AIG
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In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.
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Liberty Specialty Markets is recruiting for its hull team following a number of staff exits.
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The executive is to step back for personal reasons.
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Soon Keen Lee succeeds Mark Newman, Canopius’ new UK CEO.
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Its property cat aggregate cover renewed with improved coverage.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.
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Getty was appointed to the role in December of last year, having joined Talbot as cyber and technology class underwriter in 2017.
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The broker’s global marine team services global premiums of $3.9bn across marine classes.
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The firm has also promoted Swee Keong Mah to CEO of Everest Insurance Singapore.
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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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The departure of the president of North America retail was disclosed in an internal company memo.
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Valencia will drive the carrier’s strategy for portfolios including panels, facilities, MGAs, bancassurance and other forms of delegated authority.
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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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The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.
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Leahy joins the carrier after just over a year at TMK as divisional head of airline.
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The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.
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A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.
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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.
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The carrier has strengthened its cargo team following the departure of two underwriters.
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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.
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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.
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Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
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Purtill became interim CFO in January after AIG terminated Mark Lyons, saying the executive violated his confidentiality/non-disclosure obligations to the firm.
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Whitehouse’s departure from AGCS was announced earlier this year.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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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.
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It emerged in March that Tim Welsh was leaving MS Amlin after almost three decades at the business.
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Adam Spicer’s appointment comes after several high-level departures from the carrier.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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He replaces Steven Barnett, who is leaving to pursue opportunities outside the company.
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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.
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The muted GWP growth came after exits from aviation war, construction and contingency classes.
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The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.
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Reserving has increased substantially, inflicting another major claim on the loss-hit class.
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The group CUO role is being eliminated with the function pushed back into the regions and specialties.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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The announcement follows the appointment of Diana Murphy and Vanessa Wittman as independent directors, which will be effective on March 16.
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Diana Murphy has been managing director at Rocksolid for 15 years, while Vanessa Wittman was most recently CFO of Glossier.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.
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The insurer has previously attempted a range of different options to manage down cat losses from the book.
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Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.
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It is understood that Lyons has been set to retire from the company in the summer of 2023.
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To replace Lyons, AIG appointed Sabra Purtill as interim CFO and Turab Hussain as interim chief actuary.
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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.
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Chris Collins will report into Simon Abbott in his new role, and will help the carrier expand its airline portfolio.
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The carrier is re-staffing its hull team following three personnel exits last year.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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The CEO’s annual salary and short- and long-term incentive targets have increased.
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Since joining the company in 2017, the executive has helped to spearhead a turnaround in performance for the carrier.
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Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.
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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%.
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Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.
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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.
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The executive has over two decades of experience in the property underwriting sector, having worked for various carriers, including PartnerRe and RSA.
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The carrier denied it is liable to pay any of AerCap’s claim on the grounds that no loss has been suffered.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.
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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.
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The executive will rejoin as EVP, reinsurance purchasing and risk capital optimization.
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Adriana Cisneros was AIG’s LatAm property product leader for more than three years in south Florida.
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The suit is believed to be the first court case against insurers by a lessor in relation to the Ukraine conflict.
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Based in Bermuda, Jesse DeCouto will report directly to Validus Re CEO Chris Schaper.
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Prior to joining, Laura Hunt was cyber practice head at Chaucer for seven years.
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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.
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The executive will take up the role of global head of marine at AIG.
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The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.
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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.
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The executive has worked at AIG for more than 14 years, heading up global marine since 2016.
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Aircraft location and condition is driving uncertainty around Russia aviation losses, CEO Peter Zaffino said.
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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.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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Bolt replaces Sabra Purtill, who was recently named EVP and CIO for AIG’s life and retirement business.
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Sources said they expect other major commercial insurers to follow suit, with territorial exclusions potentially broadening to Belarus.
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BlackRock will manage up to $60bn of the global AIG investment portfolio and up to $90bn of the life and retirement investment portfolio.
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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.
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The global insurer has added a "net-zero emissions" goal of 2050 for investments and underwriting.
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The carrier said AIG Re cut US property reinsurance limits deployed by 10% at 1 January.
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Excluding the effects of cats and reserve developments, AIG’s core loss ratio also improved, decreasing to 59.2% from 60.3%.
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An Ascot-led consortium will be launched at Lloyd’s, offering a variety of space cover.
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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.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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The insurer grew GI net premiums by 11%, led by 17% growth in its commercial business.
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Dasan's resignation comes within a period of significant moves across the construction market.
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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.
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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.
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Paul Smith's appointment follows the retirement of Gerald McDowell after nearly 16 years at AIG.
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The AIG-owned business has seen a major transformation in its senior leadership.
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Brooks had been in his post for almost two years and joined AlphaCat in 2011.
