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.

Validus Re to benefit from improving property cat reinsurance market

1st December 2022

The rapidly improving property catastrophe reinsurance market is a solid opportunity for American International Group (AIG) to more aggressively leverage the capabilities of Validus Re, the firm’s underwriting arm, said AIG CEO Peter Zaffino in conversation with KBW. Zaffino noted that the current property catastrophe reinsurance capacity shortfall, more closely resembles ... Read the full article

AIG names Lily Claydon APAC Chief Risk Officer

25th November 2022

Global insurance firm AIG has appointed Lily Claydon as Chief Risk Officer for Asia Pacific (APAC). Claydon is a Chartered Financial Analyst with more than two decades of experience in financial services, insurance, regulatory environments and auditing. Her expertise include risk culture and change management, risk governance, Enterprise Risk Management Framework, crisis ... Read the full article

AIG signs five-year contract with Peter Zaffino

11th November 2022

Global insurance firm AIG has signed a five-year employment contract with its president, chief executive officer, and board chairman Peter Zaffino. The firm said in a statement that it would extend Zaffino’s employment with the company until November 2027. John G. Rice, speaking on behalf of the board, said: “We are fortunate ... Read the full article

Corebridge Financial reports net income of $2.4 billion for Q3

9th November 2022

Corebridge Financial has reported a net income of $2.4 billion in Q3 following the completion of its initial public offering in September, in which parent company AIG sold approximately 12.4% of its common stock. This compares to a net income of $1.4 billion in the prior-year quarter, with Corebridge stating that ... Read the full article

AIG revamps board of directors

4th November 2022

AIG has said that Paola Bergamaschi is to become a director of the company following an election by the firm’s board of directors. Bergamaschi’s appointment is set to begin at the start of December. In addition, John G. Rice, who joined the Board in March 2022, will take on the role ... Read the full article

AIG confident in ability to obtain necessary reinsurance for 2023: CEO Zaffino

2nd November 2022

Despite the fact Hurricane Ian will impact an already hardening reinsurance market, Peter Zaffino, Chief Executive Officer (CEO) of global insurer AIG, said today that his firm has commitments from all of its major reinsurers that they'll be able to deploy the same amount of capital to the extent AIG ... Read the full article

AIG reports improved GI underwriting performance despite $600m catastrophe load

2nd November 2022

Global insurer AIG has reported a 2.4 percentage point improvement in the General Insurance (GI) combined ratio to 97.3% for the third quarter of 2022 despite $450 million of losses related to Hurricane Ian, as net income across the firm jumped by more than $1 billion to $2.7 billion in ... Read the full article

AIG appoints Emma Woolley as Global Head of Marine

7th October 2022

American International Group (AIG) has appointed Emma Woolley as Global Head of Marine. Woolley brings over two decades of experience in the London marketplace, following a number of senior roles across the capital. She joins AIG from Lancashire Syndicates Limited where she served as Chief Executive Officer (CEO) for just under four ... Read the full article

AIG prices Corebridge IPO at $21 per share

15th September 2022

AIG has priced the IPO of Corebridge, previously SAFG Retirement Services, at $21 per share with trading expecting to begin Thursday. The firm said in a statement that it was offering 80m shares of common stock out of 645m million total common shares. It said that this corresponds to $1.7bn in ... Read the full article

Lexington Insurance launches Middle Market Casualty team

13th September 2022

Lexington Insurance Company, an American International Group (AIG) company, has launched the Lexington Middle Market Casualty team. The team of underwriters will focus on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises. According to the announcement, the creation of this team substantially expands the company’s market reach beyond upper middle-market and large ... Read the full article

AIG launches IPO capital raise for Corebridge

7th September 2022

American International Group (AIG) has launched the initial public offering (IPO) of its majority-owned subsidiary, Corebridge Financial. AIG rebranded the parent company of its Life & Retirement business from SAFG Retirement Services to Corebridge back in March, ahead of plans to make the company public. Since then, Moody’s has affirmed ... Read the full article

AIG sued by petroleum firm in climate litigation dispute

31st August 2022

AIG’s National Union Fire Insurance Company has been sued by Sunoco subsidiary Aloha Petroleum for refusing to cover the costs of defending climate-related claims by local governments in Hawaii. It’s thought that this case could set a precedent as to whether firms are protected against climate damage claims, as more insurers ... Read the full article

AIG announces new additions to Board of Corebridge

19th August 2022

American International Group, Inc. (AIG) has announced the appointments of Alan Colberg and Trish Walsh to the Board of Directors of Corebridge Financial, Inc. (Corebridge) effective from the 1st of September 2022. Colberg previously served as the Chief Executive Officer and a Director of Assurant, Inc. from January 2015 until his ... Read the full article

AIG general insurance combined ratio falls below 90% for first time in 15 years

9th August 2022

AIG is reporting that it general insurance combined ratio improved by 5.1 points in Q2 2022, compared to the same period in 2021. The firm said in a statement that this was its first sub-90% combined ratio in a decade-and-a-half. Meanwhile, its general insurance adjusted accident year combined ratio improved over ... Read the full article

AIG hires Charlie Fry as EVP, Reinsurance Purchasing & Risk Capital Optimization

25th July 2022

Global insurer and reinsurer, American International Group (AIG), has appointed Charlie Fry as Executive Vice President of Reinsurance Purchasing and Risk Capital Optimization. As of 31 July, Fry will be reporting to Peter Zaffino, AIG’s Chairman & Chief Executive Officer. He will be responsible for AIG’s reinsurance purchasing strategy and placement execution, ... Read the full article