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.
Avery Dennison transfers $750mn in pension obligations to AIG
24th April 2019
American International Group, Inc. has announced that Avery Dennison Corporation has agreed to transfer $750 million of pension obligations to American General Life Insurance Company, part of AIG’s Life & Retirement business. The agreement covers approximately 8,500 retirees, beneficiaries, and deferred and active members. Avery Dennison is a global materials science company ... Read the full article
AIG appoints QBE’s Kathleen Zortman to lead Private Client Group
5th April 2019
Global re/insurer AIG has appointed Kathleen Zortman as President and Chief Executive Officer of Private Client Group, General Insurance. Based in New York, Zortman will lead AIG’s global high net worth portfolio, with responsibility for strategy, underwriting and distribution for the company’s private client business. She joins from QBE Insurance Group where ... Read the full article
Former XL Group CFO Peter Porrino among new AIG Director nominees
2nd April 2019
The Board of Global insurer AIG has nominated three new candidates that will join ten of the company's current Directors standing for re-election at its Annual Meeting of Shareholders. The nominees include Peter Porrino, former Executive Vice President and Chief Financial Officer of XL Group; Amy Schioldager, former Senior Managing Director ... Read the full article
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
AIG dramatically shifts reinsurance use to better realise strategic benefits
15th February 2019
The Chief Executive Officer (CEO) of global insurer AIG's General Insurance unit, Peter Zaffino, has said that the company is "extremely pleased" with the support it received from the reinsurance market as it continues to dramatically shift its utilisation of reinsurance protection. AIG's reinsurance use has, in recent times, been a ... Read the full article
Volatile market, nat cats see AIG report $559m Q4 loss
14th February 2019
Catastrophe losses and poor investment returns in a volatile market have seen American International Group (AIG) report an adjusted after-tax loss of $559 million. In addition, the company added $365 million to its reserves in the quarter to cover policies issued in 2016 and earlier. For the full year, this figure totalled ... Read the full article
AIG to launch LatAm Facultative Desk following Talbot integration
7th February 2019
American International Group (AIG) is to launch AIG Facultative Desk, Latin America after successfully integrating Talbot’s regional facultative underwriting platforms in Miami and Santiago with its regional underwriting team. This unified offering follows AIG’s acquisition of Validus last year, a deal which saw the company gain some attractive and diversified franchises ... Read the full article
AIG expands Middle East services with re/insurance solutions from DIFC office
4th February 2019
American International Group (AIG) subsidiary AIG MEA has begun providing re/insurance solutions from its office in the Dubai International Financial Centre (DIFC), the leading financial centre in the region. The move enables AIG MEA to offer solutions to a broader number of geographies in the Middle East and Africa whilst bolstering ... Read the full article
AIG appoints Global Head of A&H, General Insurance
28th January 2019
Edward Levin has been named as the new Global Head of Accident & Health, General Insurance, at American International Group, Inc. (AIG), effective next month. Levin will be based in London and will report to Christopher Townsend, Chief Executive Officer (CEO) of AIG International General Insurance. In his new position, Levin will ... Read the full article
AIG’s AlphaCat and Ledger Capital Markets in new ILS transaction
17th January 2019
AlphaCat Managers, Ltd., AIG's third-party reinsurance capital and insurance-linked securities (ILS) unit, has announced a new ILS transaction with Ledger Capital Markets, LLC. The transaction relates to the direct securitisation of a non-standard passenger auto insurance portfolio, and brings a new class of business to the ILS investor community. The deal ... Read the full article
AIG adds Thomas Motamed to Board of Directors
16th January 2019
American International Group, Inc. (AIG) has announced that Thomas F. Motamed has been elected to its Board of Directors, effective immediately. Motamed retired from his position as Chairman and Chief Executive Officer (CEO) of CNA Financial Corporation in 2016, a role that he had held since 2009. Prior to this, he spent ... Read the full article
AIG completes purchase of UK life insurer Ellipse from Munich Re
2nd January 2019
American International Group (AIG) has completed its acquisition of Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Funded by an undisclosed cash consideration, the purchase was conducted via AIG Life, a UK subsidiary of AIG Life & Retirement. AIG said that Ellipse’s group protection capabilities, ... Read the full article
AIG hires Arch’s Michael Price as Deputy CUO, General Insurance
13th December 2018
Global insurer and reinsurer American International Group (AIG) has appointed Michael Price as Deputy Chief Underwriting Officer (CUO) for General Insurance. He joins AIG from Arch Insurance Group, where he most recently served as its CUO for North America. As AIG's Deputy CUO, Price will work closely with CUO Tom Bolt, Read the full article
Philip Willcock named CEO of AIG Life Limited (UK)
13th December 2018
AIG Life Limited (UK), a division of global insurer and reinsurer American International Group, Inc. (AIG), has announced the appointment of Philip Willcock as its new Chief Executive Officer (CEO), effective March 1st, 2019. Willcock will be based in London, and will report to Adam Winslow, CEO, International, Life & Retirement, AIG Life ... Read the full article
Hard market not needed to fix AIG: Brian Duperreault
10th December 2018
The Chief Executive Officer (CEO) of global insurer and reinsurer American International Group (AIG), Brian Duperreault, has said that a hard market isn't required to fix the company. After reporting a third-quarter net loss, albeit improved on the same period in 2017, AIG's full-year 2018 performance will likely be closely watched ... Read the full article