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Hurricanes, floods and wildfires are pushing up Q3 catastrophe losses, AIG's finance chief says.
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Dyer will work as head of logistics, while Adams will support Greek clients with insurance and risk management.
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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.
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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.
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The e-trading company is in the running to deliver PPL’s NextGen platform as the London market moves ahead with modernisation efforts.
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Brady has nearly 20 years of industry experience and was most recently with Allianz, where she served as global head of liability.
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Marilyn Blattner-Hoyle will be based in Zurich and report to Andreas Hillebrand, global head of credit & surety.
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The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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Further resignations were expected after vesting of compensation incentives, following a number of departures from the firm in the past year.
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The carrier has agreed to sell a 9.9% stake in its life and retirement business to Blackstone for $2.2bn, in a deal that also involves a $5.1bn sale of property assets.
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Jessie Ruppe joins from Arch to oversee casualty ceded reinsurance, while two internal promotions will be responsible for financial lines and property cessions.
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Marco Vantellino has been appointed MEDI head of financial lines with immediate effect.
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Howse most recently spent four years as an oversight manager at Lloyd’s.
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Gilmore takes over for David Lynders, who is moving to a senior ceded reinsurance position after three years leading the financial institutions business.
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AIG is among four companies dropped from the asset manager’s investment portfolio.
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The 11-year Aon veteran most recently served as strategy director and client leader at Aon InPoint.
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The information-gathering exercise for large insurers and banks won’t dictate capital requirements.
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Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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The central bank governor said such a move would require ‘robust data.
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The diversification benefits and complementary capabilities Validus affords AIG, along with the parent’s move to split its life and P&C operations, factored into the upgrade.
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Dachille has long led AIG’s investment function, having first joined the company in 2015.
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The Insure Our Future network is due to hold “physical and digital actions” in Japan, South Korea, the UK and the US.
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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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A smattering of data points and commentary from Q1 analyst calls shows that turnaround efforts are bearing some fruit.
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The Week in 90 Seconds: A guide to Gallagher-Willis; Florida renewal look-ahead; Two offshore lossesPlus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.
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The total cost of repairs could be as much as $490mn, although the ultimate size of the claim remains unclear.
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The carrier’s North American commercial lines unit grew net written premiums by 29% to $2.7bn.
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
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Gerald McDowell will step down from his role after nearly 16 years with the business.
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The Talbot-managed syndicate reports a natural catastrophe-driven combined ratio of 118.2% in its first year.
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Gallagher is the broker for Indonesian state oil firm Pertamina, with AIG and Axa XL understood to participate.
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Nagamine joins from troubled reinsurer IRB Re Brasil, where his remit covered reinsurance to the oil and gas industry and the international market.
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The Lloyd’s broker plans to establish additional regional offices.
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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.
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The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The new arrival will also be financial lines manager for Denmark and Norway.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The government removes a previous cap of 49% in its budget.
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Corine Troncy joins from Coface, where she was most recently a senior advisor to the French carrier’s executive committee.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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The insurer highlights the discrepancy between how the Trump rally and BLM protests were treated.
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It follows earlier efforts by excess cyber insurers to introduce sub-limits during Q4.
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The insurer is also said to have scaled back its cession percentage to between 25%-30%, with final signings still being determined.
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The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
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The underwriter formerly led Axa XL’s international cyber offering in London.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
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The executive rejoins the US carrier after Axa XL put its management liability and financial institutions books in London into run-off.
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The executive will join on 21 December as an international cargo team leader.
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An employment tribunal finds that Liam Vaughan’s claim for constructive unfair dismissal is “well founded”.
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The appointment follows the addition of Lockton’s Allison Hollern to the John Hopper-led financial lines team.
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The carrier has placed its book of primary business into run-off but will continue to write space reinsurance.
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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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The executive is to take over all global insurance lines including AGCS and Euler Hermes.
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This publication earlier revealed that two financial institutions underwriters had resigned from the Lloyd’s business.
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The Lloyd’s business has just appointed former MS Amlin and StarStone executive Chris Rash as CEO.
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The reinsurance broker’s international chief leaves after 35 years.
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The newly created role will focus on broker relationships in the E&S markets.
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The GI CUO was at the heart of a remediation drive at AIG that involved major cuts to limits and a de-risking of the portfolio.
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Acting CEO David Morris will move to the role of CUO in the latest of several management changes.
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Driscoll was a founding employee of Validus in 2005 and became CEO of its reinsurance division in 2012.
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The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave.
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Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
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The appointment follows McElroy’s elevation to global CEO of general insurance at the carrier.
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The reshuffle at AIG is a new step towards the group president and COO succeeding Duperreault as CEO.
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Liability losses on the Willis Re-brokered policy will take the claims tally above the expected total $50mn hull loss.
