Danny Walkinshaw looks at the latest insurance stories online
The troubled American insurer AIG was the talk of insurancetimes.co.uk again last week, with the news from New York that Edward Liddy, its chief executive, was taking a huge pay cut.
Liddy, who took over at the insurer in September, will work for $1 and no bonus until the start of 2010.
Other AIG executives have also had restrictions placed on their salaries.
The move follows recent criticism of the insurer for its lavish spending, including sending staff to luxury resorts, particularly in the wake of its multi-billion-dollar government bailout.
This latest statement has sent a clear message that the buck stops here. Just one question: how will Liddy spend his $1?
Visitors to insurancetimes. co.uk can now watch a video interview with Hank Greenberg, the former AIG boss, provided by AmBest.
Insurancetimes.co.uk will continue to offer great value with the new-look Insurance Times. But we’d like your feedback on what you like best about the site – and what you’d like to see in the future.
If you are an online subscriber, the latest issue of Insurance Agenda is now available (see left for more details). Don’t forget also to sign up for our weekly alerts for the news, analysis and features that matter to you.
If you’re missing “My Favourites” in Insurance Times, have no fear. You can see Chubb’s independent broker team manager Michael Smith’s favourite sites in the “latest issue” section of our website, updated each Wednesday.
Online top 5
The five most read stories at insurancetimes.co.uk this week
- AIG chief to work for $1 until end of 2009
Liddy forgoes salary and bonuses
- Norwich Union to revamp Club 110
All change as club passes £400m GWP mark
- FSA bans agents for illegal trading
Stephen Fryett and Richard Baines are punished as FSA hands out second ban of the week
- RSA Announces new managements line-up
Jon Woodman departs
- Capita to offload legal expenses arm
Sixty-two jobs under threat at Colchester office
Postscript
My Favourites – Michael Smith
www.comeallwithin.co.uk
This is the message board for the fans of Harlequins Rugby. I’ve been a fan for approaching 10 years now and have season tickets with my family. Comeallwithin.co.uk is a great way to keep in touch with other fans away from match day, as well as getting updates on the team, gossip and all things Quins! It can get a bit silly and overly critical, but every match day, without fail, someone posts what’s happening in the game (and how the referee must be wrong!).
www.google.com/finance
Google Finance is a great site for keeping abreast of developments and news in the financial markets, although I generally use it for market information on Chubb’s share price, competitor news and official announcements. It also gives a real time stock price for any one given company.
www.metcheck.com
Being British, I am, of course, fascinated by the weather! Metcheck is a great site that appears to be the most accurate I have come across. Weather is important to me day to day as I cycle to and from the office from Waterloo station so I have to be prepared for what the skies throw at me. Metcheck at least gives me some advance warning (and prepares me for the worst!).
www.topgear.com
A great show and a fantastic website. I am a big fan and watch the show religiously with my eldest son every Sunday night. The website shows unseen footage from the filming of the TV show as well as continuing with the trio’s usual larks, using cars as an excuse for behaving like teenagers – like we all wish we could!
www.amazon.co.uk
It’s that time of year again when I turn to Amazon for my Christmas shopping. I hate trudging round the shops, so Amazon comes to the rescue with CDs, books and other suitable things for Christmas, and all without leaving my chair. What I did without it, I don’t know.
Michael Smith is independent broker team manager at Chubb Insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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