to pay at least US$2.5bn-2.6bn to cover damage stemming from a massive 8.8-magnitude earthquake that hit central and southern Chile on Saturday, insurance association AACH chairman Mikel Uriarte told press on ... [full story]

Prudential P.L.C., the British financial services company, was nearing a deal on Sunday to acquire the American International Group’s big life insurance business in Asia for about $35.5 billion in a move that would help repay taxpayer bailout money, people ... [full story]

Failure to achieve a binding agreement at the United Nations Framework Convention on Climate Change held in Copenhagen, Denmark last December has left insurers with no clear direction to address the growing risk from global warming, according to industry observers. ... [full story]

Japan’s retail property market is “attractive” and will yield at least 8 percent annually, according to Challenger Life Co., a subsidiary of Australia’s Challenger Financial Services Group. The life insurance unit of ... [full story]

California’s Insurance Commissioner said next month he will take regulatory steps against insurers with investments in firms with Iranian connections that could lower their capital and surplus levels. The move by Commissioner Steve Poizner, which could possibly hurt company financial-strength ... [full story]

WASHINGTON—State regulators have told Congress the Treasury’s assessment of how American International Group holding company problems could have impacted AIG’s ability to pay insurance claims is wrong. In a letter to lawmakers the National Association of Insurance Commissioners said that American ... [full story]

Insurance company policy administration systems are overburdened and not meeting carrier demands for growth, adaptability and standardization, a survey by Accenture has revealed. The consulting firm found 84 percent of those property and casualty insurers surveyed see modernization of their policy ... [full story]

WASHINGTON—Insurance industry representatives said President Obama’s new effort to tax insurers who cede premiums to overseas affiliates is far tougher than previous proposals aimed at low-tax offshore havens. The Obama administration’s concept contained in the budget it released yesterday unleashed withering ... [full story]