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The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.
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The company confirmed it had bought $500mn of additional catastrophe aggregate.
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He will assume management of AIG’s life and retirement, IT and enterprise risk functions alongside his existing roles.
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The Lloyd’s carrier has seen a number of senior management changes in the last year.
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Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
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The US carrier hands 600 in-force surety bonds to the Fairfax unit.
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CEO Macia said the closure was "not a criticism of our technology, team or mission".
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The deal was announced in November last year, setting Fortitude Re on the path to independence.
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Marc Lipman was COO and innovation officer at AIG Canada for nearly 15 years.
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About 44 percent of votes cast supported a move to increase investor power to demand special meetings.
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Ian Campbell and Henry Davies are both joining the business to work alongside John Hopper.
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Glass Lewis and ISS had previously opposed Brian Duperreault’s compensation package.
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Hudson managing partner Michael Millette says the syndicate gives it unique access to the high-net worth segment.
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Sujal Patel previously worked at AIG for nearly five years and prior to that was at Hyperion.
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A “benign loss environment” aided the first full year since the unit’s creation as part of a pre-Brexit restructuring.
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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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The InsurTech, which AIG opted to put into run-off, had projected premium income of $50mn in 2020.
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AIG “remains in a strong financial position” despite the pandemic, the executive said.
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AIG will recognise an impairment charge of $210mn in connection with shutting down the InsurTech.
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The General Insurance division reported an underwriting loss of $87mn, driven by $272mn in Covid-19 claims.
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The venture was the first waved through under the streamlined process at Lloyd’s.
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City comptroller Scott Stringer said AIG, BHSI and Liberty Mutual should stop underwriting and investing in coal.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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The executive will join the carrier later this year, reporting to Jon Hancock.
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Among the biggest gainers was Fairfax Financial, which jumped by nearly 10 percent.
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The carrier’s entry into the class comes as D&O rates soar on the back of heightened claims.
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Insurance stocks outperformed as Federal Reserve agreed to take further action and lawmakers mulled a pandemic backstop.
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(Re)insurance shares in Europe also outperform market indices after a strong day for US brokers yesterday.
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The mid-market commercial insurer also gains authorisation in Washington State.
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The Lloyd’s performance management director delayed his departure from the Corporation to assist with Covid-19 planning.
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The S&P 500 insurance industry index rose by 2.8 percent as lawmakers neared a vote on a coronavirus economic relief package.
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George Williams joins the reinsurance broker as global head of client support services.
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AIG gains 19 percent, outstripping a 12 percent increase on the S&P 500 insurance industry index.
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Shareholder William Steiner is calling for AIG to lower the threshold of equity shareholders need to call a special general meeting.
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AIG marked a third straight day of stock price losses, ending at $18.78 per share.
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The S&P 500 insurance industry index rose by 8.2 percent by the close of markets Friday.
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The broader S&P 500 insurance index ended the day down 11.3%.
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The executive, who is also chief accounting officer, will leave at the end of the month.
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London will set global strategy and serve as the core specialty hub.
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The carrier’s stock price jumped to over $35 per share by the close of markets.
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Insurers slump further than benchmark equity indices on fears for their investment portfolios.
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The appointment positions the outgoing Lloyd's executive as a likely successor to Zaffino as GI head.
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The carrier takes its first bite of a $2bn repurchase authorisation after a steep drop in its share price.
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PartnerRe sale talks, Fidelis capital raising and AIG results.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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The insurer said it had shaved about 7 percent off overall reinsurance costs.
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The carrier cut gross limits for the class of business by $40bn during the quarter.
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Natural catastrophe losses halve to $411mn, while the carrier releases reserves at the GI division.
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According to sources, AIG underwriters globally have been told not to write new construction risks in Latin America.
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Gordon Browne will take over as interim head of global specialty following the executive’s departure.
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Sources said Island Express Helicopters holds a $50mn hull and liability insurance policy.
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The carrier has initiated talks to transfer the $70mn portfolio and the team to another insurer.
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The Court of Appeal overturns an earlier ruling over credit-crisis-era bonuses.
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The AIG executive urged carriers to be "part of the solution" and help customers transition to cleaner energy.
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The Asia Pacific CEO’s departure from the general insurance division follows the exit of Chris Townsend earlier this month.
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Katy Bradica returns to the carrier after nine months as AIG’s chief actuary for North America, while Mary Latham joins from Beazley.
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The US carrier parts ways with group auditor PwC in the UK following EU rule changes.
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The Lloyd's veteran's departure will follow that of chairman Rupert Atkin last year.
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Speculation linking AIG with a bid for Voya highlights the competing operating and capital allocation challenges facing company in 2020.
