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Reinsurance News
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
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
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
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
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
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
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
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
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
25th March 2020
Reinsurance broker Guy Carpenter has hired an AIG alum as its new Global Head of Client Support Services, appointing George Williams to the role, who was most recently COO of General Insurance North America at the insurance firm. Williams has been appointed as Managing Director, Global Head of Client Support Services ... Read the full article
24th March 2020
U.S. insurer and reinsurer American International Group, Inc. (AIG) has hired Gero Michel, who was most recently at broker Aon, as its new Head of Risk Analytics for its reinsurance unit AIG Re. Gero Michel joined AIG Re in February, taking on the new position that will see him working across ... Read the full article
4th March 2020
AIG subsidiary Blackboard Insurance has received approval to operate its commercial insurance package in Virginia, expanding the list of approved states and territories to 47. Blackboard was formed in 2017 when AIG opted to rebrand a newly purchased US technology-focused firm. The Blackboard vision is to reimagine commercial insurance through digital technology, ... Read the full article
27th February 2020
Jon Hancock, who since 2016 served as Director of Performance Management at Lloyd's of London, has been appointed as the Chief Executive Officer (CEO) of International General Insurance at AIG, effective spring 2020. The specialist Lloyd's of London insurance and reinsurance marketplace announced in January that Hancock was to step ... Read the full article
25th February 2020
U.S. insurer and reinsurer AIG has announced that it has entered into an accelerated share repurchase (ASR) arrangement with Citibank, N.A. to repurchase $500 million of the company's common shares. In February of last year, AIG announced its existing $2 billion share repurchase authorisation, and this latest ASR is part of ... Read the full article
14th February 2020
Global insurer and reinsurer AIG continued to refine and enhance its reinsurance buying strategy at the recent Jan 1st, 2020 renewals, securing an improved catastrophe reinsurance program at a lower cost when compared with the previous year. In recent times, AIG has made some significant changes to its use of ... Read the full article
