AIG
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The carrier has placed its book of primary business into run-off but will continue to write space reinsurance. -
AIG shares climbed 13% to $37.52, compared with a 1.2% increase in the overall S&P 500 index.
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The underwriter returns to AIG after nine years away, during which time he held senior financial lines positions at Zurich.
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AIG executives revealed that proceeds from the sale would be used to reduce the carrier’s debt leverage.
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The carrier says its programme performed "as expected" but it anticipates needing less cover in the future as it seeks top line growth.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
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Banking sources are divided on whether AIG is likely to be able to find a buyer for its life arm.
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The carrier aims to create a separate company from its life and retirement business.
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The jump follows news of a life and retirement spin out and the departure of Brian Duperreault as CEO.
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Duperreault will take the post of executive chairman, and Steenland will become lead independent director.
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The executive previously spent 22 years at AIG before moving to XL Catlin in 2013.
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Pool Re CEO Julian Enoizi becomes deputy president, with Marsh UK and Ireland CEO Christopher Lay becoming deputy president designate.
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