Morning Briefing: Experts says Google should buy AIG, shake-up insurance

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Experts says Google should buy AIG, shake-up insurance
Analysts from Citigroup have suggested that Google’s parent company Alphabet should buy insurance giant AIG and turn it into a laboratory of exploration. Bloomberg reports that the analysts wrote that although it is an unlikely scenario “there is a perfect convergence of reasons why it might be exactly what AIG and the insurance industry needs.”

The Citigroup experts say that the insurance industry needs a shake-up and that “The time is right to attempt something big, and the candidates are here.” Neither AIG or Google have commented on the suggestion.
 
Allstate Canada appoints new leader
Ryan Michel has been appointed president and CEO of Allstate Insurance Company of Canada, succeeding John O’Donnell who has taken on a senior VP role with Allstate in the US. Michel joined the insurer in 1996 as an actuarial analyst and has held a variety of roles on his way to the top job. In his new role, Mr. Michel has reporting responsibility for the Allstate Corporation’s entities in Canada, which include the Allstate Insurance Company of Canada, Pembridge Insurance Company, Pafco Insurance Company and Ivantage Insurance Brokers.
 
Home Savings enters insurance business through acquisition
United Community Financial Corp., the holding company of The Home Savings and Loan Company has entered the insurance business by acquiring local insurance agency James & Sons. The deal is the first step for The Home Savings Insurance Group which the firm says it will expand “via organic growth coupled with a selective acquisition strategy.”
 
Bloggers, YouTubers now official occupations for auto insurance
A specialist insurance broker in the UK has added some new occupations to its official list. It means that bloggers, YouTubers, professional gamers and social media marketers will all be able to find auto insurance without having to settle for a close match for their occupation.  Adrian Flux says that the Association of British Insurers’ list of more than 2,000 occupations still includes outdated ones such as ostler (a man employed to look after horses at an inn) and cardinal, although there is only one in the whole of the UK.

Gerry Bucke, the general manager at Adrian Flux, commented: Until we start building up data about these new jobs, we won't know exactly how to rate them. At the moment we have to guess a little, and rate them according to the closest occupation we can find, but once we have them registered correctly we will be able to build a more accurate picture.”

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