AIG
-
Glatfelter CEO Chris Flatt will become interim chief executive.
-
A review of commercial lines loss picks for AIG vs the industry
-
Ross Bowie joins the MGA after serving as CUO at Orchid Insurance for two years.
-
For 2016 and 2017, in particular, the loss picks were raised to 91% and 96%, respectively.
-
Its property cat aggregate cover renewed with improved coverage.
-
Insurance Insider US runs you through the earnings results for the day.
-
NA commercial lines Q4 CoR increased 0.7 points to 85.1%.
-
Chris Inglis served as the first US Senate-confirmed national cyber director.
-
Between 2009 and 2012, Therese Vaughan served as CEO at NAIC.
-
The upgrade recognizes improving operating performance.
-
His last day will be December 2023, according to an internal memo seen by this publication.
-
Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.
-
James Dunne is vice chairman and senior managing principal of investment bank Piper Sandler.
-
AIG offered 35 million existing shares of Corebridge common stock priced at $20.50 per share Friday, out of 630 million total shares outstanding.
-
The executive will oversee AIG’s global technology and cybersecurity strategy and lead the insurer’s cloud strategy, along with other modernization technologies.
-
The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
-
The carrier is offering 50 million existing shares of common stock and granted a 30-day option for underwriters to purchase up to an additional 7.5 million shares.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.
-
-
The Inside P&C news team runs you through the earnings results for the day.
-
The firm booked catastrophe losses of $462mn — largely from Lahaina Wildfire and Hurricane Idalia — down from $655mn in Q3 last year, which was affected by Hurricane Ian.
-
The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
-
The executive left the company in June following a period of medical leave.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The departure of the president of North America retail was disclosed in an internal company memo.
-
AIG’s combined ratio improved to 92.6% in 2022 from an average of 106% between 2018 and 2020.
-
The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
-
Jon Hancock has also been named as international insurance CEO.
-
Having joined AIG in 2000, Poux was one of the Private Client Group’s founding members.
-
-
The former general counsel and communications chief will move to the role on 1 October.
-
The insurer has been working to build a reputation for favorable reserve development after past sins.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
AIG has been course-correcting since 2008, but recent efforts including AIG 200 seem to have finally set it in the right direction.
-
AIG expects to add new capital providers to its recently launched HNW MGA “in the coming quarters”.
-
AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group ahead of the wind season.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
AIG grew GI NWP in NA by 17% to nearly $4bn as both commercial lines and personal lines NWP rose 17% to over $3.4bn and $563mn, respectively.
-
-
Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The first signs of limit expansion, growing appetite in the admitted market, and retail brokers' impatience with wholesalers are all evident.
-
In addition, the insurer completed the $240mn sale of its agribusiness unit Crop Risk Services to American Financial Group (AFG).
-
Before joining AIG, the executive had served as chief underwriting officer of marine at The Hartford.
-
Formerly head of AIG’s separation management unit, Tarpey joined Corebridge last August.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Sources said the company decided to outsource its claims function to Sedgwick, a third-party administrator in which Stone Point Capital is a minority investor.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Purtill became interim CFO in January after AIG terminated Mark Lyons, saying the executive violated his confidentiality/non-disclosure obligations to the firm.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
AIG offered 65 million existing shares of common stock, or about 10% of approximately 648 million total shares outstanding.
-
The carrier is offering 65 million shares of common stock, out of approximately 648 million total shares outstanding.
-
Marcial will take over the position left vacant after the departure of Juan Costa, who moved to Berkshire Hathaway as casualty VP in Atlanta.
-
The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.
-
The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.
-
The carrier intends to use the cash raised as part of its consideration for Validus.
-
Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.
-
The Dan Loeb-controlled investment firm reduced its position in AIG to 2.95 million shares, or ~0.4%, in Q1, from or 5.1 million shares, or around 0.7%, at the end of Q4.
-
Speaking about the recently spun-out HNW MGA, Zaffino said AIG expects to bring on additional capital providers to the subsidiary through H2 2023.
-
Beginning in Q3, AIG will act as a fronting partner for AFG during a transitional period of the transaction.
-
The firm’s North America operations recorded $116mn of cat losses in Q1 while the international division reported $148mn losses.
-
Following the deal, around 450 CRS employees will move to AFG’s Great American Insurance group.
-
Senior departures, the Corebridge stock price and the arrival of Dan Loeb all throw up additional obstacles.
-
The new independent program manager will serve HNW and ultra-HNW markets and is expected to begin producing business in Q3 2023.
-
He replaces Steven Barnett, who is leaving to pursue opportunities outside the company.
-
The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The group CUO role is being eliminated with the function pushed back into the regions and specialties.
-
The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
-
The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
-
The announcement follows the appointment of Diana Murphy and Vanessa Wittman as independent directors, which will be effective on March 16.
