AIG

The carrier’s share price had declined to $29.71 as of 13:56 in New York.

The company confirmed it had bought $500mn of additional catastrophe aggregate.

Zaffino said also that AIG remains on track to achieve run rate savings of $300mn for 2020.

AIG reported Q2 operating EPS of $0.66 versus $0.50 consensus and $1.43 YoY. Operating results were driven by an improving underlying general insurance result, offset by Covid losses, and lower net investment income.

Covid losses contributed eight points to the combined ratio of 106%.

Houston-based Valic Financial Advisors was earlier charged with failing to disclose key information to investment clients.

COO and general insurance chief Zaffino says the relocated HQ and consolidated sites incorporate remote working lessons.

He will assume management of AIG’s life and retirement, IT and enterprise risk functions alongside his existing roles.

Underwriters in the cyber insurance market are anticipating a major payout following a ransomware attack on US technology and consulting company Cognizant.

The renewal rights agreement for the upper middle market personal lines segment reflects AIG’s focus on the high-net-worth policyholders.

The insurers say they are not liable for Hertz’s defense costs from a 2014 regulatory probe.

Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.