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’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
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
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