AIG

Ark has been adding new product lines across its three Lloyd’s syndicates.

IAG completed its takeover of RACQ last month.

This publication revealed in February the incident was expected to lead to a major claim.

An M&A senior analyst and M&A underwriter for emerging markets are also set to depart.

The Argenta-backed MGA is already active in the cargo and property classes of business.

Claude Wade is to step down from his role to address ongoing health issues.

Matthew Budd has over 30 years’ claims experience and previously worked for Talbot and XL.

The carrier is the first Fortune 500 company to take a stake in a League Two club.

AIG leads the all-risks cover and Axa XL is the hull war lead.

The claim could add pressure to the hull war market after a recent High Court ruling.

The former Everest executive has more than 30 years of A&H experience.

The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.

Plus, the latest people moves and all the top news of the week.

John Neal was due to start at Aon as global reinsurance CEO in September.

The former Lloyd’s CEO will not make his planned move to Aon.

Claire Janaway is leaving the carrier after 19 years.

CUO Russell Bean will take over the role.

The claim hits the downstream market following a loss-hit start to the year.

Air India has a multi-year insurance arrangement in place.

Sources told this publication the hull of the aircraft is valued at $80mn.

Andrew Kane has spent eight years at QBE.

Hussey will take over the role left vacant when Luis Sonville moved to AJ Gallagher late last year.

The carrier has also added AIG’s Alice Hawkins to its aviation unit.

AIG, HDI Global and others have settled. Chubb’s fight continues.

Simon Horton spent 10 years at Marsh before joining AIG last year.

The executive will provide strategic leadership to underwriting and portfolio management teams.

Newly appointed CEO Chris Jones also joins the board.

A positive outcome could significantly curb insurers’ exposure to the loss.

The carrier laid out its business mix for the newly launched reinsurance syndicate.

Of the 178 passengers and crew on board, no serious injuries have been reported.

The transition will take place immediately, with Anthony Baldwin set to leave next month.

The carrier recently started underwriting construction in Lloyd’s through Probitas.

Sources said the claim is likely to be a multi-hundred-million-dollar event.

The carrier is restructuring the business into three segments.

Arta Nasradini joins from AIG, where she led the DACH aerospace team.

The Moss Landing facility has previously faced major claims.

The company’s stock price has plummeted in the wake of the LA wildfires.

The carrier has used Lloyd’s London Bridge 2 structure for the launch.

The cargo market has recently seen a string of moves as new carriers launch into the market.

The sale of the business was confirmed in June.

The loss ends a spell of benign claims activity in the downstream segment.

Simon Theobald joins from AIG where he was senior construction underwriter.

The former Aspen executive has resigned from AIG and will fill the vacant CEO role at the large corporate unit of the German carrier.

The leadership reshuffle comes after previous US CEO Sam Reeder left to run fronting carrier Hadron.

The move is the latest phase of the carrier's operational transformation programme, AIG Next.

The PVT market has seen a recent spike in staff movements, as new capacity enters the space.

Hales will switch to underwriting after a career specialising in marine claims.

The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.

The executive has had a 40-year career at AIG, Berkshire Hathaway and Lloyd’s.

Former Chesterfield managing director James Stevenson moves to exec chair.

This publication reported yesterday that the two carriers were nearing a deal.

The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.

The incidental syndicate will also house Liddell’s A&H team and Carr’s marine liability team.

Renewable energy assets have been plagued by severe weather losses.

Browne joins from Allianz Global Corporate & Specialty, where he was head of specialty.

The executive is to pursue “a different entrepreneurial path”, according to an internal memo.

In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.

Liberty Specialty Markets is recruiting for its hull team following a number of staff exits.

The executive is to step back for personal reasons.

Soon Keen Lee succeeds Mark Newman, Canopius’ new UK CEO.

Talbot has lost a trio of PV underwriters to Ark in recent months.

Its property cat aggregate cover renewed with improved coverage.

Talbot is rebuilding its PV team after a December Ark and Chaucer raid.

The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.

AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.

Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.

Getty was appointed to the role in December of last year, having joined Talbot as cyber and technology class underwriter in 2017.

The broker’s global marine team services global premiums of $3.9bn across marine classes.

The firm has also promoted Swee Keong Mah to CEO of Everest Insurance Singapore.

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.

The departure of the president of North America retail was disclosed in an internal company memo.

Valencia will drive the carrier’s strategy for portfolios including panels, facilities, MGAs, bancassurance and other forms of delegated authority.

The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.

The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.

Leahy joins the carrier after just over a year at TMK as divisional head of airline.

The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.

A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.

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.

The carrier has strengthened its cargo team following the departure of two underwriters.

AIG decided to buy additional retrocessional protection for Validus Re and a low XoL reinsurance placement for its Private Client Group (PCG) ahead of the wind season.