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The US insurer was one of several firms believed to have courted the retirement plan provider last year.
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Lex Baugh replaces international GI head on interim basis.
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The launch is the latest of a plethora of (re)insurance broking initiatives in the aviation sector.
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The equity research group says international P&C losses look likely to exceed earlier expectations.
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The Insurance Insider looks back to some of the standout pieces of the last 12 months.
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Hilary Brown most recently served as head of casualty, international for AIG.
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Move will be seen as a confirmation that the former MMC exec will ultimately succeed Duperreault.
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Three Lloyd’s syndicates have indicated they will close in the last month. They wrote $670mn combined in the last year disclosed.
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Speaking during a conference in New York, the executive said said P&C pricing into 2020 would remain “disciplined".
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The underwriter will return to Singapore, where he previously worked in a commercial property role.
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Jason Rollins, Nadir Durrani, Neeraj Jeswani and Jessica Whiton have joined the carrier.
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The ratings agency said the transaction reduced the carrier’s exposure to higher risk legacy products.
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Carlyle and its investors will own 71.5 percent of the entity, which acquires life and property and casualty assets in run off.
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An unsuccessful appeal against the claim by 23 former UK executives could encourage similar actions by ex-employees in the US.
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The executive said a lockup in retro capacity, linked to Japanese typhoons, will further encourage reinsurers to raise rates.
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The retailer’s QBE-led political risk programme faces record claims.
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Allison Barrett will move to the carrier from a senior financial institutions role at Willis Towers Watson.
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Aon and Willis Re will place the global XoL, with Guy Carp placing international.
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Inside P&C analysts applaud loss ratio improvement but note there is more work to be done on expenses and capital efficiency.
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Industry veteran has “never seen anything like it” after admitting AIG was not “addressing the E&S market appropriately”.
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AIG’s AlphaCat-managed ILS funds grew AuM by $200mn in Q3, while assets at Nephila, Hiscox ILS and Mt Logan dipped in the quarter.
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The AIG subsidiary achieved rate rises of 30 percent across commercial D&O while also reducing its portfolio loss exposure.
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“Aggressive limit management” has been deployed across the insurer’s book.
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Adjusted income moved to $0.56 per share, compared with a loss of 0.34 per share in Q3 last year.
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Valic is a Houston-based life insurance business specialising in retirement plans for teachers.
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Further details come to light on AIG’s plans for $1bn Syndicate 2019.
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The underwriter has had a long career at the US carrier.
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The founding executive will hand over to present COO Paschal Brooks.
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From around 2012 to 2015, the prevailing orthodoxy at the big global cedants was that they had been buying too much reinsurance.
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Michelle Sipple has left amid a surge in premiums in the inland marine market.
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AIG is likely to have exhausted its $550mn Japanese reinsurance cover after typhoons Faxai and Hagibis.
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Size of payout will depend on whether CBI sub-limit of $100mn holds, with insured seeking $450mn.
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Data tools could help the carrier boost profitability for the line, which has been under significant strain across the market.
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Pene Reuben re-enters the market after leaving Allied World in April.
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Insurers are facing up to a total loss on MGM Resorts’ $751mn tower after the hotel and casino company agreed an $800mn settlement with survivors.
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AIG, Chubb, Markel, Swiss Re and Zurich are among the carriers which face potential losses from the tour operator's collapse.
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The carrier also confirms the appointment of Chubb upstream energy chief James Langdon as UK energy and construction head.
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If hitting each of the company’s two improvement targets on their own would be heroic, hitting both simultaneously within three years would be astonishing.
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Ex-Nationwide underwriter Penny Heron will lead the new division.
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The CEO predicts stable or marginally lower P&C premiums this year and says he’s comfortable with AIG’s Dorian loss outlook.
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The carrier will either affirmatively cover or explicitly exclude cyber across virtually all commercial P&C policies by January.
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Zaffino drew a comparison between Dorian and Hurricane Matthew in 2016.
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Ellis is a leading figure in the US property market and oversaw a $3bn portfolio of commercial insurance premiums at Marsh.
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The executive, who has been with Chubb for 16 years, will join AIG as head of UK energy.
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Purtill will coordinate relationships with investors, ratings agencies and bankers.
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The airline has experienced at least one IT failure or cyber security incident a year since 2016.
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The switch follows the promotion of Mark Lyons to the role of CFO.
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AIG took a $1mn investment loss from its $124mn holding in AlphaCat, whereas Pillar provided $3.3mn of investment income for Alleghany.
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Philosophers have long contemplated what is known as the problem of personal identity.
-
Earnings per share easily exceeded analysts’ forecasts, while the overall and North American commercial insurance combined ratio both improved significantly.
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CEO Brian Duperreault addressed expense levels while launching the “AIG 200” programme.
