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.
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
AIG targets US high net worth market with new Lloyd’s syndicate
23rd October 2019
American International Group, Inc. (AIG) has announced the launch of Syndicate 2019, a new Lloyd's of London syndicate designed to serve the specialist US high net worth market, subject to regulatory approval. Syndicate 2019 will be managed by Talbot Underwriting Limited, the MGA AIG acquired last year, and will start ... Read the full article
Hagibis could exhaust AIG’s cat allowance for Japan, say analysts
15th October 2019
Typhoon Hagibis, which devasted the east coast of Japan over the weekend, could exhaust the catastrophe allowance of American International Group, Inc. (AIG) in Japan, according to analysts at Credit Suisse. The firm noted that AIG has likely already used its Japan $550 million excess of $200 million occurrence coverage ... Read the full article
AIG names John Panagakis as CEO of First Principles Capital Management
9th October 2019
American International Group, Inc. (AIG) has announced the appointment of John Panagakis as Chief Executive Officer (CEO) of First Principles Capital Management, LLC (FPCM). Acquired in 2015, FCPM is a unit of AIG Investments that serves institutional clients with expertise across the global fixed income securities and derivatives markets. Panagakis joins the ... Read the full article
AIG completes $200mn pension liability deal with Rollins
4th October 2019
American International Group, Inc. (AIG) has completed a transaction with global consumer and commercial services company Rollins for the transfer of $198.3 million of US pension obligations. Rollins distributed the pension obligations through a combination of lump sum payments to participants, payments to the Pension Benefit Guaranty Corporation (PBGC), and the ... Read the full article
AIG makes dual leadership appointments to specialty business
26th September 2019
American International Group, Inc. (AIG) has announced the appointments of Steve Eccles and James Langdon to senior positions within its global specialty business. Eccles will join AIG as Global Head of Aerospace, General Insurance, while Langdon will become UK Head of Energy & Construction, General Insurance. Based in London, Eccles will be ... Read the full article
AIG to back new media finance vehicle by fintech firm FastPay
6th September 2019
Global insurer American International Group (AIG) is to provide funding and trade insurance for a new receivables securitisation program launched by financial technology firm FastPay. The program will offer significant capital to the media and technology sector and allow FastPay to open the door for larger, global media and tech clients ... Read the full article
AIG to shift towards affirmative cyber coverage
5th September 2019
As of January 2020 global insurer AIG will begin affirmatively covering or excluding physical and non-physical cyber exposures for the majority of its commercial P&C policies, in a move it hopes will provide great clarity on cyber risk. Silent cyber has for some time existed as a grey area for the ... Read the full article