AIG
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The payment will cover what the filing called “foregone incentives at his former employer”. -
The industry veteran retired from AIG at the end of last year.
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The HNW MGA previously had an exclusive distribution agreement under a partnership signed in July 2024.
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Whether Clement's promotion was influenced by an inappropriate relationship is in scope.
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The timing is unhelpful as the global insurer tries to get on the front foot with M&A.
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AIG made the shock announcement earlier today that John Neal is not joining the insurer.
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The ex-Lloyd’s CEO was due to join AIG as president but will not take up the role due to personal circumstances.
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals.
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Underwriting income for North America quadrupled to $384mn, and the segment recorded a CoR of 82.6%.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
