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.
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
European Commission approves RenRe’s Validus Re acquisition
31st August 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of American International Group’s (AIG) treaty reinsurance business - which includes Validus Re - by Bermuda-based RenaissanceRe (RenRe). According to the announcement, the Commission concluded that the proposed acquisition would raise no competition concerns, given the ... Read the full article
Reinsurer appetite increased amid more stable trading conditions at mid-year renewals: AIG CEO
2nd August 2023
The reinsurance market was more orderly during the key mid-year renewal season and sellers' appetite for more discrete purchases rose somewhat, which helped buyers fill shortfalls experienced at 1/1, according to Peter Zaffino, Chairman and Chief Executive Officer (CEO) of global insurer AIG. Speaking recently during the large primary insurer's Q2 ... Read the full article
AIG reports solid Q2 despite elevated cat experience in general insurance business
2nd August 2023
Large primary insurer AIG has reported a rise in adjusted pre-tax income within its general insurance business of 5% to $1.32 billion for the second-quarter of 2023, as higher investment income offset slightly lower underwriting profit as a result of elevated catastrophe losses and lower favourable prior year development, net ... Read the full article
AIG names Christopher Schaper Global CUO
27th July 2023
Large global insurer American International Group (AIG) has announced that the current Chief Executive Officer (CEO) of its reinsurance arm, Christopher Schaper, will take on the role of Global Chief Underwriting Officer (CUO) at AIG following the completion of the sale of Validus Re to RenaissanceRe. Industry veteran Schaper has more ... Read the full article
AFG completes acquisition of AIG’s Crop Risk Services
4th July 2023
American Financial Group (AFG) has completed the purchase of Crop Risk Services (CRS) from AIG. Illinois-based, CRS is a primary crop insurance general agent and is the seventh largest provider of multi-peril crop insurance in the United States, based on 2022 premiums. The purchase agreement was first announced in May 2023. Under ... Read the full article
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
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