AIG

Purtill became interim CFO in January after AIG terminated Mark Lyons, saying the executive violated his confidentiality/non-disclosure obligations to the firm.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

AIG offered 65 million existing shares of common stock, or about 10% of approximately 648 million total shares outstanding.

Need to Know

The carrier is offering 65 million shares of common stock, out of approximately 648 million total shares outstanding.

Marcial will take over the position left vacant after the departure of Juan Costa, who moved to Berkshire Hathaway as casualty VP in Atlanta.

The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.

The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.

The carrier intends to use the cash raised as part of its consideration for Validus.

Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.

The Dan Loeb-controlled investment firm reduced its position in AIG to 2.95 million shares, or ~0.4%, in Q1, from or 5.1 million shares, or around 0.7%, at the end of Q4.

Speaking about the recently spun-out HNW MGA, Zaffino said AIG expects to bring on additional capital providers to the subsidiary through H2 2023.