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 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

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