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AIG

W&I claims are increasing in frequency and severity, says AIG

13th June 2019

Global insurer AIG has highlighted an increase in both the frequency and severity of Warranty & Indemnity (W&I) claims across the globe, while the driver of claims notifications remains unchanged. For deals between $400 million and $1 billion, AIG notes that claims notification frequency has increased by 26%, but remained steady ... Read the full article

Accenture’s Cusano to lead AIG’s business, technology operations

10th June 2019

Global insurer American International Group (AIG) has announced the appointment of John Cusano as Chief Business & Technology Operations Officer, effective July 1. Cusano, who joins from Accenture having held a number of leadership positions in the company, has over 30 years’ experience and has demonstrated a successful track record of ... Read the full article

AIG subsidiary Blackboard adds Uwe Schoberth from QBE

6th June 2019

AIG subsidiary Blackboard Insurance has brought in Uwe Schoberth to focus on market relationships and bolster the company’s expanding go-to-market strategy. Schoberth, who joins from QBE Group, will apply his background in the commercial insurance industry to enhance Blackboard’s connection with brokers in this market to help clients better manage risks ... Read the full article

Validus Re CEO, Kean Driscoll joins AIG CUO office

6th June 2019

Insurer and reinsurer AIG has appointed Validus Re Chief Executive Officer (CEO), Kean Driscoll, Global Chief Underwriting Officer (CUO) for Property and Agriculture, General Insurance. At the same time, Alexander Baugh has been named Global CUO for Casualty and Financial Lines, General Insurance. Both appointments are effective immediately, and in these ... Read the full article

AIG names David McElroy as head of General Insurance for North America

5th June 2019

American International Group, Inc. has announced the promotion of David McElroy to President and Chief Executive Officer (CEO) of the North America operations of General Insurance, taking over from Lex Baugh. McElroy, who first joined AIG in October 2018, previously served as President and CEO of Lexington, a surplus lines ... Read the full article

AIG’s Talbot restructures with closure of Australia & Lloyd’s China units

30th May 2019

AIG-owned reinsurer, Talbot Underwriting is to close its office in Australia and also its Lloyd's China unit and will now service its renewals through its Singapore and London branches. Talbot has said that it is to combine its regional underwriting capabilities into a single hub domiciled in Singapore, which it states ... Read the full article

AIG working on sale or deconsolidation of legacy play Fortitude Re

17th May 2019

Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article

Florida market to undergo meaningful price correction at June 1: AIG’s Zaffino

10th May 2019

Global insurer AIG believes the Florida property reinsurance market will undergo a meaningful price correction at the upcoming mid-year renewals, while more broadly, it continues to see greater evidence of price discipline, according to Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. Speaking during ... Read the full article

Talbot founder Rupert Atkin steps down as Non-Exec Chairman

8th May 2019

David Batchelor has been appointed Non-Executive Chairman of Talbot Group, the Lloyd's of London re/insurer acquired by AIG through its acquisition of Validus Holdings in 2018. The appointment is effective after the receipt of regulatory and Lloyd's approval. Batchelor, formerly of broker Marsh, replaces Talbot founder Rupert Atkin, who steps down ... Read the full article

AIG improves general insurance underwriting performance in Q1

7th May 2019

Global insurer AIG saw its first-quarter 2019 net income decline to $654 million year-on-year, despite an improved performance in its general insurance unit driven by enhanced underwriting fundamentals, expense discipline, and reinsurance actions. Net income fell to $654 million from $938 million a year earlier, while AIG's return on common equity ... Read the full article

Avery Dennison transfers $750mn in pension obligations to AIG

24th April 2019

American International Group, Inc. has announced that Avery Dennison Corporation has agreed to transfer $750 million of pension obligations to American General Life Insurance Company, part of AIG’s Life & Retirement business. The agreement covers approximately 8,500 retirees, beneficiaries, and deferred and active members. Avery Dennison is a global materials science company ... Read the full article

AIG appoints QBE’s Kathleen Zortman to lead Private Client Group

5th April 2019

Global re/insurer AIG has appointed Kathleen Zortman as President and Chief Executive Officer of Private Client Group, General Insurance. Based in New York, Zortman will lead AIG’s global high net worth portfolio, with responsibility for strategy, underwriting and distribution for the company’s private client business. She joins from QBE Insurance Group where ... Read the full article

Former XL Group CFO Peter Porrino among new AIG Director nominees

2nd April 2019

The Board of Global insurer AIG has nominated three new candidates that will join ten of the company's current Directors standing for re-election at its Annual Meeting of Shareholders. The nominees include Peter Porrino, former Executive Vice President and Chief Financial Officer of XL Group; Amy Schioldager, former Senior Managing Director ... Read the full article

Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer

26th March 2019

Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article

AIG dramatically shifts reinsurance use to better realise strategic benefits

15th February 2019

The Chief Executive Officer (CEO) of global insurer AIG's General Insurance unit, Peter Zaffino, has said that the company is "extremely pleased" with the support it received from the reinsurance market as it continues to dramatically shift its utilisation of reinsurance protection. AIG's reinsurance use has, in recent times, been a ... Read the full article

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