AIG news - Reinsurance News (2024)

AIG announces promotion of Elie Oussi

3rd April 2024

American International Group, Inc. (AIG), a global insurer, has recently promoted Elie Oussi to the position of Senior Financial Lines Underwriter, FAC Reinsurance, GCC & North Africa (NA).In his new role, Oussi will collaborate with clients, insurance companies, and brokers across the Middle East, Africa, Turkey, and CIS countries, offering ...Read the full article

AIG ‘significantly improved’ property cat structure and reinsurance coverage at 1.1 renewal: CEO Zaffino

14th February 2024

Global insurer AIG was able to "significantly improve" its property catastrophe structure and reinsurance coverage provided at the key January 1st, 2024, reinsurance renewals, with Chief Executive Officer (CEO) Peter Zaffino describing the outcome as "tremendous" for the carrier.After reporting a solid set of results for the fourth quarter ...Read the full article

AIG reports stronger general insurance combined ratio as premiums rise in Q4’23

14th February 2024

Global insurer American International Group, Inc. (AIG) has reported slight growth in underwriting income of $7 million for Q4 2023 to $642 million, which included $122 million of total catastrophe-related charges, representing 2.1 loss ratio points, of which $54 million was in North America and $68 million in International.Within the ...Read the full article

AIG adds former National Cyber Director John Inglis to Board

8th February 2024

The Board of Directors of global insurer American International Group, Inc. (AIG) has elected John Inglis to serve as an Independent Director, effective March 1st, 2024.Inglis is a former National Cyber Director. He was also an advisor to the President of the United States, Joe Biden on cybersecurity from 2021 ...Read the full article

Japan Airlines expects $105m loss from collision as AIG reported as lead insurer on aviation policy

4th January 2024

Insurance industry sources have told Reuters that AIG is the lead insurer on a $130 million "all-risks" policy for the Japan Airlines airbus 350 that was destroyed in a collision with a Japan Coast Guard plane at Tokyo's Haneda airport on Tuesday.Japan Airlines (JAL) said today that it expects losses ...Read the full article

AIG completes sale of 35 million shares of Corebridge Financial

6th December 2023

Global insurer, American International Group (AIG) has announced the closing of its secondary offering of shares of Corebridge Financial, Inc. (CRBG)common stock.AIG, as the selling stockholder, sold 35 million existing shares of common stock (out of approximately 630 million total shares of common stock outstanding) of Corebridge at a public ...Read the full article

AIG appoints Jimmy Dunne as an independent Director

5th December 2023

Global insurer American International Group (AIG) has appointed James (Jimmy) Dunne III, Vice Chairman and Senior Managing Principal of investment bank and financial services company, Piper Sandler,as an independent Director.Dunne joined the insurer's Board of Directors on December 1st, 2023.He was a co-founder of Sandler O'Neill & Partners, which was ...Read the full article

AIG to offer 35 million shares of Corebridge Financial

1st December 2023

American International Group (AIG) has announced it will sell off another 35 million existing shares of common stock at $20.50 per share, as it continues to raise funds from the retirement services company while remaining the major shareholder.According to the announcement, the insurer has also granted a 30-day option to ...Read the full article

AIG names Rose Marie Glazer as the General Counsel

1st December 2023

Global insurer, American International Group, Inc. has named Rose Marie Glazer as the General Counsel, effective immediately.Glazer served as Interim General Counsel since October 1, 2023, overseeing AIG’s legal, compliance, regulatory and government affairs functions.Glazer remains an Executive Vice President reporting to Peter Zaffino, AIG Chairman and Chief Executive Officer, ...Read the full article

16th November 2023

Global insurer, American International Group, Inc. (AIG) has appointed CVS Health's Roshan Navagamuwa as Executive Vice President (EVP) and Chief Information Officer (CIO), effective January 1st, 2024.Navagamuwa will report to Peter Zaffino, AIG Chairman and Chief Executive Officer (CEO). He will also be a part of AIG’s Executive Leadership Team.Navagamuwa's ...Read the full article

7th November 2023

RenaissanceRe Holdings Ltd. (RenRe), a distinguished member of the Association of Bermuda Insurers and Reinsurers (ABIR), has successfully concluded its acquisition of Validus Re and its subsidiaries from American International Group (AIG), securing its position as the fifth-largest property and casualty (P&C) reinsurer in the world.Validus Re was among the ...Read the full article

AIG announces launch of secondary offering of Corebridge stock

6th November 2023

American International Group (AIG) has announced the launch of a secondary offering of Corebridge Financial common stock at $20.50 per share.AIG is offering 50 million existing shares of common stock (out of approximately 631 million total shares of common stock outstanding) of Corebridge, corresponding to approximately $1 billion of proceeds.AIG ...Read the full article

Building long-term relationships with reinsurance partners has “been key” for AIG: CEO Zaffino

2nd November 2023

During AIG's Q3 2023 earnings call, Chairman & Chief Executive Officer, Peter Zaffino, explained how building long-term strategic relationships with the company's reinsurance partners has "been key" for repositioning the firm.Zaffino noted how conflicting views have emerged in the market on the combination of gross portfolio underwriting with the strategic ...Read the full article

Enstar closes previously announced transaction with AIG

2nd November 2023

Enstar Group Limited has announced that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group (AIG), to provide protection to AIG on its retained exposure to adverse development on Validus Re's loss reserves.The transaction was first announced in September.As per the agreement, Enstar ...Read the full article

AIG reports improved GI underwriting performance in Q3’23 despite $462m cat load

2nd November 2023

Global insurer AIG has reported a 6.8 points improvement in the General Insurance (GI) combined ratio to 90.5% for the third quarter of 2023, driven by a 7.9 point decrease in the loss ratio to 59.6%.In the third quarter of 2023, GI underwriting income increased $443 million from the prior ...Read the full article