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 names Jon Hancock of Lloyd’s as CEO, International General Insurance
27th February 2020
Jon Hancock, who since 2016 served as Director of Performance Management at Lloyd's of London, has been appointed as the Chief Executive Officer (CEO) of International General Insurance at AIG, effective spring 2020. The specialist Lloyd's of London insurance and reinsurance marketplace announced in January that Hancock was to step ... Read the full article
AIG enters into $500mn share buyback with Citibank
25th February 2020
U.S. insurer and reinsurer AIG has announced that it has entered into an accelerated share repurchase (ASR) arrangement with Citibank, N.A. to repurchase $500 million of the company's common shares. In February of last year, AIG announced its existing $2 billion share repurchase authorisation, and this latest ASR is part of ... Read the full article
AIG continued to refine & enhance reinsurance use at 1/1
14th February 2020
Global insurer and reinsurer AIG continued to refine and enhance its reinsurance buying strategy at the recent Jan 1st, 2020 renewals, securing an improved catastrophe reinsurance program at a lower cost when compared with the previous year. In recent times, AIG has made some significant changes to its use of ... Read the full article
AIG benefits from favourable reserve development & investments in Q4
13th February 2020
American International Group, Inc. (AIG) has announced significantly improved net income of USD 922 million for the fourth-quarter of 2019, driven by the performance of its General Insurance underwriting, reinsurance actions, favourable prior year development, lower cat losses, and higher investment income. Q4 net income of USD 922 million is a ... Read the full article
Coronavirus a low-risk threat for AIG, says Credit Suisse
29th January 2020
The potential impact of the Coronavirus on insurer AIG appears to be fairly low despite the company’s considerable exposure to pandemic risk and its high share in the Chinese P&C market, according to Credit Suisse. However, analysts cautioned that they were “not highly confident” in their assessment, given AIG’s evolving global ... Read the full article
Government could mandate catastrophe insurance: AIG’s Duperreault at Davos
22nd January 2020
Brian Duperreault, the President and Chief Executive Officer (CEO) of insurance giant AIG, has said that mandating insurance protection for catastrophes is "maybe something that the government could enable." The insurance industry expert made the comment on a panel during the annual World Economic Forum (WEF) in Davos, Switzerland. The panel ... Read the full article
AIG, Prudential & Principal reportedly discussed Voya takeover
9th January 2020
The Financial Times has reported that re/insurance giant AIG, life insurer Prudential Financial and asset manager Principal Financial Group were among the companies interested in acquiring U.S. retirement plan provider, Voya Financial. According to people briefed on the matter, says the Financial Times, Voya held discussions with AIG, Prudential, Principal Financial ... Read the full article
Aflac joins, AIG extends strategic partnership with Varagon Capital Partners
9th January 2020
Varagon Capital Partners, a direct lender to middle market companies, has entered into a definitive agreement to establish a strategic partnership with Aflac Global Investments, and has also extended its existing partnership with insurer and reinsurer, AIG. AIG has been an anchor investor and client of Varagon since 2014 and has ... Read the full article
Peter Zaffino takes President role at AIG
18th December 2019
American International Group, Inc. (AIG) has announced the appointment of Peter S. Zaffino as President of the company, effective from January 1, 2020. Zaffino currently serves as Global Chief Operating Officer (COO) of AIG and as Chief Executive Officer (CEO) of General Insurance. AIG explained that he will continue to serve in ... Read the full article
Japanese market to rebound despite complicated losses: AIG’s Zaffino
13th December 2019
Despite the recent impacts of catastrophe events in Japan, executives at insurer and reinsurer AIG expect the region's market to rebound and adjust to the recent and complex spate of typhoons. Highlighted by the most recent devastation caused by typhoon Hagibis, the catastrophe experience in Japan over the last 18 months ... Read the full article
AIG’s Peter Zaffino sees a more disciplined P&C market in 2020
11th December 2019
Peter Zaffino, the Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance at AIG, expects property and casualty (P&C) market dynamics to drive heightened discipline across the space in 2020. Zaffino, alongside AIG President and CEO Brian Duperreault and Mark Lyons, Chief Financial Officer (CFO), recently discussed ... Read the full article
Fortitude Re sale incrementally positive for AIG, AM Best says
28th November 2019
Global insurer AIG’s Long-Term Issuer Credit Rating of “bbb”, as well as the Financial Strength Ratings and the Long-Term ICRs of its operating subsidiaries, remain unchanged by AM Best following the decision to offload Fortitude Re in a transaction the ratings agency describes as incrementally positive for the group. AIG ... Read the full article
Carlyle Group and T&D acquire AIG’s stake in Fortitude Re for $1.8bn
26th November 2019
The Carlyle Group and T&D Holdings have partnered to acquire a 76.6% ownership interest in Fortitude Re, the run-off reinsurer launched by AIG and Carlyle in November 2018. Valued at $1.8 billion, the deal will leave Carlyle with a 71.5% stake in Fortitude Re (including the 19.9% stake it took ... Read the full article
AIG adds Barrett as global head of multinational, general insurance
19th November 2019
Insurance giant AIG has appointed Allison Barrett global head of multinational, general insurance. Barrett joins on December 9 and will be based out of the firm’s New York office, reporting to Michael Price, head of global service businesses & global Chief Operating Officer, general insurance. She joins from Willis Towers Watson, having ... Read the full article
State Farm & Berkshire maintain status as top US P&C insurers
24th October 2019
State Farm and Berkshire Hathaway Specialty Insurance maintained their spots as the largest and second-largest U.S. Property and Casualty (P&C) writers in 2018, respectively, while Chubb INA Group entered the top ten. This is according to the Reinsurance News directory of the Top 100 U.S. P&C ... Read the full article