AIG
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The move from Chubb comes at a moment of perceived weakness for AIG. -
Approached for comment, Chubb denies that it submitted “an offer” for AIG.
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The payment will cover what the filing called “foregone incentives at his former employer”.
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The industry veteran retired from AIG at the end of last year.
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The HNW MGA previously had an exclusive distribution agreement under a partnership signed in July 2024.
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Whether Clement's promotion was influenced by an inappropriate relationship is in scope.
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The timing is unhelpful as the global insurer tries to get on the front foot with M&A.
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AIG made the shock announcement earlier today that John Neal is not joining the insurer.
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The ex-Lloyd’s CEO was due to join AIG as president but will not take up the role due to personal circumstances.
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals.
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Underwriting income for North America quadrupled to $384mn, and the segment recorded a CoR of 82.6%.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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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.
