AIG
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Glatfelter CEO Chris Flatt will become interim chief executive.
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A review of commercial lines loss picks for AIG vs the industry
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Ross Bowie joins the MGA after serving as CUO at Orchid Insurance for two years.
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For 2016 and 2017, in particular, the loss picks were raised to 91% and 96%, respectively.
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Its property cat aggregate cover renewed with improved coverage.
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Insurance Insider US runs you through the earnings results for the day.
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NA commercial lines Q4 CoR increased 0.7 points to 85.1%.
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Chris Inglis served as the first US Senate-confirmed national cyber director.
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Between 2009 and 2012, Therese Vaughan served as CEO at NAIC.
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The upgrade recognizes improving operating performance.
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His last day will be December 2023, according to an internal memo seen by this publication.
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Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.
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James Dunne is vice chairman and senior managing principal of investment bank Piper Sandler.
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AIG offered 35 million existing shares of Corebridge common stock priced at $20.50 per share Friday, out of 630 million total shares outstanding.
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The executive will oversee AIG’s global technology and cybersecurity strategy and lead the insurer’s cloud strategy, along with other modernization technologies.
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The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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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.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.
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The Inside P&C news team runs you through the earnings results for the day.
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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.
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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.
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The executive left the company in June following a period of medical leave.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The departure of the president of North America retail was disclosed in an internal company memo.
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AIG’s combined ratio improved to 92.6% in 2022 from an average of 106% between 2018 and 2020.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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Jon Hancock has also been named as international insurance CEO.
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Having joined AIG in 2000, Poux was one of the Private Client Group’s founding members.
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The former general counsel and communications chief will move to the role on 1 October.
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The insurer has been working to build a reputation for favorable reserve development after past sins.