Reinsurance News
AIG news
News about American International Group (AIG), one of the world’s largest insurance and reinsurance groups.
Our news about AIG includes the companies financial results, new hires, product launches, affiliations and also coverage of its reinsurance operations Validus in Bermuda.
AIG appoints Patricia Walsh as Executive Vice President and General Counsel
29th September 2023
American International Group, Inc. has announced the appointment of Patricia Walsh as its Executive Vice President and General Counsel, effective December 1, 2023. Walsh will report to Peter Zaffino, AIG Chairman & CEO, and will serve on AIG’s Executive Leadership Team. Rose Marie Glazer will remain Interim General Counsel until Walsh ... Read the full article
Leading European insurers underwrite 30% of U.S. coal: Insure Our Future
28th September 2023
According to a new report by Insure Our Future, leading European insurers are underwriting nearly a third of U.S. coal production, despite their net zero commitments. As per the group's report, Lloyd’s of London, Zurich, and Swiss Re are among the top ten insurers of the 25 biggest U.S. mines. Insure Our ... Read the full article
AIG appoints Edward Dandridge as EVP and Chief Marketing and Communications Officer
22nd September 2023
Global insurer American International Group (AIG) has announced the appointment of Edward L. Dandridge as Executive Vice President (EVP) and Chief Marketing and Communications Officer, effective October 16th, 2023. In his new role, Dandridge he will report to Peter Zaffino, Chairman and Chief Executive Officer (CEO), and serve on AIG’s Executive ... Read the full article
Enstar enters an adverse development cover agreement with AIG
7th September 2023
Enstar Group Limited has announced one of its subsidiaries has signed an agreement with American International Group, Inc. to provide protection against adverse development on a portion of Validus Re’s loss reserves. It is one of Enstar’s wholly-owned subsidiaries that has joined this agreement. AIG retains exposure to some portion of Validus ... Read the full article
AIG promotes Lucy Fato to the role of Vice Chair
6th September 2023
Global insurer American International Group (AIG) has announced the transition of Lucy Fato from her current role as Executive Vice President, General Counsel & Global Head of Communications and Government Affairs to Vice Chair at AIG, effective October 1, 2023. In this newly created role, Fato will report to Peter Zaffino, ... Read the full article
European Commission approves RenRe’s Validus Re acquisition
31st August 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of American International Group’s (AIG) treaty reinsurance business - which includes Validus Re - by Bermuda-based RenaissanceRe (RenRe). According to the announcement, the Commission concluded that the proposed acquisition would raise no competition concerns, given the ... Read the full article
Reinsurer appetite increased amid more stable trading conditions at mid-year renewals: AIG CEO
2nd August 2023
The reinsurance market was more orderly during the key mid-year renewal season and sellers' appetite for more discrete purchases rose somewhat, which helped buyers fill shortfalls experienced at 1/1, according to Peter Zaffino, Chairman and Chief Executive Officer (CEO) of global insurer AIG. Speaking recently during the large primary insurer's Q2 ... Read the full article
AIG reports solid Q2 despite elevated cat experience in general insurance business
2nd August 2023
Large primary insurer AIG has reported a rise in adjusted pre-tax income within its general insurance business of 5% to $1.32 billion for the second-quarter of 2023, as higher investment income offset slightly lower underwriting profit as a result of elevated catastrophe losses and lower favourable prior year development, net ... Read the full article
AIG names Christopher Schaper Global CUO
27th July 2023
Large global insurer American International Group (AIG) has announced that the current Chief Executive Officer (CEO) of its reinsurance arm, Christopher Schaper, will take on the role of Global Chief Underwriting Officer (CUO) at AIG following the completion of the sale of Validus Re to RenaissanceRe. Industry veteran Schaper has more ... Read the full article
AFG completes acquisition of AIG’s Crop Risk Services
4th July 2023
American Financial Group (AFG) has completed the purchase of Crop Risk Services (CRS) from AIG. Illinois-based, CRS is a primary crop insurance general agent and is the seventh largest provider of multi-peril crop insurance in the United States, based on 2022 premiums. The purchase agreement was first announced in May 2023. Under ... Read the full article
AIG & Stone Point successfully close agreement to form high net worth MGA
4th July 2023
AIG has announced that its definitive agreement with funds managed by Stone Point Capital to form an independent Managing General Agency specialising in the High Net Worth and Ultra High Net Worth markets called Private Client Select Insurance Services (PCS) has successfully closed. AIG and the re/insurance-focused private equity firm Stone ... Read the full article
AIG names Sabra Purtill as CFO following successful interim period
21st June 2023
Global insurer and reinsurer, American International Group, has announced that Sabra Purtill, who has served as Interim Chief Financial Officer (CFO) since January 2023, has been named to the role on a permanent basis, effective immediately. Shane Fitzsimons will step down from his position following a medical leave of ... Read the full article
Senate Budget Committee launches investigation into insurance companies’ climate risk evaluation, fossil fuel support
12th June 2023
The Senate Budget Committee, led by Senator Whitehouse (D-RI), alongside Senators Wyden (D-OR) and Sanders (I-VT), initiated an investigation into the evaluation of climate-related risks by major U.S. insurance companies. The committee seeks to understand why these companies continue to support and underwrite fossil fuel expansion projects that contribute to climate ... Read the full article
AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks
9th June 2023
Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article
AM Best says strategic rationale for RenRe’s acquisition of Validus is “sound”
24th May 2023
AM Best has suggested the strategic rationale for RenaissanceRe’s acquisition of Validus Re from AIG appears sound, as it will immediately enhance the firm's already strong market position in many business lines in which it already successfully participates. As we wrote previously, RenRe has agreed to acquire Validus and all ... Read the full article
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