AIG
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Ark has been adding new product lines across its three Lloyd’s syndicates. -
IAG completed its takeover of RACQ last month.
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This publication revealed in February the incident was expected to lead to a major claim.
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An M&A senior analyst and M&A underwriter for emerging markets are also set to depart.
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The Argenta-backed MGA is already active in the cargo and property classes of business.
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Claude Wade is to step down from his role to address ongoing health issues.
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Matthew Budd has over 30 years’ claims experience and previously worked for Talbot and XL.
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The carrier is the first Fortune 500 company to take a stake in a League Two club.
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AIG leads the all-risks cover and Axa XL is the hull war lead.
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The claim could add pressure to the hull war market after a recent High Court ruling.
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The former Everest executive has more than 30 years of A&H experience.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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Plus, the latest people moves and all the top news of the week.
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John Neal was due to start at Aon as global reinsurance CEO in September.
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The former Lloyd’s CEO will not make his planned move to Aon.
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Claire Janaway is leaving the carrier after 19 years.
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The claim hits the downstream market following a loss-hit start to the year.
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Air India has a multi-year insurance arrangement in place.
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Sources told this publication the hull of the aircraft is valued at $80mn.
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Andrew Kane has spent eight years at QBE.
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Hussey will take over the role left vacant when Luis Sonville moved to AJ Gallagher late last year.
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The carrier has also added AIG’s Alice Hawkins to its aviation unit.
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AIG, HDI Global and others have settled. Chubb’s fight continues.
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Simon Horton spent 10 years at Marsh before joining AIG last year.
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The executive will provide strategic leadership to underwriting and portfolio management teams.
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Newly appointed CEO Chris Jones also joins the board.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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The carrier laid out its business mix for the newly launched reinsurance syndicate.
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Of the 178 passengers and crew on board, no serious injuries have been reported.
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The transition will take place immediately, with Anthony Baldwin set to leave next month.
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The carrier recently started underwriting construction in Lloyd’s through Probitas.
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Sources said the claim is likely to be a multi-hundred-million-dollar event.
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The carrier is restructuring the business into three segments.
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Arta Nasradini joins from AIG, where she led the DACH aerospace team.
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The Moss Landing facility has previously faced major claims.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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The carrier has used Lloyd’s London Bridge 2 structure for the launch.
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The cargo market has recently seen a string of moves as new carriers launch into the market.
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The sale of the business was confirmed in June.
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The loss ends a spell of benign claims activity in the downstream segment.
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Simon Theobald joins from AIG where he was senior construction underwriter.
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The former Aspen executive has resigned from AIG and will fill the vacant CEO role at the large corporate unit of the German carrier.
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The leadership reshuffle comes after previous US CEO Sam Reeder left to run fronting carrier Hadron.
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The move is the latest phase of the carrier's operational transformation programme, AIG Next.
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The PVT market has seen a recent spike in staff movements, as new capacity enters the space.
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Hales will switch to underwriting after a career specialising in marine claims.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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The executive has had a 40-year career at AIG, Berkshire Hathaway and Lloyd’s.
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Former Chesterfield managing director James Stevenson moves to exec chair.
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This publication reported yesterday that the two carriers were nearing a deal.
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The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
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The incidental syndicate will also house Liddell’s A&H team and Carr’s marine liability team.
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Renewable energy assets have been plagued by severe weather losses.
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Browne joins from Allianz Global Corporate & Specialty, where he was head of specialty.
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The executive is to pursue “a different entrepreneurial path”, according to an internal memo.
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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.
