AIG

The carrier is offering 50 million existing shares of common stock and granted a 30-day option for underwriters to purchase up to an additional 7.5 million shares.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.

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The Inside P&C news team runs you through the earnings results for the day.

The firm booked catastrophe losses of $462mn — largely from Lahaina Wildfire and Hurricane Idalia — down from $655mn in Q3 last year, which was affected by Hurricane Ian.

The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.

The executive left the company in June following a period of medical leave.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The departure of the president of North America retail was disclosed in an internal company memo.

AIG’s combined ratio improved to 92.6% in 2022 from an average of 106% between 2018 and 2020.

The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.