Martin Sullivan , former chief executive officer of American International Group Inc. , said he was unaware in 2005 of the tripling of risk through derivatives at the bailed-out insurer’s Financial Products unit.
Inflation may be a bigger risk for insurers than tsunamis or Europe’s sovereign debt crisis because claims costs could climb faster than the value of the firms’ investments, said Martin Sullivan, deputy chairman of broker Willis Group Holdings Plc.
American International Group Inc. promoted Peter Hancock to chief executive officer as the company focuses on growth after his predecessor stabilized the insurer and paid back a 2008 government bailout.
As President Barack Obama renewed his criticism of tax laws that “reward companies that keep profits abroad,” the government he leads is taking a more subtle approach -- one that’s helping some of those companies.
The bipartisan Washington consensus to rewrite the U.S. tax code has a flaw that will make it difficult to turn talk into law. There’s little agreement on what a tax overhaul means and what it’s supposed to achieve.