AIG

Plus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.

The total cost of repairs could be as much as $490mn, although the ultimate size of the claim remains unclear.

The carrier’s North American commercial lines unit grew net written premiums by 29% to $2.7bn.

Binding insurers include Chubb and AIG, with reinsurance from Munich Re.

Gerald McDowell will step down from his role after nearly 16 years with the business.

The Talbot-managed syndicate reports a natural catastrophe-driven combined ratio of 118.2% in its first year.

Gallagher is the broker for Indonesian state oil firm Pertamina, with AIG and Axa XL understood to participate.

Nagamine joins from troubled reinsurer IRB Re Brasil, where his remit covered reinsurance to the oil and gas industry and the international market.

The Lloyd’s broker plans to establish additional regional offices.

John Klaus has been named global head of reinsurance placement, after the earlier announcement that Elaine Rocha would take up a newly created role of global chief operating officer.

The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.