AIG

The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.

With the call taken on the break-up and radical re-underwriting over, the firm may become Just Another P&C Insurance Company.

The company expects inflation rate will rise 4%-5% in the medium term.

CEO Peter Zaffino said on Friday that AIG expects to be able to list more of the L&R unit than the 19.9% originally planned, and would fully use its remaining tax credits in 2022.

The GI segment combined ratio hit 92.5% off strong underlying margin expansion and a steep decline in catastrophes, as net written premiums climbed by 24%.

Purtill has served as chief risk officer on an interim basis since February.

Further resignations were expected after vesting of compensation incentives, following a number of departures from the firm in the past year.

The above-book valuation placed on the business will be a helpful anchor point for an IPO later in the year.

The carrier has agreed to sell a 9.9% stake in its life and retirement business to Blackstone for $2.2bn, in a deal that also involves a $5.1bn sale of property assets.

Owning a cat reinsurer is off-strategy for a firm trying to curb volatility, but a sale would be hard to execute.

Bergman will be reporting directly to Western World’s head Tim Whisler.

The read-across from the extreme weather to losses is not simple and insurers may do better than would be assumed.