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AIG targets US high net worth market with new Lloyd’s syndicate

23rd October 2019 - Author: Luke Gallin

American International Group, Inc. (AIG) has announced the launch of Syndicate 2019, a new Lloyd’s of London syndicate designed to serve the specialist US high net worth market, subject to regulatory approval.

AIG LogoSyndicate 2019 will be managed by Talbot Underwriting Limited, the MGA AIG acquired last year, and will start writing business effective January 1st, 2020. The new syndicate is expected to bring substantial new business to Lloyd’s, writing up to USD 1 billion in gross written premiums.

The syndicate will underwrite risks in the US high net worth segment, where AIG Private Client Group (PCG), a division of AIG, has a strong presence in the ultra-high net worth segment.

According to an announcement on the proposals to launch the new syndicate at the specialist Lloyd’s of London insurance and reinsurance marketplace, Syndicate 2019 has undergone the normal scrutiny the marketplace applies to any potential new entrant.

At the same time, the new syndicate has also benefitted from some of the framework improvements for new entrants being piloted as part of the market’s Future at Lloyd’s Blueprint One, which includes a streamlined initial application-to-approval process of roughly four months.

John Neal, Lloyd’s Chief Executive Officer (CEO), said: “AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the US, providing a bespoke underwriting and service proposition for its customers. We are delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s.

“Syndicate 2019 is a significant endorsement of the Future at Lloyd’s and represents strong support for our vision to build the most advanced insurance marketplace in the world.”

The new syndicate enables AIG PCG clients to benefit from additional products and holistic risk management solutions provided through the specialist Lloyd’s marketplace. And, at the same time, brings a significant volume of new business to market, which is hoped will drive profitable growth for both AIG and Lloyd’s.

Evercore and re/insurance broker Aon are advising AIG on the transaction.

“AIG’s industry recognised Private Client Group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth. We look forward to working closely with Lloyd’s to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high net worth customer base,” said Peter Zaffino, CEO, General Insurance, and Global Chief Operating Officer (COO), AIG.

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