Insurance Commons^™

Lessons Learned: Eric Dinallo, Maryann Haggerty

Journal of Financial Crises

Eric Dinallo was New York State Superintendent of Insurance from January 2007 through July 2009. In New York, as throughout the United States, insurance companies are regulated at the state level. In his position as Superintendent, Dinallo oversaw the insurance operating companies of American International Group (AIG) within New York. AIG’s holding company, however, was supervised at the federal level. Much of AIG’s problems came from its non-insurance subsidiary AIG Financial Products (AIGFP), which was a major presence in the market for credit default swaps (CDS), a type of derivative that was a factor behind the 2007-09 financial crisis. This …

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, American International Group, Inc. (AIG) experienced a liquidity crisis. To avoid the insurance giant’s bankruptcy, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion emergency secured credit facility to AIG. In connection with the credit facility, AIG issued 100,000 shares of preferred stock, with voting rights equal to and convertible into 79.9% of the outstanding shares of AIG common stock, to an independent trust (the Trust) set up by the FRBNY. Three trustees held the stock for the sole benefit of the US Treasury, exercised the rights, powers, authorities, discretions, and duties of the …

The Rescue Of American International Group Module E: Maiden Lane Iii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

Starting in mid-2007, American International Group (AIG) faced increasing collateral calls from counterparties looking to protect their positions in credit default swap (CDS) contracts that AIG had written on residential and commercial collateralized debt obligations (CDOs) (US COP 2010, 28-30). Per these agreements, the AIG parent company was responsible for insuring the value of the CDOs against the risk of a negative credit event, such as default (GAO 2011, 5; US COP 2010, 29-30). AIG’s immediate need for liquidity on September 16, largely driven by a securities lending program and those collateral calls, prompted the Federal Reserve to lend the …

The Rescue Of American International Group Module D: Maiden Lane Ii, Lily S. Engbith, Devyn Jeffereis

Journal of Financial Crises

In September 2008, American International Group (AIG) faced increasing difficulty in returning cash collateral to counterparties looking to terminate, rather than roll over, their securities lending agreements, in part because the company had invested the collateral in residential mortgage-backed securities (RMBS), which were becoming illiquid. The Federal Reserve Bank of New York (FRBNY) provided liquidity to the company, including through the Securities Borrowing Facility (SBF), which allowed for the repayment of cash collateral but did not address the falling values of the RMBS. In November 2008, the Federal Reserve Board authorized the creation of Maiden Lane II (ML II), a …

The Rescue Of American International Group Module C: Aig Investment Program, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion credit line to AIG to address its liquidity stresses, but AIG’s balance sheet remained under pressure. The insurance giant was projected to report large third-quarter losses and was at risk of being downgraded by major credit rating agencies. For these reasons, in early November 2008, the US Treasury invested $40 billion of Troubled Assets Relief Program (TARP) funds into AIG in exchange for 4 million shares of AIG Series D preferred stock and a warrant to purchase AIG common stock. The investment helped repay a …

The Rescue Of American International Group Module B: The Securities Borrowing Facility, Lily S. Engbith, Alec Buchholtz, Devyn Jeffereis

Journal of Financial Crises

In 2008, American International Group (AIG) was among the largest insurance corporations in the world and maintained a profitable securities lending program. However, AIG invested much of the cash collateral received from counterparties in residential mortgage-backed securities, whose value began to collapse rapidly and unexpectedly, creating liquidity strain for AIG when borrowers returned their securities. Because of these strains, credit downgrades, and losses, in September, the company sought assistance from the Federal Reserve which, on October 6, 2008, approved the establishment of the Securities Borrowing Facility by the Federal Reserve Bank of New York (FRBNY). The FRBNY agreed to loan …

The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

On September 15, 2008, the big three rating agencies downgraded AIG’s credit ratings multiple levels, exacerbating liquidity strains that the company was experiencing due to increasing cash demands by securities borrowers and collateral calls by credit default swap (CDS) customers. To prevent AIG from filing for bankruptcy, the Federal Reserve (the Fed) announced on the following day that, pursuant to its emergency powers, it would provide the company with an $85 billion Revolving Credit Facility (RCF). The RCF was secured by AIG assets and interests in its subsidiaries and required AIG to grant the US Department of the Treasury a …

Pacific Life Strategic Analysis, Jake Litel-Smith

Honors Program: Senior Projects (Public)

Pacific Life is one of the most recognizable names in life insurance. The company is known for its brand and consistent delivery on its promises for over 150 years. This study shows a comprehensive analysis of Pacific Life, including external and internal considerations. Porter’s Five Forces and PESTEL will provide a guide to understanding the environment outside of the company. A SWOT analysis will provide a better grasp on the company’s current market position. The analysis will conclude with an understanding of Pacific Life’s current strategy and recommendations for its future success.

