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.

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

AIG lead underwriter on India plane crash reinsurance

10th August 2020

AIG has been named as the lead underwriter for the reinsurance program covering a recent plane crash in the southern Indian state of Kerala, according to sources at SME Times. The publication reported that a consortium led by New India Assurance Company are the primary insurers of the crashed Air India ... Read the full article

AIG expands pension risk transfer reinsurance activities in Q2

6th August 2020

American International Group (AIG), the global insurance and reinsurance player, has expanded its activities in the pension risk transfer space during the second-quarter of this year. Reporting its results recently, AIG highlighted the Life and Retirement business segment as one experiencing strong premium growth. AIG explained that its Life and Retirement division ... Read the full article

AIG expects to recover COVID-19 losses under cat reinsurance: Zaffino

5th August 2020

Insurer and reinsurer AIG anticipates making a recovery under its international per-occurrence catastrophe reinsurance treaty as a result of COVID-19-related losses, according to Peter Zaffino, President and Global Chief Operating Officer (COO) of AIG, and Chief Executive Officer (CEO) of the General Insurance (GI) unit. Speaking during the company's second-quarter 2020 ... Read the full article

AIG’s GI unit reports Q2 underwriting loss as cats hit $674mn

4th August 2020

American International Group, Inc. (AIG) has reported that its General Insurance (GI) segment fell to an underwriting loss of $343 million in the second-quarter of 2020, which includes €674 million of catastrophe losses, net of reinsurance. The elevated level of overall cat losses in Q2 compares with €174 million of cats, ... Read the full article

AIG to relocate global headquarters, consolidate remaining NY office space

22nd July 2020

Global re/insurer AIG is relocating its global headquarters from the Financial District in Manhattan to Midtown, while also consolidating its remaining footprint in the city. AIG Chief Executive Officer and President Peter Zaffino said the decision has been influenced by the recent COVID-19 lockdowns. As businesses start transitioning back from lockdown, the lessons ... Read the full article

Catherine Barton appointed CFO of AIG’s Talbot Underwriting

10th July 2020

Catherine Barton has been unveiled as the new Chief Financial Officer (CFO) of Lloyd's of London syndicate Talbot Underwriting Ltd, an AIG company. Barton's appointment is effective September 28th, 2020 and she will also join the Talbot Board, subject to regulatory approval. She succeeds Nigel Wachman, who retires from Talbot in ... Read the full article

AIG Private Client Group transitions business to Heritage & Safeco

30th June 2020

American International Group, Inc. has announced that AIG Private Client Group’s (PCG) agents will soon be able to transition their upper middle market personal insurance business to Heritage Insurance Holdings, Inc. and Safeco Insurance, a Liberty Mutual Company. Beginning in Q4 2020, AIG will transition a select portion of its personal ... Read the full article

AIG Re names Paschal Brooks as CEO of AlphaCat

11th June 2020

American International Group (AIG) has announced that Paschal Brooks has taken on the role of Chief Executive Officer (CEO) of AlphaCat Capital Inc., an AIG subsidiary that provides investment advisory services to the insurance-linked securities (ILS) space. Brooks' appointment is effective April 1st, 2020 and he reports to Chris Schaper, CEO ... Read the full article

Carlyle Group & T&D acquire majority share in Fortitude Re from AIG

3rd June 2020

The Carlyle Group and T&D Holdings have completed their previously announced acquisition of a 76.6% interest in Fortitude Group Holdings, whose group companies include Fortitude Re, from AIG. First announced in November of last year, the deal has now closed following the receipt of regulatory approvals and customary closing conditions. Upon ... Read the full article

AIG lead reinsurer for Pakistan flight crash: reports

29th May 2020

American International Group, Inc. (AIG) is reportedly on the hook as the lead reinsurer for the plane that crashed into a residential area of Karachi, Pakistan on May 22nd, according to Reuters. Airline documents show that the plane was insured for $19.7 million, with Pakistan’s National Insurance Company (PIC) acting as ... Read the full article