AIG's P&C Loss Reserve Development Falls 79% in 2nd Quarter

American International Group Inc.'s property and casualty loss reserve development fell 79% in the second quarter from the prior-year quarter, partially due to workers' compensation rulings in Florida. The property and casualty net adverse prior-year loss reserve development was $58 million last quarter, the company announced. That included a $100 million reserve charge associated with Florida rulings that could increase the potential liability for workers' compensation claims in the state. AIG's net income for the second quarter rose 5.6% from the same period last year,...