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The carrier meaningfully cut back gross limits while booking rate gains to improve the quality of its general insurance portfolio in Q2.
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Higher NII from alternative investments and better commercial P&C underwriting improved results.
-
Further details of the cyber placement show the risk is fairly evenly spread across the US, Bermuda and London markets.
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If the cover is exhausted, the Capital One data breach would mark a new record claim for the cyber market.
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The settlement with Janice Dickinson comes despite objections from Cosby’s legal team.
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On releasing its inaugural climate-related financial disclosures report, the carrier names its first chief sustainability officer.
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The new hire will bolster in-house investment capability.
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London carriers and global reinsurers posted the steepest falls last week.
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The ratings company made the comments amid an affirmation of AIG’s credit and financial strength rating.
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James Patterson and Ryan Mimmo will join the team headed up by Jeff Norton.
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David Hawksby will lead the energy portfolio from Houston.
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The US giant’s restructure will include a headcount review of the risk engineering unit.
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Shane Fitzsimons has a strategic remit to develop internal infrastructure that cuts costs and leverages technology.
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Mizzi succeeds Ed Pulkstenis, who will transition to a new role.
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Insurance sector experts called for broader diversity initiatives and suggested practical solutions at the third Insider Progress event.
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The new platform combines all of AIG’s assumed reinsurance units into one.
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A fourth, more complex product will be offered to the market in the fourth quarter, Attune CEO James Hobson told InsiderTech New York.
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Deals will likely see an extension of the de-risking applied in property and casualty.
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The insurer’s annual claims report shows that the occurrence of higher value claims has almost doubled in the past year.
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EVP of property Nadine Silva has retired from the AIG’s excess and surplus lines carrier.
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Last week, AIG CEO Brian Duperreault mused that between efforts to right its own underwriting ship and the actions of Lloyd’s to similarly clean up, the two insurance giants had moved the market.
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Cusano joins the insurance giant as chief business and technology operations officer, General Insurance on 1 July.
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AIG’s CEO says the company may look to secure staff at levels below management.
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Marsh & McLennan Companies’ Glaser joined Willis Towers Watson’s Haley and Acrisure’s Williams in promoting broking’s bullish future prospects.
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It took “a lot of players” to fill the capacity gap left by AIG in E&S, the executive said.
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Driscoll will be replaced as Validus Re CEO by former Validus Re CUO Jeff Clements.
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Uwe Schoberth will work on tightening relationships between Blackboard and brokers.
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Speaking at a conference in New York, the executive said long-term partnerships allow for increased consistency.
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National Union Fire’s existing contract with Florida Specialty is due to expire on 1 June.
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The carrier scales back to writing just a small amount of US risk following the Brumadinho dam collapse.
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Carrier continues to overhaul various business lines as it aims for underwriting profit, said CFO Lyons.
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A New Jersey federal judge rejected insurers’ request to throw out key counts in the lawsuit.
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A suit would be a major test of legislation making insurers liable for losses arising from the late payment of claims.
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An advisory motion on pay was narrowly approved with more than 45 percent of shareholders voting against it.
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A settlement over the October 2017 mass shooting could reach as high as $800mn, the casino firm said.
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The stake, held by Starr, was worth more than $20bn at its height and will be re-invested in other opportunities.
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The firms' advice comes as research by this publication put CEO Brian Duperreault's market-leading remuneration at almost $20.9mn in 2018.
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Analysts noted “solid underwriting outperformance” and a lack of reserve strengthening.
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My first experience of the gravitational pull of AIG came in the tight market of 1993.
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The carrier yesterday posted quarterly results that exceeded forecasts.
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Rate rises and changes to risk selection bolster earnings.
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The insurer says that profitability is expected to continue for the rest of 2019.
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The results follow a year of Brexit restructuring.
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Kryszon left AIG last week, this publication has previously reported.
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AIG is the lead insurer of the aluminium manufacturer’s cyber policy.
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It is unclear who will replace Kryszon, who was based in Atlanta, Georgia.
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Axis Capital’s disclosure points to losses at AIG that could exceed the $848mn previously predicted from the events, Buckingham Research says.
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London-based D&O writers have “woken up” to the threat of creeping claims frequency and severity, sources said.
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Western World president and Validus Specialty CEO Jonathan Ritz is leaving the business.
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Former Validus CEO Ed Noonan and PartnerRe US president Dick Sanford will join StarStone.
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Plaintiffs were “satisfied” with the settlement, according to legal filings.
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I think it’s fair to say it hasn’t been a great decade (or two) for AIG. Though it is still talked about with something approaching reverence as a career maker for many senior folks in the industry, the last twenty years or so could fill several text books with case studies on different aspects of corporate failure.
