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 to increase Validus Re investment after “compelling” 1/1: CEO Zaffino
17th February 2023
AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has said that his company plans to “increase investment” in its assumed reinsurance business in 2023, particularly through Validus Re, following a “compelling” January renewal period. Speaking during an earnings call this week, Zaffino noted that AIG via its reinsurance units was ... Read the full article
AIG’s reinsurance spend up by less than 10% at “successful” renewal: CEO Zaffino
16th February 2023
AIG Chairman and Chief Executive Officer (CEO) Peter Zaffino has disclosed details of his company’s experience at the recent January reinsurance renewal period, which he says proved “exceptionally successful” given challenging market conditions. Specifically, he says AIG increased its overall spend by “less than 10%” on an absolute and risk adjusted ... Read the full article
AIG’s General Insurance arm delivers strongest ever underwriting profit in 2022
16th February 2023
Global re/insurer AIG has achieved record underwriting profitability within its General Insurance (GI) division for the full year 2022 to $2 billion, which alongside net realized gains on Fortitude Re funds withheld embedded derivative, contributed to a rise in net income to $10.2 billion for the year. At the same time, ... Read the full article
AIG partners with Stone Point to launch high net worth MGA
14th February 2023
Global insurer and reinsurer AIG and Stone Point Capital, a re/insurance focused private equity firm, have entered into an agreement to establish an independent Managing General Agency (MGA) to serve the high net worth and ultra-high net work markets. Under this binding memorandum of understanding, AIG's Private Client Group (PCG) business ... Read the full article
AIG makes leadership changes amid departure of Mark Lyons
31st January 2023
Global insurer and reinsurer, American International Group (AIG), has terminated Mark Lyons from his role as Interim Chief Financial Officer (CFO) and Executive Vice President, Global Chief Actuary and Head of Portfolio Management, after he violated his confidentiality/non-disclosure obligations to the firm. AIG states that these violations were unrelated to its ... Read the full article
Don Bailey named Global Head of Distribution & Field Operations at AIG
3rd January 2023
AIG has announced that Don Bailey has joined the company as Global Head of Distribution and Field Operations, effective immediately. Bailey is an experienced operator, having held various senior roles across the insurance industry over the last three decades. He joins from Bristlecone Partners, a growth and human capital consultancy firm, where he ... Read the full article
AM Best turns positive on AIG, noting “steady improving trend”
19th December 2022
AM Best has revised the outlook to positive from stable and affirmed the Long-Term Issuer Credit Ratings of “bbb” (Good) of AIG, and has revised the outlooks to positive from stable for the Long-Term ICRs and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of ... Read the full article
Validus Re to benefit from improving property cat reinsurance market
1st December 2022
The rapidly improving property catastrophe reinsurance market is a solid opportunity for American International Group (AIG) to more aggressively leverage the capabilities of Validus Re, the firm’s underwriting arm, said AIG CEO Peter Zaffino in conversation with KBW. Zaffino noted that the current property catastrophe reinsurance capacity shortfall, more closely resembles ... Read the full article
AIG names Lily Claydon APAC Chief Risk Officer
25th November 2022
Global insurance firm AIG has appointed Lily Claydon as Chief Risk Officer for Asia Pacific (APAC). Claydon is a Chartered Financial Analyst with more than two decades of experience in financial services, insurance, regulatory environments and auditing. Her expertise include risk culture and change management, risk governance, Enterprise Risk Management Framework, crisis ... Read the full article
AIG signs five-year contract with Peter Zaffino
11th November 2022
Global insurance firm AIG has signed a five-year employment contract with its president, chief executive officer, and board chairman Peter Zaffino. The firm said in a statement that it would extend Zaffino’s employment with the company until November 2027. John G. Rice, speaking on behalf of the board, said: “We are fortunate ... Read the full article
Corebridge Financial reports net income of $2.4 billion for Q3
9th November 2022
Corebridge Financial has reported a net income of $2.4 billion in Q3 following the completion of its initial public offering in September, in which parent company AIG sold approximately 12.4% of its common stock. This compares to a net income of $1.4 billion in the prior-year quarter, with Corebridge stating that ... Read the full article
AIG revamps board of directors
4th November 2022
AIG has said that Paola Bergamaschi is to become a director of the company following an election by the firm’s board of directors. Bergamaschi’s appointment is set to begin at the start of December. In addition, John G. Rice, who joined the Board in March 2022, will take on the role ... Read the full article
AIG confident in ability to obtain necessary reinsurance for 2023: CEO Zaffino
2nd November 2022
Despite the fact Hurricane Ian will impact an already hardening reinsurance market, Peter Zaffino, Chief Executive Officer (CEO) of global insurer AIG, said today that his firm has commitments from all of its major reinsurers that they'll be able to deploy the same amount of capital to the extent AIG ... Read the full article
AIG reports improved GI underwriting performance despite $600m catastrophe load
2nd November 2022
Global insurer AIG has reported a 2.4 percentage point improvement in the General Insurance (GI) combined ratio to 97.3% for the third quarter of 2022 despite $450 million of losses related to Hurricane Ian, as net income across the firm jumped by more than $1 billion to $2.7 billion in ... Read the full article
AIG appoints Emma Woolley as Global Head of Marine
7th October 2022
American International Group (AIG) has appointed Emma Woolley as Global Head of Marine. Woolley brings over two decades of experience in the London marketplace, following a number of senior roles across the capital. She joins AIG from Lancashire Syndicates Limited where she served as Chief Executive Officer (CEO) for just under four ... Read the full article
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