TMK’s Leahy to join AIG as UK head of aviationTokio Marine Kiln’s divisional head of airline Lisa Leahy is set to join AIG as UK head of aviation, The Insurer can reveal.
AIG hires Stripe’s Walsh as general counselAIG has named Patricia Walsh as executive vice president and general counsel, effective 1 December, with the executive most recently at payment processing firm Stripe.
Aviva acquires AIG’s UK protection business for £460mnAviva has acquired AIG's UK protection business for a consideration of £460mn ($562.9mn), in a move the London-listed insurer said will solidify its position in its domestic life market and add more than 2.7 million customers to its portfolio.
Axis hires The Hartford’s Wu to be NA head of specialty distributionAxis Capital has hired The Hartford’s head of specialty distribution Edmond Wu to be its new head of specialty distribution in North America, the latest major personnel move the Bermudian (re)insurer has taken as CEO Vince Tizzio puts his stamp on the firm.
AIG’s Zaffino: Validus sale about cutting volatilityPeter Zaffino said Wednesday that AIG had not intended to sell Validus Re, but because of the volatility of the business and the fact it was not core to the insurance giant, a deal was struck with RenaissanceRe when the Bermudian firm made an opportunistic play.
Cowbell’s Cederroth joins AIG in senior ceded re postCowbell senior director for reinsurance Julia Cederroth has joined AIG as a senior reinsurance officer.
AIG general counsel Fato named vice chair in newly-created roleAIG’s general counsel Lucy Fato has been appointed to the newly-created role of vice chair, reporting to CEO Peter Zaffino, in a move that will become effective on 1 October.
AIG agrees $400mn ADC with Enstar for Validus reservesAIG has signed an agreement for an Enstar subsidiary to provide protection against adverse development on the portion of Validus Re’s loss reserves that AIG retains exposure to following the closing of the sale of the reinsurer to RenaissanceRe.
EC approves RenRe’s $3bn Validus takeoverThe European Commission has approved the $3bn sale of Validus Re to RenaissanceRe, finding the sale does not raise any competition concerns under EU merger regulations.
SiriusPoint names AIG’s Shapella as deputy CUOSiriusPoint has appointed AIG’s Anthony Shapella as deputy chief underwriting officer.
AIG’s Lexington grows Q2 NPW 38% for property and 41% for casualtyPeter Zaffino has revealed wholesale unit Lexington grew Q2 NPW 38 percent for property and 41 for casualty, while he also highlighted an overall acceleration in AIG’s commercial rate increases for both North America and international while loss cost inflation was unchanged.
AIG adds retro cover for Validus, will likely buy ADC before RenRe deal closesAIG leader Peter Zaffino has revealed that the firm bought additional retro cover for Validus Re and a reinsurance placement for Private Client Group at the mid-year renewals, adding that it will likely purchase an adverse development cover for Validus Re’s reserves prior to the divestiture to RenaissanceRe.
AIG reports Q2 earnings beat, $250mn of cat losses push GI CR up to 90.9%AIG has reported a Q2 earnings beat – with the highest quarterly earnings per share since 2007 – in results that saw continued improvement in the underlying general insurance combined ratio to 88.0 percent, although this metric on a reported basis deteriorated on higher catastrophe losses and lower prior year development.
AIG names Schaper global CUO following $3bn Validus Re saleAIG has announced that Christopher Schaper, currently CEO of AIG Re, has been named global CUO of AIG, effective as of the closing of the $3bn sale of Validus Re to RenaissanceRe.
AIG promotes Sperring to global head of aerospaceAIG has elevated aviation specialist Mark Sperring to global head of aerospace, The Insurer can reveal.
AIG appoints Chubb’s Cairns to lead Australia and New ZealandAIG had appointed Chubb’s Grant Cairns as its CEO of AIG Australia and head of Australia and New Zealand.
American Financial completes crop acquisition from AIGAmerican Financial Group has completed its purchase of Crop Risk Services from AIG in a $240mn transaction that was first announced by the parties in May this year.
AIG and Stone Point close deal to form new HNW MGAAIG has announced the successful completion of the transaction to transition its HNW business to a new MGA, Private Client Select Insurance Services, set up in partnership with Stone Point Capital.
Carlyle lands AIG and Axa XL with $56mn claim for jets seized in RussiaCarlyle Aviation Management has sued AIG and Axa XL for more than $56mn in yet another legal claim issued by the lessor against its insurers over cover for the loss of aircraft stranded in Russia following the invasion of Ukraine.
AIG cuts around 10% of Private Client Group staff as part of transition to MGAAround 10 percent of staff at AIG’s Private Client Group (PCG) are being laid off as part of the transition of the unit to the new MGA set up with backing from private equity firm Stone Point Capital, The Insurer understands.