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 brings down aggregate reinsurance limit to $2.05bn for 2021

22nd February 2021

Global insurer and reinsurer AIG has renewed its worldwide property catastrophe reinsurance program for 2021, securing a reduced $2.05 billion of aggregate limit that is shared across regional towers. In comparison, the firm's 2020 property cat reinsurance renewal included $2.5 billion of aggregate limit shared across regional towers of the ... Read the full article

AIG actively seeking Life & Retirement sale, Athene interested

19th February 2021

Incoming AIG Chief Executive Peter Zaffino says his company is working "purposefully and with a sense of urgency on several fronts" related to a 19.9% sale of its Life and Retirement business. In a Q4 earnings call Zaffino said he was pleased with the level of interest quality of potential partners ... Read the full article

AIG’s Zaffino ‘extremely pleased’ with 1/1 renewals

19th February 2021

Peter Zaffino, president and incoming Chief Executive Officer of AIG, has praised his firm for its 1/1 reinsurance renewal activity, particularly amid such a challenging market environment. AIG restructured its core placements in every major general insurance treaty. The company reduced the catastrophe per-occurrence attachment points in North America from $500 million ... Read the full article

AIG falls to $60mn Q4 loss

17th February 2021

Global insurer and reinsurer AIG has reported a net loss of $60 million for the fourth-quarter of 2020 despite a 4% rise in General Insurance (GI) adjusted pre-tax income to $809 million for the period. The Q4 net loss compares with net income of $922 million for the same period in ... Read the full article

AIG’s Duperreault to step down from Exec Chair role by 2022

15th February 2021

Global insurer American International Group (AIG) has announced that Peter S. Zaffino is set to take over the role of Chief Executive Officer (CEO) from Brian Duperreault, who will instead serve as Executive Chairman of the Board until the end of this year. Duperreault will hold this role through to December ... Read the full article

AIG Life & Retirement promotes Todd Solash to expanded CEO role

14th December 2020

AIG Life & Retirement, a division of global insurer AIG, has appointed its Chief Executive Officer of Individual Retirement business Todd Solash to an expanded role. Solash will now also be responsible for driving the division’s strategic agenda and ensuring continued innovation. He joined AIG in 2017 from AXA US, where he ... Read the full article

AIG makes two senior hires

13th November 2020

Global insurer American International Group, has announced that Lucy Fato, Executive Vice President & General Counsel, has taken on additional responsibilities in the newly created position Global Head of Communications and Government Affairs. In her expanded role, Fato has assumed responsibility for Global Communications in addition to the Government Relations and ... Read the full article

Cat losses of $790mn push AIG’s GI unit to Q3 underwriting loss

6th November 2020

American International Group, Inc. (AIG) has announced that its General Insurance (GI) unit reported $790 million of catastrophe losses in the third-quarter of 2020, taking the segment's combined ratio to 107.2%. The $790 million of pre-tax cats, net of reinsurance, impacted the GI combined ratio by 13.5 percentage points in the ... Read the full article

AIG announces Q3 cat losses of $790mn; 23% relates to COVID-19

27th October 2020

Global insurer and reinsurer, American International Group, Inc. (AIG), has announced estimated third-quarter 2020 catastrophe losses, net of reinsurance, of $790 million (pre-tax) within its General Insurance segment. Of this total, $185 million, or approximately 23% is for claims related to the ongoing COVID-19 pandemic, primarily in the segment's travel, event ... Read the full article

Peter Zaffino named CEO of AIG; Duperreault to become Executive Chairman

27th October 2020

The American International Group, Inc. (AIG) Board of Directors has named Peter Zaffino as the company's new Chief Executive Officer (CEO), with Brian Duperreault set to become Executive Chairman, effective March 1st, 2021. Zaffino takes on the role alongside his current position as President of the global re/insurer, and has also ... Read the full article

Law firm considering action against twelve insurers after High Court BI win

21st September 2020

Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article

AIG’s Zaffino eyeing more strategic purchasing within reinsurance

16th September 2020

AIG's reliance on reinsurance will continue to be strategic but, since the company has repositioned its portfolio, it should be able to do more things with reinsurance without taking more risk, according to President and Chief Operating Officer Peter Zaffino. This could give AIG opportunities for less spend, but more strategic ... Read the full article

AIG appoints GC’s James Nash to lead Japan as President, CEO

15th September 2020

Global re/insurer AIG has recruited James Nash as President and Chief Executive Officer of AIG Japan Holdings KK. Based in Tokyo, Nash will report to Jon Hancock, Chief Executive Officer of International General and is expected to join the company by early 2021. He joins from Guy Carpenter, having most recently served ... Read the full article

AIG appoints StarStone’s Chris Rash as CEO of Talbot

10th September 2020

Chris Rash, most recently the interim Group Chief Executive Officer (CEO) of StarStone Group, has been named as the new CEO of global re/insurer AIG's Talbot Underwriting Ltd, which operates in the Lloyd's marketplace through Syndicate 1183. At the same time, Rash has been appointed to the Talbot Underwriting Board and ... Read the full article

AIG promotes McElroy to CEO of General Insurance & EVP, AIG

13th August 2020

American International Group, Inc. (AIG) has announced that David McElroy has been promoted to Chief Executive Officer (CEO), General Insurance, and Executive Vice President (EVP), AIG, effective immediately. Prior to his promotion, McElroy served as President and CEO of the North American operations of the insurer and reinsurer's General Insurance division. In ... Read the full article