AIG

BlackRock to manage up to $150bn of AIG and L&R investment portfolios

AIG and BlackRock have announced strategic partnerships for the asset management giant to manage certain liquid fixed income and private placement assets representing up to $60bn of the insurer’s ongoing investment portfolio and up to $90bn of that of the Life & Retirement (L&R) business that is being spun off.

E&S property exec Strickland leaves Lexington

Joseph Strickland has left his position as senior vice president for wholesale property at AIG’s Lexington, The Insurer can reveal.

AIG adds ex-GE vice chairman Rice to board

AIG has added former GE vice chairman John Rice as a director, an appointment that adds considerable global business experience to the insurance giant’s board.

Fitch revises AIG’s P&C outlook to positive on improved performance

Fitch Ratings has revised its outlook on AIG’s property casualty (P&C) subsidiaries to positive from stable to reflect “considerable improvement in 2021”, with the ratings agency also removing the negative watch on the holding company and assigning a stable outlook.

AIG names Sompo’s Haldeman as head of BDA financial lines

AIG has hired Jesse Haldeman as head of financial lines Bermuda, with the executive moving over from Sompo International on the island.

AIG brings in Velandia Evan from Barclays as global head of trade finance

AIG has appointed Ana Velandia Evan as global head of trade finance with the executive joining from Barclays, The Insurer can reveal.

AIG looks to kick on after reaching sub-90 adjusted GI combined ratio milestone

AIG reached an important milestone in the fourth quarter as its core general insurance business generated its first quarterly adjusted combined ratio under 90 percent since the financial crisis, with the insurer looking likely to replicate that performance in 2022 as margin expansion continues on the back of strong rate increases.

Zaffino: AIG Re “significantly reduced” peak zone aggregates at 1.1

AIG’s reinsurance unit reduced its peak zone aggregates at 1.1 because it “didn’t think the risk-adjusted returns were there”, Peter Zaffino said during the company’s Q4 earnings call with the executive also discussing the insurance giant’s recent exit from the California high net worth property market.

AIG lowers NA property cat attachment and updates cyber structure at 1.1

AIG continued to make “meaningful improvements” to its core reinsurance placements at 1 January as it lowered the attachment point on its North America per occurrence property cat treaty, amended the structure of its cyber placement and confirmed a four point increase in the cede commission on its casualty quota share.

AIG’s commercial rates up 10% in Q4 “above loss cost trends”

AIG’s Mark Lyons has provided details of AIG’s strong net premium growth in the fourth quarter, including 50 percent in North America casualty, while revealing commercial rates were up 10 percent globally, 11 percent in North America and 9 percent in international.

AIG reports Q4 earnings beat as GI adjusted CR improves to 89.8%

AIG has reported a fourth quarter earnings beat, with results that include a 10.4 point improvement in General Insurance’s combined ratio to 92.4 percent, a 3.1 point improvement in its adjusted combined ratio to 89.8 percent and 7 percent growth in General Insurance net premiums written to $5.96bn.

Hamilton adds AIG’s Friston for Bermuda-based financial lines move

Hamilton’s Bermuda-based platform has entered the financial lines insurance sector with the hire of David Friston from AIG to lead the new offering.

New Jersey diocese seeks court approval of $27mn insurance settlement

The Diocese of Camden has asked its bankruptcy judge to approve a $27.2mn settlement of sexual abuse claims with its insurers, although the tort claimants committee in the proceeding has described it as a “woefully inadequate sum”.

AIG pushes for 34% cede on cyber QS as underlying rate increases continue to surge

AIG is in the market to place a cyber quota share treaty with an unusually high ceding commission and loss ratio cap but sources say this reflects the unique characteristics of its book rather than a sign of market softening.

AIG takes Chubb’s Fulcher for new international GI chief actuary role

AIG has appointed Graham Fulcher to the newly created role of international general insurance chief actuary.

AIG hires KPMG’s Hunter as global strategy and ESG head

AIG has recruited KPMG chief economist Constance Hunter to lead its strategy and ESG efforts, with the new hire set to join the business in early 2022.

AIG taps Sura’s Batt to lead Brazilian business

AIG has filled its vacant Brazil CEO role with the hire of former Seguros Sura and RSA executive Thomas Batt.

AIG Private Client Group to stop writing admitted homeowners in California

AIG Private Client Group is ceasing to offer admitted insurance solutions in California including homeowners as it responds to a record number of severe catastrophe events in the last few years, including wildfire losses in the state, The Insurer can reveal.

AIG strengthens financial lines reserves and slashes exposure to SCAs

Despite $400mn of reserve strengthening for its North America financial lines business in the third quarter, AIG’s management has stressed that the underwriting changes made in this area in recent years – including meaningfully reduced exposure to securities class actions (SCAs) – are now starting to show through in results.

Zaffino says focus on cat protections reduced Q3 volatility as agg covers near attachment

AIG said it is close to attaching North America and rest of the world ex Japan aggregate covers that will limit any Q4 cat losses as president as CEO Peter Zaffino said that the industry needs to acknowledge loss frequency and severity has changed “dramatically” due to factors including climate change.

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AIG