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.

He will report to long-time colleague CEO Peter Zaffino.

Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.

Purtill became interim CFO in January after AIG terminated Mark Lyons, saying the executive violated his confidentiality/non-disclosure obligations to the firm.

Whitehouse’s departure from AGCS was announced earlier this year.

The carrier intends to use the cash raised as part of its consideration for Validus.

The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.

The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.

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.

It emerged in March that Tim Welsh was leaving MS Amlin after almost three decades at the business.

Adam Spicer’s appointment comes after several high-level departures from the carrier.

The company has eroded about half its international catastrophe deductible following New Zealand losses.

Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.

He replaces Steven Barnett, who is leaving to pursue opportunities outside the company.

AIG’s head of commercial D&O in the UK, Christopher Magee, is leaving the business to take up a role with Starr in the US, Insurance Insider can reveal.

The muted GWP growth came after exits from aviation war, construction and contingency classes.

The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.

Reserving has increased substantially, inflicting another major claim on the loss-hit class.

The group CUO role is being eliminated with the function pushed back into the regions and specialties.

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.

This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.

North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.

The insurer has previously attempted a range of different options to manage down cat losses from the book.

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.

To replace Lyons, AIG appointed Sabra Purtill as interim CFO and Turab Hussain as interim chief actuary.

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.

Chris Collins will report into Simon Abbott in his new role, and will help the carrier expand its airline portfolio.

The carrier is re-staffing its hull team following three personnel exits last year.

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.

Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.

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%.

Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.

Charles Tinworth and Abigail Paterson are set to join the property team as senior underwriter and underwriter, respectively.

Josh Brekenfeld succeeds Patrick Mahon, who has been appointed head of group business for global accident and health.

The executive has over two decades of experience in the property underwriting sector, having worked for various carriers, including PartnerRe and RSA.

The carrier denied it is liable to pay any of AerCap’s claim on the grounds that no loss has been suffered.

The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.

The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.

AIG improved its underwriting performance in Q2, as its general insurance (GI) combined ratio declined by 5.1 points to 87.4% and the carrier booked $202mn in favorable reserve development compared with $51mn last year.

The executive will rejoin as EVP, reinsurance purchasing and risk capital optimization.

Adriana Cisneros was AIG’s LatAm property product leader for more than three years in south Florida.

The suit is believed to be the first court case against insurers by a lessor in relation to the Ukraine conflict.

Based in Bermuda, Jesse DeCouto will report directly to Validus Re CEO Chris Schaper.

Prior to joining, Laura Hunt was cyber practice head at Chaucer for seven years.

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.

The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.

Chris Collins will become international head of airlines and deductibles, while Paul Talbot has also been promoted to head of manufacturers and airports for the UK.

The executive has worked at AIG for more than 14 years, heading up global marine since 2016.

Aircraft location and condition is driving uncertainty around Russia aviation losses, CEO Peter Zaffino said.

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.

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.

Sources said they expect other major commercial insurers to follow suit, with territorial exclusions potentially broadening to Belarus.

BlackRock will manage up to $60bn of the global AIG investment portfolio and up to $90bn of the life and retirement investment portfolio.

AIG’s global specialty head Paul Greensmith spoke on a panel at the Marine Insurance London conference, which explored how the capital’s marine market can arrest its declining status.

The global insurer has added a "net-zero emissions" goal of 2050 for investments and underwriting.

Per occurrence coverage grew by $750mn.

The carrier said AIG Re cut US property reinsurance limits deployed by 10% at 1 January.

Excluding the effects of cats and reserve developments, AIG’s core loss ratio also improved, decreasing to 59.2% from 60.3%.

An Ascot-led consortium will be launched at Lloyd’s, offering a variety of space cover.

Speaking at an Insurance Insider panel event on the future of the market, Axa XL CEO Sean McGovern said the industry should focus less on “recycling” existing talent.

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.

Dasan's resignation comes within a period of significant moves across the construction market.

The executive worked for Guy Carpenter for 34 years.

Lyons will move to a chief actuary post at year end, as AIG reshuffles its senior leadership ranks ahead of its life and retirement business IPO next year.

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.

Paul Smith's appointment follows the retirement of Gerald McDowell after nearly 16 years at AIG.

The AIG-owned business has seen a major transformation in its senior leadership.

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.

Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.

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.

The e-trading company is in the running to deliver PPL’s NextGen platform as the London market moves ahead with modernisation efforts.

Brady has nearly 20 years of industry experience and was most recently with Allianz, where she served as global head of liability.

Marilyn Blattner-Hoyle will be based in Zurich and report to Andreas Hillebrand, global head of credit & surety.

The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.

Further resignations were expected after vesting of compensation incentives, following a number of departures from the firm in the past year.