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The reinsurer's combined ratio deteriorated by 2.4 points in Q3 to 100.4%.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg. -
The international segment’s underlying loss ratio improved by 15 points to 50%.
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Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
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Gross written premiums grew 16% in Q3 across both insurance and reinsurance segments.
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Excluding Covid-19 claims, it was the company’s highest cat quarter since 3Q17.
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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The former Aon retro broker joined the firm several years ago.
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The ratings agency has carried out an initial assessment of the reinsurance subsidiary's business plan.
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The ex-Validus Re CEO will head up the pending Class 4 reinsurer after the White Mountains buy-in.
