Convex
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals. -
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The deal confers a high multiple on Convex and gives AIG re/specialty exposure.
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Plus, the latest people moves and all the top news of the week.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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The fundraising structure for the deal includes a $600mn Convex debt raise.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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The number of syndicates traded at auction was the highest for a decade.
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The veteran underwriter said market conditions are still ‘robust’.
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The LPPC will offer limits of $127.5mn EAR and DSU coverage in the US and Canada.
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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 ratings agency cited the carrier’s growth and performance.
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Air India has a multi-year insurance arrangement in place.
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The London market is not expected to shoulder the bulk of the eventual loss.
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Jim Meakins is the latest in a slew of talent to exit from the syndicate.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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The specialty MGA has been pursuing an M&A strategy in recent months.
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Growth came across all lines, and losses from catastrophe events were within expectations.
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Syndicate 1984 is set to begin underwriting next month.
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Syndicate 1984 will be backed by Names under a modified freehold arrangement.
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Of the 178 passengers and crew on board, no serious injuries have been reported.
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Lloyd’s entry is a modest start for the London heavyweight but could be the beginning of something bigger.
