There will be layoffs next week. Total for this year is expected to be over 1400 people. The casualty business has been losing money for a while. Most of these are 12 month policies (workers compensation, automobile, etc.) how did the underwriting management and product leaders let this happen? There's no accountability. These loses didn't take place all in 2017. The automobile book has not been performing well for a long time - how is this allowed to happen. AIG has an expense issue. They are letting people go to save expenses. However the new leaders are making sinful amounts of money (see: https://www.insuranceinsider.com/articles/121720/aig-management-changeover-drives-up-p-and-c-executive-pay). You know how many lower level people you need to fire to cover this additional expense? Greed and lack of accountablility. Don't expect any bonus for the people who are left.
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I heard that claims is going to get hit more in October. They apparently are still working on it.
Would love to know who was layed off. I have not heard anything yet.
a few senior level people were laid off today. There will be more tomorrow. This will impact claims.
Heard of a few layoffs today...Think this will be a busy week.
Layoffs will continue at AIG for some time. The causality business is in the dumps because they hired tons of inexperienced underwriters who have no clue. The management also has no clue and just care about the STI bonus at the beginning of the year. Their is no more loyality and they treat the good employees work them to death and eventually lay them off at some point. How do they justify giving the CEO 43 million dollars who is at the end of his career at 71 years old.. He has not produced any results and with this hurricane it will be another excuse. They also have the worst IT and computer systems of any company I have worked for. It's a shame.