AIG Financial Products’ boss may not face criminal charges

Joseph Cassano, the former head of AIG’s financial products division that nearly bankrupted the insurer may face civil charges even if he faces no criminal charges, Reuters reports.

As recently as mid-March, prosecutors and lawyers from the Securities and Exchange Commission interviewed potential witness in the investigation, sources said.

Regulators do not have to meet the same burden of proof as prosecutors. To prove civil fraud, the SEC needs only to show that the defendant was reckless. That is a much easier standard than having to prove someone intended to commit a crime.

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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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