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AIG

AIG’s GI unit reports Q2 underwriting loss as cats hit $674mn

4th August 2020

American International Group, Inc. (AIG) has reported that its General Insurance (GI) segment fell to an underwriting loss of $343 million in the second-quarter of 2020, which includes €674 million of catastrophe losses, net of reinsurance. The elevated level of overall cat losses in Q2 compares with €174 million of cats, ... Read the full article

AIG to relocate global headquarters, consolidate remaining NY office space

22nd July 2020

Global re/insurer AIG is relocating its global headquarters from the Financial District in Manhattan to Midtown, while also consolidating its remaining footprint in the city. AIG Chief Executive Officer and President Peter Zaffino said the decision has been influenced by the recent COVID-19 lockdowns. As businesses start transitioning back from lockdown, the lessons ... Read the full article

Catherine Barton appointed CFO of AIG’s Talbot Underwriting

10th July 2020

Catherine Barton has been unveiled as the new Chief Financial Officer (CFO) of Lloyd's of London syndicate Talbot Underwriting Ltd, an AIG company. Barton's appointment is effective September 28th, 2020 and she will also join the Talbot Board, subject to regulatory approval. She succeeds Nigel Wachman, who retires from Talbot in ... Read the full article

AIG Private Client Group transitions business to Heritage & Safeco

30th June 2020

American International Group, Inc. has announced that AIG Private Client Group’s (PCG) agents will soon be able to transition their upper middle market personal insurance business to Heritage Insurance Holdings, Inc. and Safeco Insurance, a Liberty Mutual Company. Beginning in Q4 2020, AIG will transition a select portion of its personal ... Read the full article

AIG Re names Paschal Brooks as CEO of AlphaCat

11th June 2020

American International Group (AIG) has announced that Paschal Brooks has taken on the role of Chief Executive Officer (CEO) of AlphaCat Capital Inc., an AIG subsidiary that provides investment advisory services to the insurance-linked securities (ILS) space. Brooks' appointment is effective April 1st, 2020 and he reports to Chris Schaper, CEO ... Read the full article

Carlyle Group & T&D acquire majority share in Fortitude Re from AIG

3rd June 2020

The Carlyle Group and T&D Holdings have completed their previously announced acquisition of a 76.6% interest in Fortitude Group Holdings, whose group companies include Fortitude Re, from AIG. First announced in November of last year, the deal has now closed following the receipt of regulatory approvals and customary closing conditions. Upon ... Read the full article

AIG lead reinsurer for Pakistan flight crash: reports

29th May 2020

American International Group, Inc. (AIG) is reportedly on the hook as the lead reinsurer for the plane that crashed into a residential area of Karachi, Pakistan on May 22nd, according to Reuters. Airline documents show that the plane was insured for $19.7 million, with Pakistan’s National Insurance Company (PIC) acting as ... Read the full article

AIG UK reports 2019 pre-tax profit of £186.4mn, CR hits 96.4%

12th May 2020

AIG UK, a division of American International Group Limited (AIG), has reported a pre-tax profit of £186.4 million in 2019, its first full operational year. In 2018, AIG restructured AIG Europe Limited (AEL) and established two legal entities, AIG UK and AIG Europe SA, in response to the UK's Brexit ... Read the full article

HSCM Bermuda backs AIG’s Syndicate 2019 at Lloyd’s

11th May 2020

Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced that it has provided capital support for Lloyd’s newly launched Syndicate 2019. The investment manager, which conducts its insurance and reinsurance business as HSCM Bermuda, says the move represents an opportunity to access the ... Read the full article

COVID-19 risk sees Fitch turn negative on AIG Life and holding company

6th May 2020

Fitch Ratings has revised the rating outlook to negative from stable for AIG Life and the holding company, citing the economic fallout and financial market stress being caused by the ongoing COVID-19 outbreak. At the same time, global financial services ratings agency Fitch has maintained its stable outlook on AIG's P&C ... Read the full article

AIG’s GI segment falls to underwriting loss on $272m COVID-19 hit

5th May 2020

American International Group, Inc. (AIG) has reported an underwriting loss of $87 million within its General Insurance segment in Q1, which includes $272 million of estimated COVID-19 related losses. Despite the firm's General Insurance unit falling to an underwriting loss in the quarter, net investment income of $588 million more than ... Read the full article

AIG hires Jonathan Ranger as Head of Marine, Asia Pacific

4th May 2020

American International Group, Inc. (AIG) has announced the appointment of Jonathan Ranger as Asia Pacific Head of Marine, General Insurance. In this role, Ranger will be responsible for optimising and executing on the company's marine strategy across the region. He brings over 30 years of experience working across multiple markets to AIG. Most ... Read the full article

AIG’s Syndicate 2019 at Lloyd’s approved to commence underwriting

4th May 2020

American International Group, Inc.'s (AIG) previously announced Lloyd's Syndicate 2019 has received approval to commence underwriting. Described by the insurer and reinsurer as a landmark Syndicate, AIG's Syndicate 2019 is the largest ever to be launched through the specialist Lloyd's of London re/insurance marketplace. The Syndicate will exclusively reinsure risks from ... Read the full article

AIG’s Blackboard expands underwriting team

6th April 2020

AIG subsidiary Blackboard Insurance has announced a series of appointments and expanded capabilities to include coverage in Washington State. Blackboard is strengthening its underwriting team with the addition of Bobby Steinsdoerfer as Head of Industry Segments, Trey Martino as East Coast Underwriting Leader and Peter Buccola as West Coast Underwriting Leader. With ... Read the full article

AIG life operations may require $3bn extra capital, stress test shows

25th March 2020

New stress tests from Goldman Sachs show that AIG’s life entities could require a capital infusion of up to $3 billion from the holding company, if the coronavirus (COVID-19) outbreak results in major financial market pressures. Analysts felt that the preferred funding options for such a scenario would be a suspension ... Read the full article

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