AIG
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama. -
Constance Hunter previously served as KPMG’s chief economist and has nearly three decades of experience in the financial sector.
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Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
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The higher level of repurchases seen in Q3 will likely last longer than expected.
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Are this quarter’s positive results a sign of change for the company or a temporary blip?
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Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.
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AIG’s CEO Peter Zaffino said Friday the insurer’s life & retirement IPO plans are progressing, but may be pushed back to 2Q 2022.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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The insurer grew GI net premiums by 11%, led by 17% growth in its commercial business.
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The role changes will take effect on January 1, with both men continuing to report to group CEO Peter Zaffino.
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The executive was serving as northeast zone manager for commercial D&O, private and non-profit management liability since last May.