A Commonly Forgotten Tool In Retirement Planning: Health Savings Accounts, Austin Duerfeldt

Cornhusker Economics

Many individuals are aware of IRAs, 401(k) plans, 403(b) plans, and others when starting to build their retirement portfolio. These plans all have their benefits and drawbacks that need to be accounted for. What surprises many is there is another tool that you may be qualified for and are underutilizing. A Health Savings Accounts commonly referred to as an HSA, has some interesting possibilities that could be useful. An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualifying medical expenses. While you cannot generally use this money saved …

J Mich Dent Assoc April 2021

The Journal of the Michigan Dental Association

In the April 2021 issue of the Journal of the Michigan Dental Association, we offer a comprehensive range of original feature content showcasing the latest developments in dental practice and knowledge, including:

1. AI in Dental Care Delivery: Explore the groundbreaking role of Artificial Intelligence (AI) and Machine Learning in dental care, revolutionizing efficiency, safety, care outcomes, and treatment planning consistency.
2. AI in Dental Claims Processing: Discover how AI is employed by third-party payers to streamline dental claims processing, resulting in cost containment and the proactive identification of potential fraud, waste, and abuse.
3. Evidence-Based Dentistry: As part of …

The Evolution Of Cyber Risk And The Cyber Insurance Market, Abigail Chase

Senior Theses

Insurance and hedging instruments can help corporations manage many of the operational and financial risks they face. Yet, additional complexities are introduced now that many risks are increasingly interdependent and thus strongly correlated, making them more challenging to manage. Few risks illustrate this challenge better than cyber risk.

This thesis will focus on the increasing attention that the management of cyber risks receives in corporations, institutions and industries, and the role that insurance and risk management strategies play in mitigating this risk. The decision to focus on cyber risks—and the financing and management of those risks—is directly related to the …

Islamic Insurance On Research: Bibliometric Analysis, Dedi Kusmayadi, Irman Firmansyah, Iwan Hermansyah

Library Philosophy and Practice (e-journal)

This study explains the development of articles on Islamic insurance. The data is taken from dimensions.ai database from 2014 to 2021. The data analysis is bibliometric using R biblioshiny software. The number of articles collected is 500 documents from the Journal 399 documents, Chapter 60 documents, edited book 8 documents, monograph 6 documents, preprints 13 documents, and proceedings 14 documents. The results of the analysis show that the development of articles with the theme of Islamic insurance has increased. The most productive author is Billah MM with a total of 12 articles, while the author who writes the most consistent …

Poster: “United Way Of Northeast Florida Would Like To Thank Its Senior Initiative Sponsor Bcbsf”, United Way Of Northeast Florida

Florida Blue Archives Printed Materials

No abstract provided.

Poster: Happy Birthday To Florida Blue’S #1 Ambassador!, Florida Blue

Florida Blue Archives Printed Materials

No abstract provided.

Matted Photograph: Dr. Phillips Center For The Performing Arts Signed Photograph, Dr. Phillips Center For The Performing Arts

Florida Blue Archives Printed Materials

No abstract provided.

Booklet: Blue Cross And Blue Shield Of Florida Management System Presentations Printout, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

No abstract provided.

Booklet: Bluecross Blueshield Of Florida: Florida At Work, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

No abstract provided.

Booklet: History Of Blue Cross And Blue Shield, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

No abstract provided.

Booklet: Memoirs Of G. Hunter Gibbons Lt. Col. Usaf, [Member Of The Board For Blue Cross And Blue Shield And Later Became The Chairman Of The Board For Bcbsf], G. Hunter Gibbons.

Florida Blue Archives Printed Materials

No abstract provided.

Brochure: The State Of Health Care, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

No abstract provided.