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Zortman joins as the carrier works to cut exposure to high-net-worth risks.
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AIG is adhering to the “give them an inch and they will take a mile” school of shareholder engagement with its recommendation to vote down an AGM resolution that would vastly increase the power of disgruntled stock owners to requisition one-off investor gatherings.
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The insurer wants to block a proposal for shareholders with just 10 percent of the stock to have the right to call extraordinary general meetings.
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Ex-Iowa Insurance Commissioner Vaughan and former BlackRock director Schioldager also set to join.
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Norwegian aluminium manufacturer has revealed US insurer leads “solid cyber risk insurance policy”.
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The repositioning of AIG and FM Global has led to a 1 April renewals period where the balance of power is tipped in London’s favour.
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Claudia Salem was previously Singapore CEO and head of southeast Asia at the US insurer.
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The executive expects AlphaCat to become an increasingly compelling part of the Validus purchase.
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Brokers are pushing for a 5-10 percent rate increase on standard renewals.
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Repeated record wildfire losses have seen carriers scale back their offerings.
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AIG’s CEO is attempting the difficult two-step of communicating the firm’s challenges as well as confidence in its turnaround.
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Fourth-quarter investment income at AIG’s general insurance arm was down 61 percent on the previous quarter, but performance could recover in Q1.
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Graham Elliott's start-up has raised £13mn from AIG, Ascot and Hyperion.
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I’m not entirely sure Mr Market is right to bet against AIG this time.
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That figure accounts for the bulk of AIG’s $445mn unfavourable reserve development, pre-adverse development cover.
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The executive pointed to significant challenges uncovered during the re-underwriting of the P&C portfolio.
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Despite weak headline results, firm stands by its 2019 target of underwriting profit.
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Report shows insurers are increasing scrutiny of sexual harassment risk.
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Carriers are reluctant to expand their appetite in areas like cryptocurrency before D&O prices rise.
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After an initial honeymoon period, Duperreault is facing the first real test of his tenure.
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The MGA has launched a management liability product on its new underwriting platform.
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Edward Levin will report straight to Christopher Townsend, AIG’s general insurance CEO.
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The insurance-focused content aggregation platform is targeting expansion outside the UK.
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The probe mirrors the investigation started by the UK’s FCA in 2017 which was taken over by the European Commission that same year.
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Shilpa Strong will be based in New York and report to executive vice president Mark Callahan.
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Veteran insurance executive Tom Motamed retired as CNA's chairman and CEO in 2016.
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The insurer sent a letter to brokers confirming changed distribution lines for its US platforms.
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Expectations of rate rises and outsized catastrophe losses resulted in a subdued annual performance for the composite index.
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The reinsurer has absorbed almost $500mn of losses from its sister company in less than two years.
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Brittenham spent more than 30 years at the insurer.
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Settle in for The Insurance Insider’s 12 days of Insurancemas.
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The head of Lexington’s national branch will leave at the end of the year.
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Michael Price joins after over nine years at Arch.
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Tom Allen joined Channel in June 2016 to launch the cyber division.
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Gary Lill of Hiscox finishes at the top of the 2018 D&O Rankings
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Insurers of all sizes have been hit with claims from the record breaking Camp and Woolsey wildfires.
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Losses from Hurricane Michael have trended at the top of loss estimates.
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The index loses 4.5 percent of its value, with AIG and Markel nursing some of the steepest losses.
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Stephen McGill will lead the platform’s underwriting.
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Mark Lyons was formerly CFO at Arch Capital Group.
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Shares dipped more than 5 percent as of midday in New York but pared losses by the close of trading.
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Leandro DalleMule will serve as general manager for North America at Planck.
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Validus is also expected to take a $60mn net loss from the Californian events.
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The appointment follows news yesterday that former Arch finance chief Mark Lyons will take the CFO role.
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At least three insurance stocks fell substantially along with the broader market amid worries about trade tensions and a possible economic slowdown.
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Demand for larger limits is also increasing, with a race among brokers to place $1bn in limit.
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The $15bn-$20bn wildfire losses have caused the ILS-dominated retro market to seize up.
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The US company gained court clearance in October for the transfer of UK and continental European business into two new companies.
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The hotel group’s cyber placement is led by AIG and brokered by Lockton.
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The departure follows the exit of another co-founder last year.
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The outgoing Lloyd’s COO says the Corporation will continue its diversity work after her departure.
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Butcher, d’Alessandro and Hunt have left the business.
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The expansion comes after the MGA gained backing last year from Preservation Capital.
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Above-average cat losses dominate discussions during the P&C earnings season.
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Deal will represent key test of market’s belief in global insurer’s turnaround story.
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The buyout firm has acquired 19.9% of the AIG legacy business.
