AIG

Beginning in Q3, AIG will act as a fronting partner for AFG during a transitional period of the transaction.

The firm’s North America operations recorded $116mn of cat losses in Q1 while the international division reported $148mn losses.

Following the deal, around 450 CRS employees will move to AFG’s Great American Insurance group.

Senior departures, the Corebridge stock price and the arrival of Dan Loeb all throw up additional obstacles.

The new independent program manager will serve HNW and ultra-HNW markets and is expected to begin producing business in Q3 2023.

He replaces Steven Barnett, who is leaving to pursue opportunities outside the company.

The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.

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The group CUO role is being eliminated with the function pushed back into the regions and specialties.

The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

The announcement follows the appointment of Diana Murphy and Vanessa Wittman as independent directors, which will be effective on March 16.