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 prices Corebridge IPO at $21 per share

15th September 2022

AIG has priced the IPO of Corebridge, previously SAFG Retirement Services, at $21 per share with trading expecting to begin Thursday. The firm said in a statement that it was offering 80m shares of common stock out of 645m million total common shares. It said that this corresponds to $1.7bn in ... Read the full article

Lexington Insurance launches Middle Market Casualty team

13th September 2022

Lexington Insurance Company, an American International Group (AIG) company, has launched the Lexington Middle Market Casualty team. The team of underwriters will focus on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises. According to the announcement, the creation of this team substantially expands the company’s market reach beyond upper middle-market and large ... Read the full article

AIG launches IPO capital raise for Corebridge

7th September 2022

American International Group (AIG) has launched the initial public offering (IPO) of its majority-owned subsidiary, Corebridge Financial. AIG rebranded the parent company of its Life & Retirement business from SAFG Retirement Services to Corebridge back in March, ahead of plans to make the company public. Since then, Moody’s has affirmed ... Read the full article

AIG sued by petroleum firm in climate litigation dispute

31st August 2022

AIG’s National Union Fire Insurance Company has been sued by Sunoco subsidiary Aloha Petroleum for refusing to cover the costs of defending climate-related claims by local governments in Hawaii. It’s thought that this case could set a precedent as to whether firms are protected against climate damage claims, as more insurers ... Read the full article

AIG announces new additions to Board of Corebridge

19th August 2022

American International Group, Inc. (AIG) has announced the appointments of Alan Colberg and Trish Walsh to the Board of Directors of Corebridge Financial, Inc. (Corebridge) effective from the 1st of September 2022. Colberg previously served as the Chief Executive Officer and a Director of Assurant, Inc. from January 2015 until his ... Read the full article

AIG general insurance combined ratio falls below 90% for first time in 15 years

9th August 2022

AIG is reporting that it general insurance combined ratio improved by 5.1 points in Q2 2022, compared to the same period in 2021. The firm said in a statement that this was its first sub-90% combined ratio in a decade-and-a-half. Meanwhile, its general insurance adjusted accident year combined ratio improved over ... Read the full article

AIG hires Charlie Fry as EVP, Reinsurance Purchasing & Risk Capital Optimization

25th July 2022

Global insurer and reinsurer, American International Group (AIG), has appointed Charlie Fry as Executive Vice President of Reinsurance Purchasing and Risk Capital Optimization. As of 31 July, Fry will be reporting to Peter Zaffino, AIG’s Chairman & Chief Executive Officer. He will be responsible for AIG’s reinsurance purchasing strategy and placement execution, ... Read the full article

Stranded aircraft lessor brings $3.5bn lawsuit against AIG

14th July 2022

Aercap, the largest global aircraft leasing firm, has sued AIG and other insurers including Lloyd's business Atrium over planes stranded following the outbreak of conflict between Russia and Ukraine, according to reports from City A.M. The lawsuit follows a $3.5 billion all-risk claim filed in March over aircraft lost in Russia, ... Read the full article

Jesse DeCouto promoted to CUO of Validus Re

7th June 2022

Validus Re, the Bermuda headquartered reinsurance underwriting arm of AIG, has a new Chief Underwriting Officer (CUO) in Jesse DeCouto, according to a company memo seen by Reinsurance News. DeCouto, who most recently served as Executive Vice President, Head of Specialty and Credit at Validus Re, will also continue to lead ... Read the full article

AIG sees improvement in GI underwriting results as combined ratio strengthens

4th May 2022

American International Group, Inc. (AIG) has reported pre-tax income of $1.2 billion within its General Insurance (GI) business for the first-quarter of 2022, which reflects a $373 million improvement in underwriting income on the back of a stronger combined ratio. AIG's GI segment has recorded an underwriting gain of $446 million ... Read the full article

AIG names Tom Bolt as Chief Risk Officer, Driscoll becomes CUO GI

12th April 2022

American International Group (AIG) has appointed Tom Bolt as Executive Vice President (EVP) and Chief Risk Officer, succeeding Sabra Purtill, who was recently named EVP and Chief Investment Officer for AIG’s Life & Retirement business. Bolt will report to Peter Zaffino, Chairman & Chief Executive Officer, and has joined the ... Read the full article

AIG names Sabra Purtill EVP & Chief Investment Officer for Life & Retirement

12th April 2022

Global insurer and reinsurer, American International Group (AIG) has appointed Sabra Purtill to Executive Vice President and Chief Investment Officer for its Life & Retirement business, effective immediately. Within her new role, Purtill will report to Executive Vice President, Chief Executive Officer of Life & Retirement, Kevin Hogan. In addition to her ... Read the full article

Allianz latest to rule out insuring East African Crude Oil Pipeline

11th April 2022

Allianz has become the seventh insurer to commit to not providing coverage to the East African Crude Oil Pipeline (EACOP). The pressure group #StopEACOP says that the insurer has sent it an email to confirm that they will not be ‘providing direct insurance’ to the project since ‘it neither meets our ... Read the full article

AIG’s newly rebranded Corebridge gets ratings from Moody’s

1st April 2022

Corebridge Financial, the recently rebranded Life & Retirement business of AIG, has been assigned a Baa2 long-term issuer rating by Moody's, and has had the A2 insurance financial strength ratings of its life insurance subsidiaries affirmed, with all ratings carrying a stable outlook. Corebridge is an intermediate holding company that ... Read the full article

AIG rebrands Life & Retirement as Corebridge Financial

30th March 2022

AIG plans to rebrand the parent company of its Life & Retirement business as Corebridge Financial. The company is currently known as SAFG Retirement Services but is about to be turned public, at which point the rebranding will take place. The firm has also named the board of directors for Corebridge ... Read the full article