-
Diana Murphy has been managing director at Rocksolid for 15 years, while Vanessa Wittman was most recently CFO of Glossier.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The AIG 200 project has officially ended, with the goals met ahead of schedule and under-budget, but there is still work to do to close the gap with competitors.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Pricing, which includes rate plus exposure, was up 6% for both North America and international.
-
The move fits the broader strategy around dampening volatility, but sourcing capacity in the US domestic market will be tough.
-
-
North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
AIG has entered into a binding memorandum of understanding with Stone Point Capital to form an independent MGA to serve high-net-worth (HNW) markets, as it takes a dramatic step to address the volatility this business has brought.
-
Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.
-
It is understood that Lyons has been set to retire from the company in the summer of 2023.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
To replace Lyons, AIG appointed Sabra Purtill as interim CFO and Turab Hussain as interim chief actuary.
-
Motamed has been a member of the carrier’s board since January 2019.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Former CFO Mark Lyons will step in as interim CFO, in addition to his current role as EVP, global chief actuary and head of portfolio management.
-
The ratings agency reaffirmed AIG and its P&C subsidiaries’ FSR rating of A and ICR of a.
-
Alvarez & Marsal North America and Latham & Watkins are advisers to the financial products unit in the bankruptcy process.
-
Inside P&C Research examines E&S sector growth over the past year and revisits historic trends.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Consistent underwriting performance, the completion of the exit from life, acquisitions, organic growth and succession planning will all be focuses.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
-
The CEO’s annual salary and short- and long-term incentive targets have increased.
-
Since joining the company in 2017, the executive has helped to spearhead a turnaround in performance for the carrier.
-
Bergamaschi joins the insurer’s board as Douglas Steenland will not stand for reelection in the next annual meeting of shareholders.
-
The likely windows for a secondary offering of Corebridge's common stock will be mid- to late March as well as mid-May to late June.
-
The executive said AIG expected growth opportunities ahead, including in the property cat market.
-
-
The firm’s North America CoR deteriorated 8.3 points to 114%, but the international division’s CoR improved 13.3 points to 81.4%.
-
The Massachusetts Bay Transportation Authority claims the firms failed to act over the bankruptcy of LMH-Lane Cabot Yard Joint Venture.
-
Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
-
Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
-
Josh Brekenfeld succeeds Patrick Mahon, who has been appointed head of group business for global accident and health.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
AIG is offering 80 million existing shares of common stock, or 12.4%, out of 645 million total common shares of Corebridge.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The executive has over two decades of experience in the property underwriting sector, having worked for various carriers, including PartnerRe and RSA.
-
Paul McLaughlin, senior underwriting manager for Lexington, will head up the new team.
-
The executive pointed at cyber and excess and surplus carrier Lexington as businesses that AIG was seeing rapid growth.
-
The company is offering 80 million Corebridge shares, or 12.4% of the subsidiary’s 645 million total common shares.
-
The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
-
The appointment follows a delay of plans to take the life and health unit public.
-
Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.
-
The firm needs to get a grip in HNW, dial up commercial lines growth, cut through the Corebridge knot and then an acquisition will be next.
-
The company reached the fourth consecutive year achieving rate above loss-cost trends.
-
The chief executive said AIG’s next window of opportunity to strike Corebride’s IPO will be in September.
-
The carrier postponed the IPO of its life and health unit Corebridge due to stock market volatility.
-
Sources said Obregon will retire at year end after over 26 years working for Chubb Colombia.
-
The executive will rejoin as EVP, reinsurance purchasing and risk capital optimization.
-
Beazley and Chubb are working on different approaches as the market tries to get its arms around the aggregation risk.
-
Metromile’s Preston and Lemonade co-CEOs Wininger and Schreiber all joined industry stalwarts in this year’s top 10.
-
Adriana Cisneros was AIG’s LatAm property product leader for more than three years in south Florida.
-
Based in Bermuda, Jesse DeCouto will report directly to Validus Re CEO Chris Schaper.
-
The carrier has also disclosed carbon emission breakdowns across its underwriting portfolios, as well as D&I figures for its workforce, in an ESG report.
-
The executive will take up the role of global head of marine at AIG.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
-
The appeals court for the eighth circuit overturned a prior ruling by a district court which had dismissed the broker’s claims that dated back to 2017.
-
The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.
-
Other defendants in the complaint include Endurance, Great American Insurance, Ironshore, Ace American Insurance and TIG Insurance.
-
Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
-
Inside P&C’s news team runs you through the key developments from the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
These results will strengthen convictions on the turnaround, but questions remain around how it will fare in a market where all insurers are looking to grow.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Aircraft location and condition is driving uncertainty around Russia aviation losses, CEO Peter Zaffino said.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
NA CoR declined 17.6 points to 90.8% as the region’s long-troubled commercial lines book swung to profits with an 88.8% CR, down 17.9 points from Q1 2021.
-
The executive joined AIG in early 2010 and has held myriad positions since then, including financial lines assistant underwriter and cyber specialist.
