AIG

Yesterday Blackboard declared victory in its mission to disrupt insurance, and in a final glorious triumph announced it would be closing permanently.

CEO Macia said the closure was "not a criticism of our technology, team or mission".

The deal was announced in November last year, setting Fortitude Re on the path to independence.

CFO Mark Lyons spoke at an investor conference last week, pointing out potential offsets to Covid-19 losses due to lower frequency emerging.

About 44 percent of votes cast supported a move to increase investor power to demand special meetings.

Glass Lewis and ISS had previously opposed Brian Duperreault’s compensation package.

Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.

Tuesday’s call included an interesting shift in tone from AIG CEO Brian Duperreault, who suggested the company would “continue to look at” the possibility of a break-up of P&C and life.

The InsurTech, which AIG opted to put into run-off, had projected premium income of $50mn in 2020.

AIG “remains in a strong financial position” despite the pandemic, the executive said.

Last night featured the most significant “jailbreak” to date, with AIG taking the opportunity to drop its long-term ROE goal.

AIG will recognise an impairment charge of $210mn in connection with shutting down the InsurTech.