AIG

AIG shares up 3% as investors react positively to life news

AIG shares were up 3 percent in early trading as investors reacted positively to a triple header of overnight announcements on succession, Q3 cat losses and – most significantly – plans to pursue a separation of the life and retirement (L&R) business in a move equity analysts say could improve the company’s valuation.

AIG takes $790mn Q3 catastrophe losses charge

AIG will take a $790mn pre-tax hit for third quarter catastrophes, including $185mn of estimated losses for claims relating to Covid-19.

Zaffino to take over as AIG CEO in March 2021 as life separation announced

Peter Zaffino has been named AIG CEO, effective 1 March next year, with Brian Duperreault set to become executive chairman, as the insurance giant also announced it will separate its life and retirement business in a move it said will simplify its corporate structure and unlock “significant value”.

Norsk Hydro receives latest $21mn insurance payout for 2019 cyber-attack

Norsk Hydro received a further NOK 192mn ($21mn) insurance payout during the third quarter for the cyber-attack it suffered in March 2019, taking total recoveries from carriers for the event so far to NOK 715mn ($77mn).

AIG settles tax refund dispute with DOJ

AIG has reached a settlement of a tax refund lawsuit, with the US Department of Justice announcing the insurer will give up claims to over $400mn of foreign tax credits and take a 10 percent tax penalty.

ERS names AIG’s Bilsby CEO to drive expansion beyond motor lines

Motor insurer ERS has swooped on AIG for its global head of specialty Peter Bilsby as the carrier looks to enter specialist commercial insurance lines.

Convex replaces AIG as lead market for Indian airline Vistara

Convex has replaced AIG as the lead market for the Indian airline Vistara, The Insurer can reveal.

Qatar Airways prices up >20% as Starr takes lead from AIG

Starr Insurance Companies has replaced AIG as the lead aviation market on the Qatar Airways programme, with the Willis Towers Watson-brokered placement renewing up significantly this month, The Insurer understands.

AIG GI names Barrett CUO of NA financial lines

Allison Barrett has been appointed to the position of CUO for North America financial lines at AIG’s General Insurance (GI) business following the retirement of Irwin Goldfarb, The Insurer understands.

Third Point Re adds ex-AIG exec Junius as COO

Third Point Re has named former AIG General Insurance international CFO David Junius as its chief operating officer, with the executive set to be appointed CFO of SiriusPoint when the expanded company is formed next year.

Tudor-Thomas named EVP of US property at Validus Re

Andrew Tudor-Thomas has taken the position of executive vice president for US property at AIG-owned reinsurer Validus Re, The Insurer understands.

AIG adds claims executives Miller and Chalmers

AIG is adding David Miller as chief claims officer for international and specialty, and Julie Chalmers as head of UK and EMEA claims for its General Insurance (GI) business, The Insurer can reveal.

Mishcon de Reya ‘actively considering’ Covid-19 group action against 12 insurers

Law firm Mishcon de Reya is considering a group action against 12 insurers in light of the High Court verdict in the Financial Conduct Authority’s test case on Covid-19 business interruption losses.

BHSI makes French exec and professional lines move with AIG hires

Berkshire Hathaway Specialty Insurance (BHSI) has entered France’s executive and professional lines market with the arrival of two new hires from AIG.

AIG anticipates high demand for AlphaCat at 1.1

AIG is looking to grow its ILS fund manager AlphaCat with demand expected to be high at 1 January, while Peter Zaffino has also suggested that the insurance giant is open to setting up other similar vehicles.

AIG swoops on GC for Nash to fill Japan CEO role

AIG has appointed James Nash president and CEO of Japan, bringing to an end Nash’s 35 year stint with reinsurance broker Guy Carpenter.

AIG general insurance’s mar-comms head Dandridge joins Boeing

AIG General Insurance’s global chief marketing and communications officer Ed Dandridge has left the company for aerospace giant Boeing.

New capital raised so far unlikely to change E&S market dynamics

While capacity from new entrants is welcome in the hardening E&S market, it has not reached levels that will alter current dynamics, according to AmWINS president James Drinkwater.

US surplus lines premium topped $55bn in 2019 as momentum continues: AM Best

Rate increases and business flow from the admitted market drove E&S premium to a record high last year as US domestic writers grew faster than Lloyd’s, while there are positive signs that the segment’s top line momentum has survived the Covid-19 blip, according to AM Best.