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 & Stone Point successfully close agreement to form high net worth MGA
4th July 2023
AIG has announced that its definitive agreement with funds managed by Stone Point Capital to form an independent Managing General Agency specialising in the High Net Worth and Ultra High Net Worth markets called Private Client Select Insurance Services (PCS) has successfully closed. AIG and the re/insurance-focused private equity firm Stone ... Read the full article
AIG names Sabra Purtill as CFO following successful interim period
21st June 2023
Global insurer and reinsurer, American International Group, has announced that Sabra Purtill, who has served as Interim Chief Financial Officer (CFO) since January 2023, has been named to the role on a permanent basis, effective immediately. Shane Fitzsimons will step down from his position following a medical leave of ... Read the full article
Senate Budget Committee launches investigation into insurance companies’ climate risk evaluation, fossil fuel support
12th June 2023
The Senate Budget Committee, led by Senator Whitehouse (D-RI), alongside Senators Wyden (D-OR) and Sanders (I-VT), initiated an investigation into the evaluation of climate-related risks by major U.S. insurance companies. The committee seeks to understand why these companies continue to support and underwrite fossil fuel expansion projects that contribute to climate ... Read the full article
AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks
9th June 2023
Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article
AM Best says strategic rationale for RenRe’s acquisition of Validus is “sound”
24th May 2023
AM Best has suggested the strategic rationale for RenaissanceRe’s acquisition of Validus Re from AIG appears sound, as it will immediately enhance the firm's already strong market position in many business lines in which it already successfully participates. As we wrote previously, RenRe has agreed to acquire Validus and all ... Read the full article
RenRe can deploy Validus Re into its portfolio on day one: CEO O’Donnell
23rd May 2023
"We expect we can fully deploy Validus Re into our portfolio on day one, and fully integrate it into our risk management system soon afterwards, diminishing execution risk," says RenaissanceRe CEO Kevin O'Donnell, following the news that the firm is set to acquire Validus from AIG for $3bn. "We believe ... Read the full article
RenRe’s GPW poised to expand by 30% to $12bn following Validus Re acquisition
23rd May 2023
Bermuda-based RenaissanceRe's acquisition of Validus Re is expected to expand the reinsurer's gross premiums written (GPW) by around 30%, resulting in a combined portfolio of almost $12 billion, creating a top-5 global property and casualty (P&C) reinsurer As we wrote previously, RenRe has agreed to acquire Validus and all its ... Read the full article
RenRe acquiring Validus from AIG for $3bn, to become top-5 P&C reinsurer
23rd May 2023
RenaissanceRe, the Bermuda headquartered re/insurer, is aiming to become a top-5 global property and casualty reinsurer with the acquisition of Validus and all its subsidiaries from global player AIG for around $3 billion. RenaissanceRe (RenRe) is set to raise capital to complete this significant acquisition, with an offering of 6.3 million ... Read the full article
AIG takes over as lead insurer for Air India program
12th May 2023
Tata AIG General Insurance Company, the Indian joint venture of Tata and AIG, has been selected as the new lead insurer for Air India’s account, according to reports from The Indian Express. The publication reports that New India Assurance had been the lead insurer for the account of Air India for ... Read the full article
Validus Re premiums up 40%. Significant rate increases expected in June: AIG CEO Zaffino
5th May 2023
Validus Re, the Bermuda headquartered global reinsurance arm of American International Group (AIG), grew its gross premiums written by an impressive 40% in the first-quarter of 2023, CEO Peter Zaffino explained today. Speaking during the AIG earnings call today, AIG CEO Zaffino explained that the reinsurance business has been growing strongly, ... Read the full article
AIG reports a GI combined ratio of 91.9% for Q1
5th May 2023
AIG has released strong Q1 financial results for 2023, with its General Insurance segment posting a combined ratio of 91.9%, improving by 1.0 points from the prior year quarter. The accident year combined ratio, ex-CAT, was 88.7%, so a 100-basis point and 80-basis point improvement, respectively, from the previous year's ... Read the full article
AFG to buy AIG’s Crop Risk Services unit for $240 million
3rd May 2023
American Financial Group (AFG) has entered into an agreement to purchase primary crop insurance general agent Crop Risk Services (CRS) from AIG. CRS is based in Decatur, Illinois, and is the seventh largest provider of multi-peril crop insurance in the United States, based on 2022 premiums. Under the terms of the transaction, ... Read the full article
AIG finalises agreement with Stone Point to launch high net worth MGA
27th April 2023
American International Group (AIG) has announced that it has finalized its agreement with funds managed by Stone Point Capital to form Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA) to serve High Net Worth and Ultra High Net Worth markets. Stone Point is a private equity firm ... Read the full article
AIG hires Colahan as Regional President for Asia Pacific
13th April 2023
American International Group (AIG) has appointed Chris Colahan as Regional President, AIG Asia Pacific. Colahan will join the firm during the second quarter of 2023, and he will report to Jon Hancock, Chief Executive Officer of AIG’s International General Insurance business. Colahan will be taking over the role from current Regional President, ... Read the full article
Fitch views RGA’s market position ‘favourably’
11th April 2023
Fitch Ratings views the Reinsurance Group of America’s (RGA) entrenched market position and long track record in the global reinsurance market "favourably". This news follows Fitch's outlook revision for RGA to positive from stable. Fitch said that this outlook revision reflects RGA’s business profile improvement as the largest provider of ... Read the full article