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AIG

AIG establishes two new insurers ahead of Brexit

19th April 2018

American International Group (AIG) has announced the authorisation of two new insurers in the UK and Luxembourg, and has outlined plans to transfer all business to the new entities ahead of the UK’s departure from the European Union (EU) in March, 2019. AIG’s restructure involves the transfer of AIG Europe Limited’s ... Read the full article

AIG appoints XL Catlin’s Vidovich as Chief Claims Officer

16th April 2018

American International Group (AIG) has announced that Anthony Vidovich, current Head of Claims at XL Catlin, is to become its new Chief Claims Officer, General Insurance. Vidovich will now be responsible for guiding the strategic direction of General Insurance Claims at AIG, overseeing governance and policy, settlement authorities, claims handling, and ... Read the full article

AIG appoints new Head of Marketing and Communications, General Insurance

29th March 2018

American International Group (AIG) has named Ed Dandridge as its new Head of Marketing and Communications, General Insurance. In his new role, Dandridge will support the development and implementation of General Insurance’s global marketing and communications strategy, and will report to Peter Zaffino, Chief Executive Officer (CEO), General Insurance. The appointment will ... Read the full article

AIG announces new Chief Auditor and Global COO, General Insurance

2nd March 2018

American International Group, Inc. (AIG) has named Naohiro Mouri as its new Executive Vice President and Chief Auditor, and Donna DeMaio as Global Chief Operating Officer (COO), General Insurance. Previously, Mouri held the position of Senior Managing Director at Asia Pacific Internal Audit. In his new role he will report to ... Read the full article

David Russo joins Ironshore from AIG as VP, Regional Exec, Mid-Atlantic Region

13th February 2018

Ironshore Inc. has announced the appointment of David Russo from AIG as Vice President (VP), Regional Executive of the Mid-Atlantic Region, based in Philadelphia. Russo takes over from Kevin Fee, who was recently named Chief Operating Officer (COO) of Ironshore Environmental, and will report to David Frediani, President of the firm's U.S. Field ... Read the full article

AIG sets up legacy reinsurance unit, as it takes $6.7bn tax act charge

9th February 2018

Insurer American International Group (AIG) announced its results yesterday, revealing continuing issues with legacy business, resulting in another reserve charge, but also the launch of a Bermudian legacy reinsurance platform. The insurer also announced a one-off charge of $6.7 billion related to the enactment of the Tax Cuts and Jobs Act, ... Read the full article

AIG seeks more strategic acquisitions, to offset Validus profits against deferred tax: Report

24th January 2018

Insurer American International Group (AIG) has not finished looking for other potential acquisitions, following the announcement of its $5.56 billion acquisition of Validus, according to a report. The FT spoke with AIG CEO Brian Duperreault who told the newspaper that he would continue to look at opportunities. "To ... Read the full article

Analysts’ commentary suggests AIG / Validus deal is positive, overall

23rd January 2018

Insurance and reinsurance market analysts' comments on AIG's proposed $5.56 billion takeover of Validus Holdings underlines a positive stance on the transaction, with AIG making fundamental changes to its commercial P&C segment and maintaining confidence in previous reserve comments. Following the announcement, AIG management held an investor call, during which ... Read the full article

Potential for AIG to expand in new business segments after Validus takeover

22nd January 2018

AIG management has discussed the firm's proposed takeover of Validus Holdings during a recent investor call surrounding the deal, underlining the potential for growth in new business segments supported by Validus' experienced leadership. Following the announcement of a proposed $5.56 billion acquisition of Validus by AIG, the latter's Chief Executive ... Read the full article

AIG to acquire Validus Holdings for $5.56 billion

22nd January 2018

It's been announced that American International Group, Inc. (AIG) will acquire all the outstanding common shares of Validus Holdings, Ltd. for an aggregate transaction value of $5.56 billion, in cash. The deal represents progress in AIG's profitable growth strategy, enhancing the firm's general insurance capabilities, while adding a robust reinsurance underwriter ... Read the full article

AIG shows appetite for large M&A deals: Reports

10th January 2018

Insurance giant American International Group (AIG) has reportedly regained its appetite for large mergers & acquisitions (M&A)  deals, with a significant war chest of billions ready to put to work, since new CEO Brian Duperreault came on board. Bloomberg first reported that AIG had been in the running ... Read the full article

AIG hires Tom Bolt from Berkshire Hathway for Chief Underwriting Officer role

5th December 2017

Insurance giant AIG has poached Tom Bolt from his most recent role as President, UK and Southern Europe, Berkshire Hathaway Specialty Insurance Company (BHSI) to join the insurer as Chief Underwriting Officer, General Insurance. Bolt, who prior to Berkshire Hathaway was the director of performance management at Lloyd's of London, will ... Read the full article

AIG appoints new CEO for North America General Insurance; and new Lexington CEO

7th November 2017

Insurance giant American International Group, Inc. (AIG) has announced the appointment of Lex Baugh as Chief Executive Officer (CEO), North America General Insurance, reporting to Peter Zaffino, CEO, General Insurance. The appointment is effective immediately, and sees Baugh take responsibility for the oversight of AIG's U.S. and Canada General Insurance operations. Baugh ... Read the full article

$3bn of cat losses & huge $836mn reserve charge hit AIG in Q3

3rd November 2017

As well as catastrophe losses of $3 billion, insurance giant AIG took another large adverse development charge in the third-quarter of 2017, of $836 million, resulting in an operating loss worse than expected. The insurer fell to an operating loss of $1.1 billion in the third-quarter of 2017, compared with an ... Read the full article

AIG rebrands freshly acquired Hamilton USA tech-subsidiary

2nd November 2017

American International Group (AIG) has rebranded its newly purchased Hamilton USA technology-focused subsidiary to Blackboard, after having completed its acquisition on October 2nd. The Blackboard vision is to reimagine commercial insurance through digital technology, data analytics, and automation. The name represents a clean slate and alternative solution for those in the industry seeking ... Read the full article

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