AIG
-
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.
-
-
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.
Most Recent
-
IUA adds Liberty’s Prato to board
13 May 2024 -
PoloWorks launches MGA incubator
13 May 2024 -
Augment adds Corver to growing legacy operation
13 May 2024