AIG

The reshuffle at AIG is a new step towards the group president and COO succeeding Duperreault as CEO.

The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.

Insurance CEOs say a narrative of economic disruption helped to achieve double-digit rate rises in lines such as commercial property and D&O.

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.