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 Private Client Group transitions business to Heritage & Safeco
30th June 2020
American International Group, Inc. has announced that AIG Private Client Group’s (PCG) agents will soon be able to transition their upper middle market personal insurance business to Heritage Insurance Holdings, Inc. and Safeco Insurance, a Liberty Mutual Company. Beginning in Q4 2020, AIG will transition a select portion of its personal ... Read the full article
AIG Re names Paschal Brooks as CEO of AlphaCat
11th June 2020
American International Group (AIG) has announced that Paschal Brooks has taken on the role of Chief Executive Officer (CEO) of AlphaCat Capital Inc., an AIG subsidiary that provides investment advisory services to the insurance-linked securities (ILS) space. Brooks' appointment is effective April 1st, 2020 and he reports to Chris Schaper, CEO ... Read the full article
Carlyle Group & T&D acquire majority share in Fortitude Re from AIG
3rd June 2020
The Carlyle Group and T&D Holdings have completed their previously announced acquisition of a 76.6% interest in Fortitude Group Holdings, whose group companies include Fortitude Re, from AIG. First announced in November of last year, the deal has now closed following the receipt of regulatory approvals and customary closing conditions. Upon ... Read the full article
AIG lead reinsurer for Pakistan flight crash: reports
29th May 2020
American International Group, Inc. (AIG) is reportedly on the hook as the lead reinsurer for the plane that crashed into a residential area of Karachi, Pakistan on May 22nd, according to Reuters. Airline documents show that the plane was insured for $19.7 million, with Pakistan’s National Insurance Company (PIC) acting as ... Read the full article
AIG UK reports 2019 pre-tax profit of £186.4mn, CR hits 96.4%
12th May 2020
AIG UK, a division of American International Group Limited (AIG), has reported a pre-tax profit of £186.4 million in 2019, its first full operational year. In 2018, AIG restructured AIG Europe Limited (AEL) and established two legal entities, AIG UK and AIG Europe SA, in response to the UK's Brexit ... Read the full article
HSCM Bermuda backs AIG’s Syndicate 2019 at Lloyd’s
11th May 2020
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced that it has provided capital support for Lloyd’s newly launched Syndicate 2019. The investment manager, which conducts its insurance and reinsurance business as HSCM Bermuda, says the move represents an opportunity to access the ... Read the full article
COVID-19 risk sees Fitch turn negative on AIG Life and holding company
6th May 2020
Fitch Ratings has revised the rating outlook to negative from stable for AIG Life and the holding company, citing the economic fallout and financial market stress being caused by the ongoing COVID-19 outbreak. At the same time, global financial services ratings agency Fitch has maintained its stable outlook on AIG's P&C ... Read the full article
AIG’s GI segment falls to underwriting loss on $272m COVID-19 hit
5th May 2020
American International Group, Inc. (AIG) has reported an underwriting loss of $87 million within its General Insurance segment in Q1, which includes $272 million of estimated COVID-19 related losses. Despite the firm's General Insurance unit falling to an underwriting loss in the quarter, net investment income of $588 million more than ... Read the full article
AIG hires Jonathan Ranger as Head of Marine, Asia Pacific
4th May 2020
American International Group, Inc. (AIG) has announced the appointment of Jonathan Ranger as Asia Pacific Head of Marine, General Insurance. In this role, Ranger will be responsible for optimising and executing on the company's marine strategy across the region. He brings over 30 years of experience working across multiple markets to AIG. Most ... Read the full article
AIG’s Syndicate 2019 at Lloyd’s approved to commence underwriting
4th May 2020
American International Group, Inc.'s (AIG) previously announced Lloyd's Syndicate 2019 has received approval to commence underwriting. Described by the insurer and reinsurer as a landmark Syndicate, AIG's Syndicate 2019 is the largest ever to be launched through the specialist Lloyd's of London re/insurance marketplace. The Syndicate will exclusively reinsure risks from ... Read the full article
AIG’s Blackboard expands underwriting team
6th April 2020
AIG subsidiary Blackboard Insurance has announced a series of appointments and expanded capabilities to include coverage in Washington State. Blackboard is strengthening its underwriting team with the addition of Bobby Steinsdoerfer as Head of Industry Segments, Trey Martino as East Coast Underwriting Leader and Peter Buccola as West Coast Underwriting Leader. With ... Read the full article
AIG life operations may require $3bn extra capital, stress test shows
25th March 2020
New stress tests from Goldman Sachs show that AIG’s life entities could require a capital infusion of up to $3 billion from the holding company, if the coronavirus (COVID-19) outbreak results in major financial market pressures. Analysts felt that the preferred funding options for such a scenario would be a suspension ... Read the full article
Guy Carpenter hires Williams from AIG as Global Head of Client Support Services
25th March 2020
Reinsurance broker Guy Carpenter has hired an AIG alum as its new Global Head of Client Support Services, appointing George Williams to the role, who was most recently COO of General Insurance North America at the insurance firm. Williams has been appointed as Managing Director, Global Head of Client Support Services ... Read the full article
AIG hires Gero Michel as Head of Risk Analytics, AIG Re
24th March 2020
U.S. insurer and reinsurer American International Group, Inc. (AIG) has hired Gero Michel, who was most recently at broker Aon, as its new Head of Risk Analytics for its reinsurance unit AIG Re. Gero Michel joined AIG Re in February, taking on the new position that will see him working across ... Read the full article
AIG’s Blackboard secures approval in Virginia
4th March 2020
AIG subsidiary Blackboard Insurance has received approval to operate its commercial insurance package in Virginia, expanding the list of approved states and territories to 47. Blackboard was formed in 2017 when AIG opted to rebrand a newly purchased US technology-focused firm. The Blackboard vision is to reimagine commercial insurance through digital technology, ... Read the full article