AIG

AIG reports strong growth in XS casualty and Lex as rate increases outstrip loss costs

AIG has detailed the extent of net written premiums (NWP) growth in segments of its commercial lines book, with excess casualty in North America up 50 percent and Lexington Wholesale up 30 percent in P&C, as it also pointed to margin expansion with rate increases outstripping loss cost trends globally.

AIG beats again as GI improvement continues amid strong NWP growth

AIG has further demonstrated its transition from remediation to profitable growth with another quarterly earnings beat that included significant improvements in reported and underlying combined ratios as well as double digit net written premium (NWP) growth in general insurance.

Lyons to take chief actuary and portfolio management role in AIG reshuffle

Mark Lyons has been named global chief actuary and head of portfolio management at AIG from the start of 2022 in a role in which he will also oversee ceded reinsurance, with Shane Fitzsimons named his successor as CFO and Ted Devine hired to head up modernization program AIG 200.

AIG A ratings affirmed as AM Best highlights H1 P&C UW improvement

AM Best has affirmed AIG’s financial strength rating of A (Excellent) and highlighted its improved P&C underwriting results in H1 2021, while adding that the planned separation of the insurance giant’s life and retirement (L&R) business is not expected to have a near-term impact on the firm’s rating.

Harvard sues Zurich for defence costs in discrimination litigation

After exhausting a $25mn AIG primary policy, the President and Fellows of Harvard College has sued Zurich for coverage of defence costs under an excess policy with a $15mn aggregate limit in connection with litigation over the university’s admissions practices.

Schaper takes over AlphaCat leadership with Brooks departure

Paschal Brooks is standing down as CEO of AIG’s ILS manager AlphaCat, with AIG Re and Validus Re CEO Chris Schaper taking over the position.

AIG sees “great opportunity” in excess layer ventilation and ILS

AIG president and CEO Peter Zaffino has highlighted the opportunities the insurer sees ventilating in the mid-excess and high excess layers, with the executive separately expressing the goal of increasing ILS assets under management.

AIG’s Zaffino: Ida claims “coming in slow” with more personal lines frequency

AIG president and CEO Peter Zaffino has said Hurricane Ida claims are “coming in slow” with the insurer seeing more claims frequency in its personal lines business than commercial, with the executive adding it is too early to tell what the company’s overall losses will be.

Zaffino named Duperreault’s successor as AIG chairman

AIG has appointed CEO and president Peter Zaffino to the additional role of chairman of the board of directors, succeeding current executive chairman Brian Duperreault when he retires at the end of 2021.

Great American sues AIG over Billabong parent ransomware attack losses

Great American Insurance Company (GAIC) has sued AIG, alleging the insurer failed to pay its share of losses from a ransomware attack on sports and lifestyle company Boardriders, which had filed a lawsuit related to the event against GAIC in July.

AIG hires AGCS’s Brady as international casualty CUO to succeed Mailloux

AIG has hired Ciara Brady as chief underwriting officer, international casualty, with the Zurich-based hire joining from Allianz Global Corporate & Specialty and succeeding Patrick Mailloux, who has retired from AIG.

Fitch: Berkshire Hathaway overtakes AIG in E&S ranking by 2020 DWP

Berkshire Hathaway wrote more excess and surplus lines (E&S) premium in 2020 than AIG while the overall E&S market’s performance is tipped to improve this year after its combined ratio deteriorated to 107 percent last year, a new analysis from Fitch shows.

KBW “tremendously confident” AIG will hit sub-90% core CR target

Keefe Bruyette & Woods’ Meyer Shields has expressed strong confidence that AIG can meet its target of a sub-90 percent core combined ratio by the end of 2022, while the equity analyst also maintained an outperform rating on the insurance giant’s shares.

AIG names Nunez CEO of Validus Reaseguros with Saer set to become chair

AIG has appointed Pablo Nunez as executive vice president and CEO of Validus Reaseguros, effective 1 January 2022, with Rafael Saer set to become chairman of the Miami-based unit ahead of his retirement at the end of 2022, The Insurer can reveal.

AIG renewed Q2 reinsurance “at equivalent or improved pricing”; Validus cuts 1.6 Florida limits 40%

Peter Zaffino has revealed AIG placed 25 layers of reinsurance in the second quarter with flat or improved pricing in nearly every instance, while net limits on the Florida reinsurance business written by Validus reduced over 40 percent at 1 June.

AIG working with “sense of urgency” for Q1 2022 L&R IPO

AIG’s Peter Zaffino has revealed that, following last month’s deal for Blackstone to buy a 9.9 percent stake in its life and retirement business, the insurance giant is working towards completing an IPO for the unit in the first quarter of next year.

AIG’s Zaffino confident of a sub-90 underlying CR before 2022 year-end as hails rate momentum

AIG president and CEO Peter Zaffino has given details of the rate increases achieved in the second quarter and expressed confidence that the firm’s general insurance division will achieve a sub-90 percent accident year combined ratio excluding catastrophes before the end of 2022.

AIG reports 92.5% combined ratio and 24% GI NPW growth in Q2 earnings beat

AIG has reported a 13.5 point improvement in its General Insurance combined ratio and a 3.8 point improvement in the underlying combined ratio, in second quarter earnings that beat analyst expectations.

AIG appoints Purtill permanent CRO

AIG has named Sabra Purtill its permanent chief risk officer after the executive had held the role on an interim basis since February following Alessa Quane’s departure.

AIG ordered to defend data breach litigation under CGL policy

An appeals court has ruled that an AIG subsidiary under a commercial general liability policy must defend an operator of restaurants, hotels and casinos in a $20mn data breach lawsuit.

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AIG