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Harrell replaces Ed Beckwith at Syndicate 4711 as he adds to existing roles of head of international insurance and global head of marine.
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The market is also suffering from a concentration in some lines that are severely under-priced.
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Fresh set of losses will make 2018 an above-average cat year for the industry.
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Carnegie-Brown says the platform is already processing European risks.
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The 2018 conference season has finally come to a close in North America, with the Property Casualty Insurers Association of America’s event in Miami last week bringing the curtain down on this year’s major industry gatherings.
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The reinstatement of US sanctions ends Validus’ Iranian marine cover.
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The transaction was first announced on 21 September.
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There are two schools of thought when it comes to distribution.
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Casualty pricing and demand overshadow property catastrophe, while RenRe arrives just too late to steal the show.
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The trade association’s intervention follows an uptick in major onshore losses with BI exposure.
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Executives faced pointed questions about workers’ compensation claims trends and casualty pricing during Q3 conference calls.
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I remember having a conversation with a (re)insurance executive when they had hired a team to enter a horribly priced line of business.
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AIG continues to fill out top team after wave of senior hires.
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New business in core casualty lines will be sourced from wholesalers only as of the first quarter of 2019.
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Billions of dollars of additional quota-share cover will also be purchased.
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US excess casualty reserves saw $1.3bn of gross adverse development
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AIG shares opened 8 percent higher, but gains were pared back mid-afternoon.
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But some predictions of a disastrous quarter proved overdone.
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Although estimates for the Q3 disasters vary, in aggregate the events are likely to generate insured losses north of $10bn.
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AIG leads the aviation policy, which is brokered by Lockton.
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The Insider 50 closed last week at 1,071.3 points, a 3.5 percent decline week on week
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Casualty quota share is biggest new deal brought to market in years.
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The executive will stay on as CEO of the Lloyd’s business until a replacement is found.
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The Hong Kong CEO departs after almost 12 years at the carrier.
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AIG Europe Ltd will divide into two separate entities as the UK negotiates its exit from the European Union.
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The ruling ends a near-decade-long dispute over a $470mn North Sea claim.
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The shares have continued their downward slide, falling to their lowest closing price since July 2013.
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Azur’s technology platform is also being used to underwrite commercial insurance in the US.
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When reinsurers are too big it is their cedants that can suffer, but when the buyers are too big it is the reinsurers that are squeezed by the asymmetrical relationship.
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AIG’s shares were priced at $44.96 at close, the lowest level since 2014.
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Around two years ago, I was a co-author of a report that argued AIG should have been broken up and sold in pieces, written with my friend and former colleague Josh Stirling during our time at Bernstein.
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The quantum of the loss has yet to be established but is likely to fall between $100mn and $400mn.
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The agency also affirmed Validus’ financial strength rating of A (Excellent).
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The ratings agency also said it affirmed Arch Reinsurance’s financial strength rating (FSR) of A+, or Superior.
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The insurer is suing Kim Kardashian West’s former bodyguard for negligence and breach of contact.
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Each of the two carriers wrote just over a quarter of private flood premiums across the two states
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Lou Levinson will assume the job on 24 September and report to David McElroy.
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The broker and insurance company has 3,000 brokers serving 30,000 insureds in the US and Canada.
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The decline comes as almost one in five W&I policies attract a claim.
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The executive has been handing over responsibilities to GI CUO Bolt during a transition period.
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The executive joined from AIG a little over a year ago.
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The new business will benefit from the expertise of AIG’s Lloyd’s syndicate Talbot.
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This publication's annual survey includes over 200 named executives across 36 publicly listed P&C (re)insurers.
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Both AIG and Allstate turn to aggregate protections following sequence of mid-sized losses in 2017.
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The move reflects a new era of more enthusiastic - and strategic - reinsurance buying at the US carrier.
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Catherine Duffy will join the US giant at an undetermined future date.
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Hamilton plans a reinsurer to serve a $40bn ceded premiums market in the US.
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The spate of Bermudian deals pointed to the quality of the carriers, Duperreault said.
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The artificial intelligence-aided MGA aims to launch a financial lines product this October.
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She will oversee the Bermuda-based reinsurer’s E&S property and US retail property divisions.
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The National Flood Insurance Program's reinsurance may trigger for a second consecutive year following the storm, the ratings agency warned.
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Lane’s downpours puts commercial property, auto and homeowners carriers at risk.
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Reinsurers will keep trying to build scale but dealmaking won’t solve difficulties.
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The storm may reach the state’s Big Island as a Cat 3 hurricane later today.
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John Repko will succeed Martha Gallo, who is leaving the carrier to pursue other interests.
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Kopser will begin as North American division chief on 8 October, based in New York.
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AIG's CEO took home a total compensation package of more than $43mn for fiscal 2017.