-
Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
-
Bolt replaces Sabra Purtill, who was recently named EVP and CIO for AIG’s life and retirement business.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Sources said they expect other major commercial insurers to follow suit, with territorial exclusions potentially broadening to Belarus.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
-
The division reported in a regulatory filing total 2021 premiums of $5.6bn and $3bn in policy fees.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Board members include the former CEO of Assurant and the chief legal officer of Stripe.
-
BlackRock will manage up to $60bn of the global AIG investment portfolio and up to $90bn of the life and retirement investment portfolio.
-
Before retiring from GE in 2018, Rice served as president and CEO of the GE Global Growth for seven years.
-
The commercial lines turnaround is a remarkable achievement, but to succeed in the next phase it must pivot from its command-and-control culture.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Edwards had extensive experience in procurement and global sourcing roles before joining AIG in December.
-
Insurance carriers tailor their comments to leave investors walking away with an optimistic view.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The global insurer has added a "net-zero emissions" goal of 2050 for investments and underwriting.
-
The firm posted positive quarterly earnings – is this the beginning of a trend?
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
AIG has kept the Q2 2022 target to land the life and retirement unit IPO, and still expects to retain more than a 50% stake after the event.
-
The executive said the business model in the high-net-worth space “simply needs to change” as loss costs have risen, fueled by increased frequency and severity.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Excluding the effects of cats and reserve developments, AIG’s core loss ratio also improved, decreasing to 59.2% from 60.3%.
-
Insurance stocks mixed following swath of earnings results; Aon gains nearly 7% in Friday trading.
-
Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
-
The executive will have responsibility for global treasury activity, including financing plans and banking.
-
The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
-
Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
-
Constance Hunter previously served as KPMG’s chief economist and has nearly three decades of experience in the financial sector.
-
Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
-
The higher level of repurchases seen in Q3 will likely last longer than expected.
-
Are this quarter’s positive results a sign of change for the company or a temporary blip?
-
Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.
-
AIG’s CEO Peter Zaffino said Friday the insurer’s life & retirement IPO plans are progressing, but may be pushed back to 2Q 2022.
-
The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
-
The insurer grew GI net premiums by 11%, led by 17% growth in its commercial business.
-
-
The role changes will take effect on January 1, with both men continuing to report to group CEO Peter Zaffino.
-
The executive was serving as northeast zone manager for commercial D&O, private and non-profit management liability since last May.
-
In a virtual fireside chat with Aon CEO Greg Case, AIG’s CEO spoke candidly about the work the carrier’s management team had to put in to fix its underwriting results.
-
AM Best estimates that the loss of the life and retirement segment’s profitability will be offset by an increase in available capital and liquidity.
-
By moving a business from AIG's ecosystem into Coalition's, the perception of its value is transformed.
-
Brooks had been in his post for almost two years and joined AlphaCat in 2011.
-
Hurricanes, floods and wildfires are pushing up Q3 catastrophe losses, AIG's finance chief says.
-
Dyer will work as head of logistics, while Adams will support Greek clients with insurance and risk management.
-
The insurer’s CEO and president Peter Zaffino will take on the extra remit when executive chairman Brian Duperreault switches to a non-exec role at the end of the year.
-
Goldberg will report to Susan Chmieleski, Lexington head of professional lines.
-
The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
-
The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
-
The newcomers are finding it more difficult to disrupt the sector than they had expected.
-
Employment data indicates that easy growth and margin expansion may slow soon.
-
The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.
-
With the call taken on the break-up and radical re-underwriting over, the firm may become Just Another P&C Insurance Company.
-
The company expects inflation rate will rise 4%-5% in the medium term.
-
CEO Peter Zaffino said on Friday that AIG expects to be able to list more of the L&R unit than the 19.9% originally planned, and would fully use its remaining tax credits in 2022.
-
The GI segment combined ratio hit 92.5% off strong underlying margin expansion and a steep decline in catastrophes, as net written premiums climbed by 24%.
-
Purtill has served as chief risk officer on an interim basis since February.
-
Further resignations were expected after vesting of compensation incentives, following a number of departures from the firm in the past year.
-
The above-book valuation placed on the business will be a helpful anchor point for an IPO later in the year.
-
The carrier has agreed to sell a 9.9% stake in its life and retirement business to Blackstone for $2.2bn, in a deal that also involves a $5.1bn sale of property assets.
-
Owning a cat reinsurer is off-strategy for a firm trying to curb volatility, but a sale would be hard to execute.
-
Bergman will be reporting directly to Western World’s head Tim Whisler.
-
The read-across from the extreme weather to losses is not simple and insurers may do better than would be assumed.
-
Maritzen was previously head of risk management, property, at AIG, having joined the insurance giant in 2019 from Sompo International.
-
Jessie Ruppe joins from Arch to oversee casualty ceded reinsurance, while two internal promotions will be responsible for financial lines and property cessions.
Most Recent
-
AM Best downgrades State Farm General Insurance FSR to B
March 28, 2024 -
M&A weekly roundup: Risk Strategies and NFP
March 28, 2024