AIG

BHSI names AIG’s Head as D&O product line officer

Berkshire Hathaway Specialty Insurance (BHSI) has hired AIG veteran Brady Head as senior vice president, product line officer for directors’ and officers’ (D&O) liability insurance in North America.

Duperreault, Glaser and Schnitzer among CEOs urging Congress to accept Biden win

AIG’s Brian Duperreault, Marsh & McLennan Companies’ Dan Glaser, Swiss Re Americas’ Philip Ryan and Travelers’ Alan Schnitzer are among over 170 New York business leaders signing a letter urging Congress to accept Joe Biden’s win in the US presidential election.

AIG to redeem notes due 2021

AIG is to redeem all of its outstanding 3.3 percent notes due 2021 on 1 February 2021.

Applied UW lures Fiamma-led trio from AIG to launch fine art and collectibles unit

Ambitious US insurance group Applied Underwriters has taken Ron Fiamma, Rand Silver and Christopher Walsh from AIG to build out its newly formed Applied Fine Art & Collectibles unit, The Insurer can reveal.

AIG promotes Sperring to lead aerospace manufacturing and airports portfolio

AIG has promoted Mark Sperring to underwriting director, international aerospace in a move which gives him global leadership for the insurer’s portfolio of manufacturing and airports business.

Incumbents’ market in reinsurance: AIG Re CEO

Start-ups are not proving to be influential at the 1.1 property cat renewal, with reinsurance more broadly an “incumbents’ market” despite new capital entering the sector, according to AIG Re CEO Chris Schaper.

BHSI hires AIG’s Macfarlane for European downstream energy push

Berkshire Hathaway Specialty Insurance (BHSI) has hired market veteran Tom Macfarlane from AIG to lead its downstream energy property offering in Europe at a time when the sector is seeing rates rise in response to losses and reduced capacity.

US property hardening to continue as carriers address “profitability crisis”

There is no sign of sustained hard market pressures in US property insurance easing despite 12 consecutive quarters of price rises, as carriers continue their attempts to return to sustainable profitability, according to a panel of underwriting executives.

AIG seeks higher casualty QS cede as de-risking and rate increases take hold

AIG is in the market with its broker Aon ahead of the 1 December renewal of its core casualty quota share pushing for a higher ceding commission supported by further evidence of significant year-on-year exposure reduction and surging rates, The Insurer can reveal.

Hank Greenberg defamation case against Eliot Spitzer dismissed

A New York judge has dismissed a long running defamation case brought by Hank Greenberg against Eliot Spitzer relating to comments the former New York attorney general made about Greenberg’s departure from AIG.

Validus Re elevates Roberts to head of marine and energy and hires Axis duo

AIG-owned Validus Re has moved to bolster its senior executive ranks following recent departures with the hires of Lucy Thomas from Axis Re and Peter Griffin from Axis Specialty Insurance, while also elevating Paul Roberts to head up marine and energy, The Insurer can reveal.

AIG says GI to grow top line in ’21 and deliver sub-90 underlying CR by end of ‘22

AIG said its general insurance business will go back on the growth path in 2021 and produce an accident year combined ratio excluding cats below 90 percent by the end of 2022 as the carrier highlighted rate increases on its book it says are outpacing loss cost inflation.

Strengthened foundations at AIG GI allow life and retirement separation: Zaffino

AIG is contemplating an IPO or private sale of up to 19.9 percent of its life and retirement (L&R) business as a first step to separation, with incoming CEO Peter Zaffino stating that progress made over the last three years in general insurance (GI) had positioned it to be able to make the move to break up the group.

AIG reports further underlying CR improvement in GI

AIG generated adjusted earnings per share of $0.81 that was a strong beat on the $0.54 analysts’ consensus forecast that had been adjusted for preannounced cat losses of $790mn as its general insurance (GI) business continued to show solid underlying improvement.

AIG loses another lead line on aviation account

Starr Insurance has once again won the lead line from AIG on an airline account, taking over as the lead carrier on the American Airlines programme.

Validus exits continue as duo depart for RenRe and DE Shaw

The wave of departures from AIG-owned Validus has continued, with financial lines underwriter Patricia Mills set to take on a new role at RenaissanceRe, while Thomas George has left its ILS fund manager AlphaCat for DE Shaw, The Insurer can reveal.

Hudson agrees Validus Specialty professional lines renewal rights deal with AIG

Hudson Insurance Group has agreed a deal with AIG to buy the renewal rights to select Validus Specialty professional lines business and take on the underwriting team led by Cathy Cossu, The Insurer can reveal.

Life changes at AIG

It is almost exactly five years ago that Carl Icahn called for AIG to break itself up. At the time the insurer countered that the move would destroy shareholder value, but much has changed since then as potential impediments have diminished and the balance between the fundamentals of P&C and life has shifted.

AIG ratings unchanged after life and retirement split announcement: AM Best

No changes have been made to AIG’s ratings after the insurance giant announced plans to split out its life and retirement (L&R) operations, AM Best has announced.

AIG sues McKesson over opioid lawsuit claims

AIG has sued McKesson, seeking a declaration that it has no duty to defend or indemnify the pharmaceutical distributor in any of the opioids lawsuits that have led to hundreds of millions of dollars of settlements as well as a potential multi-billion dollar global payment.

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