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 names Rose Marie Glazer as the General Counsel
1st December 2023
Global insurer, American International Group, Inc. has named Rose Marie Glazer as the General Counsel, effective immediately. Glazer served as Interim General Counsel since October 1, 2023, overseeing AIG’s legal, compliance, regulatory and government affairs functions. Glazer remains an Executive Vice President reporting to Peter Zaffino, AIG Chairman and Chief Executive Officer, ... Read the full article
AIG appoints Roshan Navagamuwa as its new EVP & CIO
16th November 2023
Global insurer, American International Group, Inc. (AIG) has appointed CVS Health's Roshan Navagamuwa as Executive Vice President (EVP) and Chief Information Officer (CIO), effective January 1st, 2024. Navagamuwa will report to Peter Zaffino, AIG Chairman and Chief Executive Officer (CEO). He will also be a part of AIG’s Executive Leadership Team. Navagamuwa's ... Read the full article
RenRe emerges as fifth-largest P&C reinsurer following Validus Re acquisition
7th November 2023
RenaissanceRe Holdings Ltd. (RenRe), a distinguished member of the Association of Bermuda Insurers and Reinsurers (ABIR), has successfully concluded its acquisition of Validus Re and its subsidiaries from American International Group (AIG), securing its position as the fifth-largest property and casualty (P&C) reinsurer in the world. Validus Re was among the ... Read the full article
AIG announces launch of secondary offering of Corebridge stock
6th November 2023
American International Group (AIG) has announced the launch of a secondary offering of Corebridge Financial common stock at $20.50 per share. AIG is offering 50 million existing shares of common stock (out of approximately 631 million total shares of common stock outstanding) of Corebridge, corresponding to approximately $1 billion of proceeds. AIG ... Read the full article
Building long-term relationships with reinsurance partners has “been key” for AIG: CEO Zaffino
2nd November 2023
During AIG's Q3 2023 earnings call, Chairman & Chief Executive Officer, Peter Zaffino, explained how building long-term strategic relationships with the company's reinsurance partners has "been key" for repositioning the firm. Zaffino noted how conflicting views have emerged in the market on the combination of gross portfolio underwriting with the strategic ... Read the full article
Enstar closes previously announced transaction with AIG
2nd November 2023
Enstar Group Limited has announced that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group (AIG), to provide protection to AIG on its retained exposure to adverse development on Validus Re's loss reserves. The transaction was first announced in September. As per the agreement, Enstar ... Read the full article
AIG reports improved GI underwriting performance in Q3’23 despite $462m cat load
2nd November 2023
Global insurer AIG has reported a 6.8 points improvement in the General Insurance (GI) combined ratio to 90.5% for the third quarter of 2023, driven by a 7.9 point decrease in the loss ratio to 59.6%. In the third quarter of 2023, GI underwriting income increased $443 million from the prior ... Read the full article
RenaissanceRe completes $3.3bn acquisition of Validus Re from AIG
1st November 2023
Bermuda-based reinsurer RenaissanceRe has completed its previously announced acquisition of Validus Re, the treaty reinsurance operation of global insurer AIG, a transaction it says creates immediate and long-term value for its shareholders. First announced back in May and approved by the European Commission in August, RenRe has now closed ... Read the full article
S&P Global Ratings revises outlook on AIG to stable, affirms ratings
17th October 2023
S&P Global Ratings announced a revision of its outlook on American International Group Inc. (AIG), a global multiline insurer, and its core property and casualty (P/C) subsidiaries (excluding Validus Re) to stable from negative. Concurrently, S&P affirmed AIG's issuer credit ratings at 'BBB+/A-2' and its insurer financial strength ratings for AIG's ... Read the full article
AIG names McElroy Chair of GI, Bailey CEO NA Insurance, Hancock CEO International
12th October 2023
Insurer American International Group (AIG) has made several changes in its general and international insurance senior management, as it reorganises to position itself for further growth. The current Chief Executive Officer, of General Insurance, David McElroy, will assume the newly created role of Chairman, General Insurance. Don Bailey, who currently serves as ... Read the full article
AIG appoints Patricia Walsh as Executive Vice President and General Counsel
29th September 2023
American International Group, Inc. has announced the appointment of Patricia Walsh as its Executive Vice President and General Counsel, effective December 1, 2023. Walsh will report to Peter Zaffino, AIG Chairman & CEO, and will serve on AIG’s Executive Leadership Team. Rose Marie Glazer will remain Interim General Counsel until Walsh ... Read the full article
Leading European insurers underwrite 30% of U.S. coal: Insure Our Future
28th September 2023
According to a new report by Insure Our Future, leading European insurers are underwriting nearly a third of U.S. coal production, despite their net zero commitments. As per the group's report, Lloyd’s of London, Zurich, and Swiss Re are among the top ten insurers of the 25 biggest U.S. mines. Insure Our ... Read the full article
AIG appoints Edward Dandridge as EVP and Chief Marketing and Communications Officer
22nd September 2023
Global insurer American International Group (AIG) has announced the appointment of Edward L. Dandridge as Executive Vice President (EVP) and Chief Marketing and Communications Officer, effective October 16th, 2023. In his new role, Dandridge he will report to Peter Zaffino, Chairman and Chief Executive Officer (CEO), and serve on AIG’s Executive ... Read the full article
Enstar enters into adverse development cover agreement with AIG
7th September 2023
Enstar Group Limited has announced one of its subsidiaries has signed an agreement with American International Group, Inc. to provide protection against adverse development on a portion of Validus Re’s loss reserves. It is one of Enstar’s wholly-owned subsidiaries that has joined this agreement. AIG retains exposure to some portion of Validus ... Read the full article
AIG promotes Lucy Fato to the role of Vice Chair
6th September 2023
Global insurer American International Group (AIG) has announced the transition of Lucy Fato from her current role as Executive Vice President, General Counsel & Global Head of Communications and Government Affairs to Vice Chair at AIG, effective October 1, 2023. In this newly created role, Fato will report to Peter Zaffino, ... Read the full article
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