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News For: Galic AnnuityPolicyholders have protection The financial problems at American International Group Inc. may be causing you great concern today if you hold an AIG life, health, home or auto insurance policy, or have an annuity with the company. Insurance industry officials and analysts say there's little for policyholders to worry about today, but they say they're watching the situation carefully. They're keeping a close eye, because the ... Buy, Sell, or Stay Put? Advice from the Pros If you're feeling pummeled by market mayhem, you're not alone. With Lehman Brothers leh. filing for bankruptcy, Merrill Lynch selling out, and AIG getting a government bailout, investors have been knocked for a loop. Financial advisers have been fielding phone calls from panicked clients, but the smarter ones called their clients first to put things in perspective. "My issue with my clients ... Wisconsin insurance commissioner urges caution about AIG annuities Wisconsin Insurance Commissioner Sean Dilweg is urging insurance consumers today to be cautious about replacing or liquidating their annuities, particularly those that may be underwritten by the AIG insurance companies, despite the current volatility in financial markets. Pressure on variable annuities Variable annuity providers will suffer as the price of derivatives rises, predicts Hargreaves Lansdown head of pension research Tom McPhail. ... A.M. Best Revises Rating Outlook of U.S. Life/Health Companies to Negative The severe dislocation in the capital markets, fueled most recently by the bankruptcy filing of Lehman Insuring Your Investments Recent events have called to mind the Great Depression and that era's run on bank deposits, which forced many financial institutions to close. Younger investors may remember the savings and loan crisis of the 1980s, in which savings institutions were too aggressive in obtaining deposits and making risky loans, forcing many of them to shut down. Numerous small life-insurance companies and other ... Fed Takes Control of AIG With $85 Billion Bailout (Update3) Sept. 17 -- The U.S. government took control of American International Group Inc. in an $85 billion bailout to prevent the bankruptcy of the nation's biggest insurer and the worst financial collapse in history. Reuters Canada Business Summary LONDON/HONG KONG Reuters - An $85 billion dollar U.S. lifeline for American International Group gave some respite to battered financial stocks, while the UK's biggest mortgage lender HBOS Plc and Lloyds TSB contemplated a merger which would reshape British banking. Fitch Discusses AIG Rating Watch Revision in Light of Federal Reserve Actions CHICAGO----Earlier today, Fitch Ratings revised its Rating Watch on American International Group, Inc. and its subsidiaries to Evolving from Negative following the announcement that its board has approved a transaction under which the Federal Reserve Bank of New York will provide AIG with a two year $85 billion secured revolving credit facility. Reuters Canada Business Summary NEW YORK Reuters - Capping an extraordinary day in financial markets, U.S. authorities pieced together an emergency $85 billion rescue of insurance company American International Group Inc to stave off a bankruptcy that could have thrown world markets into deeper turmoil. |