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.

Rumours suggest AIG close to securing Hamilton’s Duperreault as CEO

11th May 2017

Rumours have been spreading across the global insurance and reinsurance industry that AIG is in the final stages of securing Brian Duperreault, founder and Chief Executive Officer (CEO) of Hamilton Insurance, as its new CEO. Analysts at Credit Suisse have commented on reports from the Wall Street Journal (WSJ) that insurance industry ... Read the full article

Ogden rate cut & Berkshire adverse development cover to impact AIG’s Q1 results

20th April 2017

American International Group, Inc. (AIG) has reported that it expects both the cut to the UK Ogden Discount rate and its adverse development cover with Berkshire Hathaway to impact its Q1 2017 results. The Lord Chancellor and Justice Secretary, Liz Truss, announced early in 2017 that the UK Ogden discount ... Read the full article

Christopher McKeon to join Everest Re from AIG

29th March 2017

Everest Re has announced Christopher McKeon, who joins from AIG, as new leader of its Commercial Casualty unit within the Risk Management Group. Working from the Group’s New York based office, McKeon will oversee multi-line primary casualty solutions for upper middle market clients, reporting to David Sandler, Head of the Everest ... Read the full article

Warren Buffett’s Berkshire Hathaway should buy AIG: KBW analyst

13th March 2017

Keefe, Bruyette & Woods analyst Meyer Shields offered Warren Buffett some bold advice on Friday, laying out the case for Berkshire Hathaway buying insurance giant AIG. Shields and his fellow KBW analysts said that Peter Eastwood, the current head of Berkshire Hathaway Specialty Insurance (BHSI) and formed AIG CEO of Property ... Read the full article

CEO Hancock resigns from AIG, citing lack of support

9th March 2017

American International Group's President and Chief Executive Officer Peter Hancock has handed in his resignation, citing a lack of support for his tenure. Following difficult times at AIG, which has seen the company downsizing and seeking to get activist shareholders on-board with Hancock's strategy, it appears he's had enough and ... Read the full article

Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan

17th February 2017

Following AIG's recently announced $2.79 billion Q4 loss as a result of a $5.6 billion reserve charge, analysts at J.P. Morgan have suggested that the negative surprise, which is unlikely to be exclusive to AIG, could be the result of increased large industrial claims, particularly in the U.S. AIG's fourth-quarter 2016 ... Read the full article

Major insurers lower retentions, buy more reinsurance

17th February 2017

New reinsurance demand is being seen as some of the world's largest insurance companies lower their retentions on existing layers of reinsurance coverage and expand their programs, buying new layers as well. So far this year it has come to light that insurance giant's Zurich and AIG have both significantly reduced ... Read the full article

AIG hopes to renew Swiss Re casualty quota share on better terms for 2018: Hancock

16th February 2017

Speaking at an insurance conference run by Bank of America Merrill Lynch this morning, Peter Hancock, the CEO of insurance giant AIG, said that he hopes the company will be able to renew its casualty quota share reinsurance arrangement with Swiss Re on better terms in 2018. AIG entered into a ... Read the full article

AIG reserve charge to be offset by NICO adverse development reinsurance

14th February 2017

Insurer AIG has reported its latest set of results and a significant loss, largely due to adverse reserve developments, demonstrates the importance of the recently completed retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and the firm. American International Group (AIG) reported yet another quarterly loss, as the ... Read the full article

AIG deal the first big enough to risk Berkshire underwriting profit: Credit Suisse

24th January 2017

The recently announced retroactive adverse development reinsurance agreement between Warren Buffett's Berkshire Hathaway and AIG is the first deal big enough to jeopardise an underwriting profit in Berkshire's P&C business, according to analysts at Credit Suisse. The deal announced last week sees Berkshire Hathaway subsidiary National Indemnity Company (NICO) providing ... Read the full article

AIG gets adverse development reinsurance from Berkshire Hathaway

20th January 2017

American International Group, Inc. (AIG) has entered into a $9.8 billion adverse development reinsurance agreement with Berkshire Hathaway subsidiary, National Indemnity Company (NICO), effective January 1st, 2016. The $9.8 billion transaction covers 80% of substantially all of AIG's U.S. commercial long-tail exposures for accident years 2015 and prior, and this includes the ... Read the full article