AIG unveils Lloyd’s syndicate writing up to $1bn of US HNW premiumAIG is launching a new syndicate at Lloyd’s serving the US high net worth market that it says will bring substantial and accretive new business to One Lime Street.
Everest hires AIG’s Sipple as head of inland marineEverest Insurance unveiled the hiring of Michelle Sippleas this morning as vice president and head of inland marine.
AIG names Panagakis CEO in asset management divisionAmerican International Group (AIG) has appointed John Panagakis as CEO of First Principles Capital Management (FPCM), the unit of AIG Investments that serves institutional clients in the global fixed income securities and derivatives markets.
The end of AIG’s reinsurance revolution?It is hard to find any insurer whose reinsurance strategy has been overhauled as much as AIG’s has in the past few years. The signs are now pointing to some further changes to the US insurance giant’s programme, but with a stable underlying strategy informing reinsurance buying. This will likely mean the amount of reinsurance it buys will fall.
AIG addresses silent cyberIn the latest salvo by the market to seek to get to grips with the problematic issue of so-called ‘silent’ cyber, American International Group (AIG) has said that as of January 2020 virtually all of its commercial property and casualty insurance policies will begin affirmatively covering or excluding physical and non-physical cyber exposures.
US property head Ellis leaves Marsh for AIGMarsh US property practice and alternative risk transfer leader Duncan Ellis is leaving the broker for a new role at AIG as the carrier continues to draw seasoned high-level executive talent from across the industry.
Aspen appoints former Validus exec Ritz as presidentApollo-owned Aspen Insurance Holdings has named former Validus executive Jonathan Ritz to the newly created role of group president.
AIG hires The Hartford’s Purtill as deputy CFOAIG has announced Sabra Purtill will join in the newly established role of deputy CFO, head of treasury, investor and rating agency relations, and corporate development.
AIG hires Munich Re’s Olsen as GI chief actuaryRichard Olsen has joined AIG as chief actuary, General Insurance, after 10 years at Munich Re.
AIG reveals two new property reinsurance treatiesAIG purchased two additional property treaties in the second quarter, including cover for the Caribbean and Hawaii.
AIG targets expense ratio reduction with new initiativeBrian Duperreault has unveiled AIG 200, an initiative to reduce the insurer’s expense ratio which he believes for general insurance is running at least 500 basis points too high.
AIG trades up 5% after hours as GI UW profit leads another earnings beatAIG has provided further evidence that its turnaround strategy is beginning to deliver, with another earnings beat supported by an underwriting profit in general insurance that included improving results in its North American commercial lines business.
AIG appoints Goldman Sachs’ Love as real estate headAIG has appointed James Love to the role of global head of real estate, as the carrier looks to optimise its real estate footprint globally.
AM Best affirms AIG but warns of pressure if results don’t improve soonAM Best has praised the turnaround actions being taken by AIG’s management but said it remains uncertain when their intended benefits will be realized as it affirmed the ratings of the insurance giant.
AIG shares to outperform on UW improvements and rising P&C rates: KBWShares in AIG are expected to keep outperforming the market as broadly rising commercial P&C pricing and company-specific underwriting turnaround efforts drive down the insurer’s combined ratio, according to KBW analyst Meyer Shields.
AIG appoints Tata exec as head of shared servicesAIG has hired Shane Fitzsimons in the newly created role of global head of shared services, joining from Tata Group.
AIG’s Blackboard appoints underwriting head from CNAJohn Mizzi has been appointed head of growth and underwriting at Blackboard Insurance, replacing Ed Pulkstenis, who moves into a newly created role of head of machine augmented solutions.
Lloyd’s CEO to drum up US business with AIG and Chubb: reportsLloyd’s of London chief executive, John Neal, is set to meet top bosses at AIG and Chubb during a visit to New York this week to discuss selling more products via the Lloyd’s platform.
AIG hires Chris Schaper to head new reinsurance platformAIG has formed a new reinsurance platform that consolidates its assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty into one global business headed by former Montpelier and Victor executive Chris Schaper.