AIG

AIG expects earned margin expansion into 2022 as underwriting actions take effect

AIG shares were trading up 2 percent earlier today after the insurer said it expects to deliver earned margin expansion through 2021 and into 2022 as it also forecast strong net written premium growth and committed to achieving its sub-90 percent accident year ex-cat combined ratio target by the end of next year.

AIG GI returns to UW profit despite cats in Q1 earnings beat

AIG president and CEO Peter Zaffino said its General Insurance (GI) business has transitioned from “remediation to profitable growth” after it reported a combined ratio that narrowed by 2.7 points to 98.8 percent as well as an 11th consecutive quarter of improving underlying underwriting results.

Szakmary to exit Hiscox for AlphaCat CUO role

Adam Szakmary is leaving his position as co-CUO for Hiscox Re & ILS and director of underwriting for Hiscox Insurance Company (Bermuda) to take up the role of CUO at AIG’s ILS manager AlphaCat, The Insurer can reveal.

Fortitude Re eyes P&C expansion as builds out US and BDA platforms

Run-off carrier Fortitude Re is gearing up to meaningfully expand its platform by adding staff in the US and Bermuda, as the AIG spin-off looks to scale up its P&C operations, The Insurer understands.

Fidelis and Convex increase space capacity helping offset AIG’s withdrawal

Fidelis and Convex have scaled up their space/satellite capacity for 2021, helping offset the impact of the withdrawal of AIG last November.

AIG diversifies ultra-HNW unit after HSCM-backed Lloyd’s syndicate posts a debut loss

AIG’s high net worth Lloyd’s Syndicate 2019 predicts an improvement in its underlying performance in its second underwriting year as a result of increased geographical diversification of the book of business it reinsures.

AIG and Tokio Marine swerve covering Hertz SEC settlement costs

A judge has dismissed a case brought by car rental giant Hertz seeking coverage from its D&O insurers for costs related to a Securities and Exchange Commission (SEC) settlement.

AIG hires BlackRock’s Wade as head of operations

Claude Wade will join AIG in the newly created role of executive vice president, global head of operations and chief digital officer, an appointment that reunites the former Marsh McLennan executive with Peter Zaffino.

AIG revamps ceded re management team

AIG has reorganised its ceded re strategy and placement leadership under Kean Driscoll, including the appointment of Elaine Rocha to the new position of global COO of reinsurance and John Klaus as global head of reinsurance placement, The Insurer can reveal.

Hippo hires AIG personal property specialist Donahue

Home insurtech Hippo has continued to build out its roster ahead of its imminent debut on the stock market with the hire of AIG’s global head underwriter for personal property Chris Donahue.

AIG names Rocha as global COO for reinsurance

AIG has appointed Elaine Rocha to the newly created role of global chief operating officer for its reinsurance business.

MSG sues insurers for Covid losses on $1.8bn policy

Madison Square Garden and associated businesses – including the New York Knicks and the New York Rangers – have sued FM Global, AIG, Allianz and Generali for Covid-19 business interruption losses, one of a growing number of big-ticket lawsuits involving US sports teams.

BHSI adds another ex-AIG exec to professional lines team

Berkshire Hathaway Specialty Insurance (BHSI) has once again turned to AIG as it fills out its US liability ranks, with private and non-profit management specialist Keith Freid the latest to make the switch.

AIG hires Buckingham to oversee life and retirement separation

AIG has revealed Lisa Buckingham is to join the company next month to oversee the separation of the group’s life and retirement (L&R) business.

Insurers sued on $500mn AIG-led policy in latest casino Covid-19 BI lawsuit

The owner of a New York casino and a Miami hotel has sued its insurers for $500mn of coverage for business interruption (BI) losses from the pandemic, with the lawsuit alleging that virus and communicable disease are not excluded causes of loss under the policy.

AIG’s head of UK marine liability Tomlin exits; linked with move to Lancashire

Stella Tomlin has resigned from her role at AIG after two years with the carrier and has been linked with a move to Lancashire, The Insurer can reveal.

AIG bolsters board with Jasco’s Cole

AIG has added Jasco Group chairman and CEO James Cole Jr to its board of directors.

AIG shares trade up on Berkshire stake link

Shares in AIG were trading up almost 5 percent this morning after a report in this publication Friday linking Berkshire Hathaway with a potential stake building in the insurer.

AIG shares trade up after Berkshire Hathaway link

Berkshire Hathaway’s in-house P&C insurance business is credited by Warren Buffett as the “engine” that has propelled the investment giant’s growth since 1967, when it entered the sector. But the recent $499mn investment in MMC and recent Wall Street rumours about a separate stake-building in AIG hints at a cycle play as the company looks for value elsewhere in the sector.

AIG details lower PMLs and reduced reinsurance limit

AIG has detailed the reduced gross exposure in property probable maximum losses (PMLs) that was a driver of its decision to cut back overall cat reinsurance limit purchased at 1 January, including on its US and Caribbean personal lines protection and aggregate shared limit placement.

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AIG