AIG
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals. -
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.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The company will implement a new leadership structure after his departure.
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AIG’s filing alleges copyright and trademark breaches, as well as violations of unfair business practice laws.
