AIG

AIG falls 6.2% on down day for most US (re)insurance stocks

Most US-listed (re)insurance share prices fell during trading on Thursday, led by a 6.2 percent drop for AIG, but Lemonade returned to an upwards trajectory with a 12.4 percent rise.

Vegas casino Circus Circus accuses AIG of “sleight of hand” over Covid-19 BI losses

In the latest example of a casino suing its insurer for denying a business interruption (BI) claim resulting from Covid-19, Circus Circus has filed a lawsuit against AIG over a policy providing $500mn of coverage for physical loss or damage to property and $96.8mn for loss of business income.

AIG HNW refocus implies lower premiums but better profitability: KBW

AIG’s move to let go upper middle-market business currently written by its Private Client Group (PCG) to Safeco and Heritage suggests the unit’s top line will fall but margins will increase, according to analysts from Keefe, Bruyette & Woods.

AIG transfers upper middle market personal lines business to Safeco and Heritage

US insurance giant AIG is retrenching from upper middle market personal lines business written through its Private Client Group agents with renewal rights to be transferred to Safeco and Heritage as it “optimises” its portfolio to focus on the high net worth (HNW) segment.

Former AIG exec hits back in wrongful dismissal case

An executive who left AIG after 23 years is claiming wrongful termination in a lawsuit that includes allegations of age discrimination and improper conduct, with the two parties engaging in a war of words in court filings.

AIG and CinFin among biggest fallers in US stock market bloodbath

US-listed property casualty share prices plummeted Thursday (11 June) against the backdrop of investor panic over new coronavirus cases and a bleak economic outlook.

AIG share price drops 6.8% in market downturn

The majority of US-listed property casualty (re)insurance share prices fell in trading Wednesday (10 June), with Hallmark Financial, Third Point Re and AIG the worst hit.

Hallmark up 60% as US-listed P&C stocks surge on Florida rate hardening

Stocks in specialty insurer Hallmark Financial have surged over 60 percent so far this week to lead a widespread rally in US-listed P&C carriers and brokers driven by reports of significant market hardening at the 1 June Florida renewals and continued optimism over the reopening of major economies.

Lexington takes E&S property exec from Chubb

Lexington Insurance Company has hired Brendan Duffy from rival Chubb to lead its brokerage property team in the western zone of the US, The Insurer can reveal.

Carlyle and T&D complete $2.2bn Fortitude Re stake purchase from AIG

Private equity house Carlyle Group and Japanese carrier T&D Holdings have completed their acquisition of a 76.6 percent interest in Bermudian run-off vehicle Fortitude Group Holdings from AIG.

Lloyd’s names Lipman new Canada president

Lloyd’s has named Marc Lipman as the new president of its Canadian operation, replacing Lisa Duval in the role who is returning to London.

AIG shares surge 31% in month-to-date as Euro-P&C rally fades

Shares in AIG have climbed over 31 percent since the beginning of May as stock in the US insurance giant rebound markedly from a bruising first quarter sell-off which saw values hit their lowest level since the start of 2012.

AIG shareholders approve executive pay at AGM

Shareholders of AIG have approved the insurer’s executive compensation at the annual general meeting while rejecting a proposal to give major shareholders the right to call special meetings.

Proxy firms cautiously support AIG pay ahead of AGM

Proxy advisory firms have offered support for AIG’s executive pay ahead of its annual general meeting on Wednesday (13 May) – a turnaround from the past two years when both Institutional Shareholders Services (ISS) and Glass Lewis opposed the insurer’s executive pay packages.

AIG UK reports 96.4% CR at FY19

AIG UK has reported a combined ratio of 96.4 percent for 2019, the unit’s first full year of operation following the restructure of AIG’s European business in December 2018.

AIG, RenRe and Watford lead US-listed P&C stock surge

Arch-backed Bermudian Watford Re saw its shares climb almost 17 percent to lead The Insurer’s universe of US-listed brokers and carriers while Wall Street posted consecutive rallies to end last week higher amid the prospects of the global economy reopening soon.

AIG and associations weigh in on Covid-19 BI case in PA Supreme Court

AIG and numerous insurance trade associations have filed briefs urging the Pennsylvania Supreme Court to reject an emergency petition from a restaurant owner seeking to speed up a Covid-19 business interruption (BI) case against Erie Insurance Exchange and consolidate it with other cases.

HSCM lead capital provider to AIG Syndicate 2019

Hudson Structured Capital Management (HSCM) has provided lead capital support to AIG’s newly launched Syndicate 2019 at Lloyd’s.

AIG’s virus sub-limits aggregate to less than 1% of its total commercial property limits

Investors reacted positively to commentary from AIG management on the insurer’s earnings call this morning, including reassurances over potential Covid-19 BI exposures on its property book.

No playbook for record unmodelled industry Covid-19 cat loss: AIG

The fallout of Covid-19 will impact all aspects of underwriting from limits available and deployed, terms and conditions, co-insurance and structure in insurance, to capacity headwinds in reinsurance and a crunch in retro and the ILS market, according to AIG president and global COO Peter Zaffino.

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AIG