Christopher Garand, former SVP and chief underwriter at
Prosecutors said the scheme involved AIG paying Gen Re in a sham deal to take out reinsurance policies with AIG in 2000 and 2001. The scheme reportedly boosted AIG's stock prices and inflated reserves by $500 million.
Garand is the third of five former executives to be sentenced.
The two companies, units of Japan-based Tokio Marine Holdings Inc., said the decision will affect 12,556 policies with premiums of $11.3 million.
Startup life insurance brokerage launched in 2021 adds new capability as it expands its reach of carriers and agents using the service.
Four strategies for insurance companies aiming to leverage AI's potential.
El Nino, which brings dry and hot weather to Southern Africa, has decimated harvests of corn across the region.
Insurers embedding coverage in other venues are finding the practice adds risks, and agents point to their value for interpreting coverage to policy buyers.
Allstate found that customers who use Drivewise are 25% less likely to experience a severe collision than those who don't.
