AIG
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AIG has agreed to pay Everest $10mn per month for nine months for transition services. -
The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The company will implement a new leadership structure after his departure.
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AIG’s filing alleges copyright and trademark breaches, as well as violations of unfair business practice laws.
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Clients in the segments that AIG trades in may not be as receptive to the idea as the insurer would like.
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The Delaware high court’s reasoning could find application in other cases.
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The state’s Supreme Court upheld two lower court decisions finding no liability.
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Claude Wade is to step down from his role to address ongoing health issues.
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The carrier is the first Fortune 500 company to take a stake in a League Two club.
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The former executive passed away following a 40-year career in insurance.
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Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.
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Submissions flow at E&S arm Lexington increased 28% year-over-year in Q2.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The former Everest executive has more than 30 years of A&H experience.
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The former Lloyd’s CEO is also eligible for a target $5mn annual equity award.
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John Neal was due to start at Aon as global reinsurance CEO in September.
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The former Lloyd’s CEO will not make his planned move to Aon.
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He has pleaded not guilty to the criminal charges, which carry potential life sentences.
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When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.
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The January wildfires did little to hamper their appetite, apart from California.
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The executive will be responsible for leading E&S primary and excess casualty.
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The settlement requires Dellwood’s Price to write an apology to Peter Zaffino.
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He will lead AIG’s business across Latin America and the Caribbean.
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Hussey will take over the role left vacant when Luis Sonville moved to AJ Gallagher late last year.
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AIG, HDI Global and others have settled. Chubb’s fight continues.
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The unit grew Q1 NWP by 23% overall, led by a 27% growth in casualty.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The California wildfires in January accounted for $460mn of Q1 cat activity.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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The insurer also pointed to accelerating growth, M&A to come, and a sub-30% ER.
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A US buy would have to be easily integrated, the CEO stated.
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The carrier laid out its business mix for the newly launched reinsurance syndicate.
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AIG veteran Kevin Bidney will focus on North American marine.
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The executive said AIG’s E&S arm can grow 20% a year and generate $4bn of new business.
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The judge noted similarities in Dellwood’s business plan and AIG’s.
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Of the 178 passengers and crew on board, no serious injuries have been reported.
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Insurers could absorb as much as 90% of this year’s already elevated losses given shifts in attachment points.
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Alexandra Furth has more than 20 years of claims and legal leadership experience.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier reshaped its portfolio in 2024, cutting costs and investing in Gen AI and LLM technology, CEO Peter Zaffino told staff.
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The AIG subsidiary says it has no obligation to “defend or indemnify” McKinsey.
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The carrier is restructuring the business into three segments.
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The exec previously spent over 12 years at Aon, recently as chief innovation officer, commercial risk NA.
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The company’s stock price has plummeted in the wake of the LA wildfires.
