AIG Financial News

This Diwali, electric vehicles (EVs) and hybrid electric vehicles (HEVs) owners in India can avail of an insurance product specifically designed for their batteries. Magma HDI General Insurance Limited (Magma HDI) has launched ‘Battery Secure Add On’, an insurance product specifically for batteries of electric vehicles (EVs) and hybrid electric vehicles (HEVs). 

TATA AIG General Insurance Company Limited today said it will offer travel insurance to Air India, for both of its domestic and international travellers. The objective is to enhance Air India passengers’ journeys, thereby allowing them to enjoy their travels, the insurer said. 

(Reuters) — American International Group (NYSE:AIG) on Wednesday appointed company insiders David McElroy, Don Bailey, and Jon Hancock to key positions in a bid to strengthen its underwriting performance.

The head of private fixed income at SLC Management is to retire at the end of the year and will be succeeded by two co-heads.

A group of financial advisors with $260 million in client assets and a specialty in retirement programs for schools, universities and hospitals, known as 403(b) plans, has jumped from Valic Financial Advisors Inc. to LPL Financial.

By Iain Withers

Gross written premium of the non-life insurance industry fell 3.74% year-on-year (y-o-y) in August to Rs 23,558.25 crore as India’s two specialised insurers posted slump in growth of premiums during the month.

Bajaj Allianz General and Tata AIG General have stolen the march over rivals – both stateand private-owned in premium growth last month. The industry saw premiums amounting to Rs 19,291 crore, marking a 12.80% increase compared with the same month last year. Bajaj Allianz General Insurance saw 64% growth while Tata AIG General Insurance saw a 26% jump in the gross written premium, when the listed state-run insurer New India Assurance grew 2.63%. However, the growth in general insurance premiums slowed down in August compared with July.

LPL Financial said advisors Steve Boeckmann and David Wyzgowski, who managed approximately $350 million in client assets at Valic Financial Advisors, the broker-dealer for AIG Retirement Services, have joined LPL’s broker-dealer, RIA and custodial platforms.

Quadria Capital, a healthcare-focused investor, has started distributing the gains from its 10-year-old first fund, along with the principal, to its limited partners or investors. The process is anticipated to conclude by 2023-end. “We are in the process of returning the fund completely.

HDFC, e-commerce platform Myntra and insurance firm Tata AIG are among Indian companies using these tools, he said. “We see it as an enhancement, and a tool to exponentially increase the opportunity to reach consumers with relevant ads, to reach consumers with a relevant experience on their website," Taylor said. Industry stakeholders sees the move as Google’s attempt to protect its revenue in the long run.

healthcare to grow families and improve the standard of living is opening newer investment opportunities for Baring Asia-EQT, said one of its key executives. Baring Private Equity Asia-EQT (BPEA-EQT) announced two headline transactions in as many months. In June, it teamed up with Chrys Capital to buy 90% of Credila, the education loan arm of HDFC Ltd, for $1.1 billion--the largest-ever private equity (PE) buyout in India in the financial services sector. The following month, it invested $650-700 million for a 60-65% stake in Indira IVF, the largest provider of fertility services in India and among the top five globally in terms of annual in vitro fertilisation (IVF) cycles. Baring Asia and Sweden’s EQT announced a $7.5 billion merger in 2022 to create the world's third-largest PE fund group. “We continue to remain positively inclined to make more investments. We are not going to maintain that same pace of investments every month, but we are still inclined to making more investments in healthcare,” said Jean Salata, CEO, BPEA-EQT. “We just announced Indira IVF and we did AIG Hospitals in Hyderabad last year. We are still open to doing more in financial services, and of course tech and IT services has been the main thrust for us.”

content creation, according to industry experts. With implications and implementations in various fields, generative intelligence and machine learning use cases are likely to impact the $8-billion (around Rs 66,142 crore) Indian digital advertising industry, according to machine learning company Moloco's General Manager, India, Siddharth Jhawar.

Google Ads platform, said Dan Taylor, vice president of global ads at Google. Using Large Language Models (LLMs) and generative artificial intelligence (Gen AI), Google Ads will be able to create campaign workflows based on business prompts given by marketers. «It learns from the advertisers landing pages, queries that are performing well and headlines that they've already approved to create entirely new creatives,» he said during his recent India visit.

Osaic has welcomed its first advisor team since it rebranded and began the consolidation of its large network of broker-dealers.

Quadria Capital, Singapore's healthcare focused private equity firm, on Wednesday announced an investment of up to ₹1,300 crore in Maxivision Eye Hospital, one of India's leading private eye care chains. Quadria will make an initial investment of about ₹600 crore for a significant minority stake, and a further investment of up to ₹700 crore for additional stake, representing one of the largest investments in the eye care services space.

Canada’s top banking regulator has sat down with senior managers at the country’s largest financial institutions to scrutinize their exposure to private lending and alternative credit strategies tied to the fast-growing shadow banking sector.