AIG
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The GI commercial unit boosted net premiums by 8.5% in the quarter, led by a 21% rise in property business. -
AIG’s shareholders are getting a raw deal, with an outcome on compensation that does not look like value for money.
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The new CUO previously led the New York zone for AIG’s financial lines book.
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Some sub-classes of the cyber market such as industrial manufacturing and retail wholesalers are seeing rate hikes of as much as 40%.
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Pure pricing data suggested the D&O market kept taking rate-on-rate in Q4, while the policy restructuring and retention data showed early signs of peaking.
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Twelve funds, which together manage around $7.5bn in assets, will be moved into Touchstone Investments.
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Finance minister Nirmala Sitharaman said the government will lift the foreign direct ownership cap from 49% to 74%.
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Run-off business from the carrier’s general insurance and Fortitude Re units will now sit within its other operations segment.
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The new unit focuses on SME clients with under $150mn in revenue.
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Corine Troncy joins from Coface, where she was most recently a senior advisor to the French carrier’s executive committee.
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Bill Fahey is the latest senior D&O underwriter to switch roles as the management liability market continues to harden.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
