AIG
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AIG made the shock announcement earlier today that John Neal is not joining the insurer. -
The ex-Lloyd’s CEO was due to join AIG as president but will not take up the role due to personal circumstances.
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What does it take to build a reinsurer that can manage volatility?
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals.
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Insight into the state of the insurance M&A market, powered by Insurance Insider’s comprehensive deal database.
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The deal confers a high multiple on Convex and gives AIG re/specialty exposure.
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Plus, the latest people moves and all the top news of the week.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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The fundraising structure for the deal includes a $600mn Convex debt raise.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