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Scott Kirk will receive the payout if he stays employed with the firm until 2020.
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As the 10-year anniversary of AIG’s bailout approaches, things at the carrier are a far cry from what they were in mid-September 2008.
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Lillelund was previously regional managing director of the Asia Pacific region for Aspen Re.
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Post-merger departures begin from Validus holding company as AIG takes over.
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Flooding in Laos, Cambodia and Vietnam could result in litigation.
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AIG and Carlyle aim to make legacy vehicle DSA Re a standalone entity in 12-18 months.
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Raheila Nazir joins after less than one year at Aspen.
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Jonathan Wismer succeeds Elias Habayeb, who moved to CFO of general insurance in May.
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The largest segment of the commercial lines market has had a sub-100 percent combined ratio three straight years.
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The insurer’s catastrophe claims came in below budget for the second quarter, but it is close to triggering a reinsurance deal covering severe non-cat losses.
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AIG’s general insurance business also hit the bottom line as investment income fell.
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CFO Jeff Sangster (pictured) and COO Michael Moore are among the planned departures.
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AIG’s move to manage its liabilities in-house means a potentially significant deal flow is now virtually off-limits for legacy acquirers.
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David McElroy, who headed Arch Worldwide Insurance Group, will take the helm at the excess and surplus lines underwriter.
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The parties have also entered into a strategic agreement with plans to build DSA Re into a standalone legacy acquirer.
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Delaware Supreme Court rules against exclusion of class-action settlement costs.
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The (re)insurer acquired by AIG last week posted a $32.9mn loss for the quarter.
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The high-net-worth specialist has promoted Galante to president of field operations.
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Sources said the redundancies in the insurer’s 2,000 workforce would be focused on back office functions.
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The executive will manage the line of business outside Canada and the US.
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Stefania Davi-Greer replaces Kevin Northcott, who is becoming New Zealand country manager.
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The carrier makes its first venture into whole turnover trade credit.
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The Bermudian carrier announces the newly created role, which will operate out of Miami.
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The carrier creates two new London market casualty positions.
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MGM lawsuit against shooting victims asserts exemption under anti-terror act.
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Completion of the first major deal under CEO Duperreault hands the buyer businesses including Validus Re, ILS manager AlphaCat and Lloyd’s platform Talbot.
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While reinsurers are benefiting from low cats, pricing fundamentals remain weak.
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There were positive share price changes over the quarter from only 13 companies in the index.
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London (re)insurers have so far managed to avoid job cuts, but some tough decisions now lie ahead.
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Grassi will fill a newly created role at the expanding insurance-focused i-bank.
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The Lexington CEO has left along with three other property underwriting executives.
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CEO Tsuyoshi Nagano says acquisition targets in the US and Europe are becoming too expensive.
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The executive joins from Swiss Re.
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Amy Stern will leave AIG at the end of the month, according to sources.
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The business held about $85mn of in-force premiums as of May.
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$71mn of claims were paid in the first quarter of this year, according to ABI data collated from nine carriers.
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The Liberty Mutual unit has added ex-bankers and lawyers to Swan’s new M&A team.
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There are times when it seems that filing an insurance claim must perforce involve hiring a lawyer to collect.
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CalFire pins blame for 12 Wine Country fires on trees falling into PG&E power lines.
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Appeals court says ambiguous language is construed in favour of the insured.
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The aviation underwriting executive will start work in the coming months.
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The carrier’s tie-up with the AIG unit helped secure its A rating from Demotech.
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The carrier will funnel business through an existing Irish entity.
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Regulators find state law may have been broken on separating trees and power lines.
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Between 2013 and 2016, ransomware accounted for just 16 percent of cyber claims at AIG Europe.
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Sun will return to the carrier after a decade at Zurich and Mercer.
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Emea cyber head Mark Camillio says the new data rules add a negotiating tool for extortionists.
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A multitude of factors led to the aggregate 94.8 percent combined ratio reached in Q1.
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Direct cyber premiums written by US P&C insurers rose nearly 32 percent to $1.8bn.
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UBS puts a buy rating on the insurer and sets a price target at $65.00.
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Over the past five years, vehicles that outsource underwriting to other companies have formed one of the fastest-growing segments of the ILS market, from a standing start.
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Mark Lyons is rejoining his old employer to become chief actuary of general insurance.
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Carriers ordered to pay $40mn for Verizon's defence costs from a 2006 spin-off related securities claim.
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The executive is understood to have handed in his resignation in the last couple of weeks.
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Major insurers are difficult to break up, and the AIG group is no exception.
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The activist investor’s campaign had signalled an end as board designee stood down.
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Turning around AIG was always going to be like turning around a battleship in a bathtub.
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