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.
Lloyd’s in talks with Chubb & AIG as it looks to boost U.S growth
20th June 2019
Insurance and reinsurance market Lloyd's of London is conducting talks with major insurer insurers such as Chubb and AIG as it looks to further boost its growth in the U.S, according to reports Reuters. CEO John Neal told the publication that Lloyd’s was discussing potential opportunities for the insurers to sell ... Read the full article
AIG forms global reinsurance business AIG Re, names Marsh’s Schaper CEO
20th June 2019
American International Group, Inc (AIG) has announced the consolidation of its assumed reinsurance operations, resulting in the establishment of global business AIG Re. The global re/insurer has consolidated the assumed reinsurance operations of Validus Re, AlphaCat, and Talbot Treaty into one global reinsurance business, called AIG Re. At the same time, the ... Read the full article
W&I claims are increasing in frequency and severity, says AIG
13th June 2019
Global insurer AIG has highlighted an increase in both the frequency and severity of Warranty & Indemnity (W&I) claims across the globe, while the driver of claims notifications remains unchanged. For deals between $400 million and $1 billion, AIG notes that claims notification frequency has increased by 26%, but remained steady ... Read the full article
Accenture’s Cusano to lead AIG’s business, technology operations
10th June 2019
Global insurer American International Group (AIG) has announced the appointment of John Cusano as Chief Business & Technology Operations Officer, effective July 1. Cusano, who joins from Accenture having held a number of leadership positions in the company, has over 30 years’ experience and has demonstrated a successful track record of ... Read the full article
AIG subsidiary Blackboard adds Uwe Schoberth from QBE
6th June 2019
AIG subsidiary Blackboard Insurance has brought in Uwe Schoberth to focus on market relationships and bolster the company’s expanding go-to-market strategy. Schoberth, who joins from QBE Group, will apply his background in the commercial insurance industry to enhance Blackboard’s connection with brokers in this market to help clients better manage risks ... Read the full article
Validus Re CEO, Kean Driscoll joins AIG CUO office
6th June 2019
Insurer and reinsurer AIG has appointed Validus Re Chief Executive Officer (CEO), Kean Driscoll, Global Chief Underwriting Officer (CUO) for Property and Agriculture, General Insurance. At the same time, Alexander Baugh has been named Global CUO for Casualty and Financial Lines, General Insurance. Both appointments are effective immediately, and in these ... Read the full article
AIG names David McElroy as head of General Insurance for North America
5th June 2019
American International Group, Inc. has announced the promotion of David McElroy to President and Chief Executive Officer (CEO) of the North America operations of General Insurance, taking over from Lex Baugh. McElroy, who first joined AIG in October 2018, previously served as President and CEO of Lexington, a surplus lines ... Read the full article
AIG’s Talbot restructures with closure of Australia & Lloyd’s China units
30th May 2019
AIG-owned reinsurer, Talbot Underwriting is to close its office in Australia and also its Lloyd's China unit and will now service its renewals through its Singapore and London branches. Talbot has said that it is to combine its regional underwriting capabilities into a single hub domiciled in Singapore, which it states ... Read the full article
AIG working on sale or deconsolidation of legacy play Fortitude Re
17th May 2019
Global primary insurance giant AIG is actively working on some kind of a sale or deconsolidation of the legacy book and run-off play Fortitude Re, as it seeks to go further than a simple separation of the start-ups operating model from the parent. AIG officially launched the legacy and run-off ... Read the full article
Florida market to undergo meaningful price correction at June 1: AIG’s Zaffino
10th May 2019
Global insurer AIG believes the Florida property reinsurance market will undergo a meaningful price correction at the upcoming mid-year renewals, while more broadly, it continues to see greater evidence of price discipline, according to Global Chief Operating Officer (COO) and Chief Executive Officer (CEO) of General Insurance, Peter Zaffino. Speaking during ... Read the full article
Talbot founder Rupert Atkin steps down as Non-Exec Chairman
8th May 2019
David Batchelor has been appointed Non-Executive Chairman of Talbot Group, the Lloyd's of London re/insurer acquired by AIG through its acquisition of Validus Holdings in 2018. The appointment is effective after the receipt of regulatory and Lloyd's approval. Batchelor, formerly of broker Marsh, replaces Talbot founder Rupert Atkin, who steps down ... Read the full article
AIG improves general insurance underwriting performance in Q1
7th May 2019
Global insurer AIG saw its first-quarter 2019 net income decline to $654 million year-on-year, despite an improved performance in its general insurance unit driven by enhanced underwriting fundamentals, expense discipline, and reinsurance actions. Net income fell to $654 million from $938 million a year earlier, while AIG's return on common equity ... Read the full article
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
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