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Reinsurance News


AIG hires Arch’s Michael Price as Deputy CUO, General Insurance

13th December 2018

Global insurer and reinsurer American International Group (AIG) has appointed Michael Price as Deputy Chief Underwriting Officer (CUO) for General Insurance. He joins AIG from Arch Insurance Group, where he most recently served as its CUO for North America. As AIG's Deputy CUO, Price will work closely with CUO Tom Bolt, Read the full article

Philip Willcock named CEO of AIG Life Limited (UK)

13th December 2018

AIG Life Limited (UK), a division of global insurer and reinsurer American International Group, Inc. (AIG), has announced the appointment of Philip Willcock as its new Chief Executive Officer (CEO), effective March 1st, 2019. Willcock will be based in London, and will report to Adam Winslow, CEO, International, Life & Retirement, AIG Life ... Read the full article

Hard market not needed to fix AIG: Brian Duperreault

10th December 2018

The Chief Executive Officer (CEO) of global insurer and reinsurer American International Group (AIG), Brian Duperreault, has said that a hard market isn't required to fix the company. After reporting a third-quarter net loss, albeit improved on the same period in 2017, AIG's full-year 2018 performance will likely be closely watched ... Read the full article

AIG’s aggregate reinsurance at risk on up to $800m Q4 cat loss

5th December 2018

Global insurer and reinsurer American International Group (AIG) has announced estimated catastrophe losses of between $750 million and $800 million for the fourth-quarter of 2018, according to the company's Chief Executive Officer (CEO), Brian Duperreault. Speaking at the Goldman Sachs U.S. Financial Services Conference held recently in New York, insurance and ... Read the full article

AIG names Mark Lyons Exec VP & CFO, appoints Sachin Shah CEO of Asia Pacific

5th December 2018

American International Group (AIG) has announced the appointments of Mark D. Lyons as Executive Vice President & Chief Financial Officer (CFO) and Sachin N Shah as Chief Executive Officer of Asia Pacific, AIG General Insurance. Lyons, who succeeds Sid Sankaran, will serve on the AIG Executive Leadership Team and will report ... Read the full article

AIG’s new European post-Brexit carriers receive stable ratings

30th November 2018

Moody’s has assigned A2 insurance financial strength (IFS) ratings and stable outlooks to American International Group’s (AIG) new post-Brexit European carriers, AIG UK Limited and Luxembourg-based AIG Europe S.A. (AESA). AIG recently formed these units in order to ensure continuity of service for it its European policyholders and business partners once ... Read the full article

AIG launches Fortitude Re in partnership with Carlyle Group

14th November 2018

American International Group (AIG) has created a new run-off reinsurer called Fortitude Re in collaboration with global alternative asset manager The Carlyle Group. The companies announced in August 2018 that they had entered into a partnership to build AIG’s Bermudian legacy reinsurance platform, DSA Re (now Fortitude Re), into a ... Read the full article

AIG told to improve reinsurance disclosures

14th November 2018

Global insurer American International Group is to provide improved disclosures regarding its use of reinsurance to mitigate losses in its property and casualty unit, following a request to do so by The U.S Securities and Exchange Commission, according to Reuters. SEC staff reportedly asked AIG to add information that includes details ... Read the full article

AIG completes acquisition of Glatfelter Insurance Group

7th November 2018

Global insurer American International Group (AIG) has completed its acquisition of full-service broker and insurance company Glatfelter Insurance Group. The transaction, which was first announced in September 2018, has closed following receipt of regulatory approvals and satisfaction of other closing conditions. AIG said that it plans to utilise Glatfelter’s specialty programs ... Read the full article

AIG winds down underwriting linked with Iran to comply with U.S. sanctions

7th November 2018

Insurance giant American International Group (AIG) has said that it is winding down all underwriting activities in Iran, that was undertaken by Validus and AIG entities, due to the imposition of U.S. sanctions against the country. AIG acquired the Validus global insurance and reinsurance business recently and it included some underwriting ... Read the full article

AIG targets restructured Japan cat reinsurance program

2nd November 2018

Insurance giant American International Group (AIG) experienced high catastrophe losses in the third-quarter from its operations in Japan, and has revealed that it's working to reorganise its Japanese reinsurance program into a single structure for 2019, in order to reduce both frequency and severity exposure. Yesterday, the firm announced a ... Read the full article

Still negative, but AIG’s Q3 underwriting result improves with reinsurance

1st November 2018

Insurance giant American International Group (AIG) has reported a net, albeit smaller loss in the third-quarter of 2018, of $1.3 billion as a result of significant catastrophe losses. However, the insurer's underwriting loss did narrow year-on-year thanks to reinsurance. AIG's $1.3 billion net loss compares to a $1.7 billion net loss ... Read the full article

AIG names Talbot’s Peter Bilsby as Global Head of Specialty

29th October 2018

Global insurer American International Group (AIG) has announced the appointment of Peter Bilsby, current Chief Executive Officer (CEO) of the Talbot Group, as Global Head of Specialty. Talbot is a Lloyd’s insurance and reinsurance specialist that was acquired by AIG in July 2018 as part of its purchase of Validus Holdings ... Read the full article

AIG receives brexit restructure approval

26th October 2018

AIG Europe (AEL), the European subsidiary of American International Group (AIG), has received approval from the High Court of England & Wales to transfer business into two new entities, signalling a completion of its move to restructure its European operations and ensure readiness for brexit. American International Group UK (AIG UK) ... Read the full article

AIG cat losses a “concern” with Q4 still looming: Goldman Sachs

24th October 2018

American International Group’s consolidated year-to-date (YTD) catastrophe losses are already 81% higher than its full year expected average annual loss (AAL), raising concerns over the efficacy of the company's reinsurance program, according to Goldman Sachs. AIG expects between $1.5 billion and $1.7 billion in cat losses for the third quarter (double ... Read the full article

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