AIG
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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.
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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.
