AIG News

XL Catlin Invests $4M in Insurtech Microinsurance Startup, Stonestep

XL Catlin’s venture fund, XL Innovate, committed $4 million in first-round financing to Stonestep, a property/casualty insurtech startup looking to streamline how microinsurance is sold in emerging markets. The Series A funding is designed to help Stonestep grow in the …

Canada’s Fairfax to Buy Switzerland’s Allied World for $4.9B in Cash, Stock

Fairfax Financial Holdings Ltd., the Canadian investment and insurance company, agreed to buy Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Prem Watsa’s biggest purchase. Fairfax will pay $54 per share, which is …

More UK Insurers Consider Move to Ireland for Europe HQs: Central Bank

A growing number of global insurers are considering moving to Ireland and some may choose to locate European headquarters there rather than Britain following that country’s vote to leave the European Union, Ireland’s central bank said on Thursday. Ireland is …

Rising Risks Could Cost Global Cities $1.17 Trillion of GDP in 2017: Cambridge Study

The costs of major shocks to the global economy from natural and manmade threats could put at risk $1.17 trillion of the total projected GDP of the world’s major cities in 2017, according to the findings of a report compiled …

AIG May Move Europe HQ from London to Another EU Country on Brexit

U.S. insurer AIG may move its European headquarters from London to another European Union country because of Britain’s vote to leave the EU, the head of the AIG’s European and UK operations said at an industry conference on Tuesday. AIG …

AIG Increases Property Terrorism Capacity to $1B

American International Group, Inc. (AIG) has raised its property terrorism insurance limits globally to $1 billion. The larger capacity is available to clients on a stand-alone basis or as expanded limits within AIG’s Large Limits property insurance offering, which provides …

AIG CEO Focus on Boosting Returns, Not Too Big to Fail Label

American International Group Inc. Chief Executive Officer Peter Hancock said he’s more focused on boosting returns than worrying about the government’s classification of his company as too big to fail. “Of all of the strategic issues that we face as …

NSM Forms Joint Venture with Massachussetts-Based ABRY Partners, AIG

NSM Insurance Group, an insurance program administrator based in Pa., has agreed to enter into a joint venture with Massachussetts-based private equity investment firm, ABRY Partners, and AIG. Through this partnership, NSM Insurance Group aims to quickly grow and diversify in …

AIG Offers Brexit Coverage in UK for Anxious Executives

American International Group is coming out with new Brexit coverage in the UK for anxious executives, barely weeks after the fateful British vote to pull out of the European Union. AIG division AIG UK will handle the product launch, which …

AIG Unleashes New Primary Cyber Policy for Property/Liability Exposures

AIG rolled out a new standalone cyber policy that provides primary insurance protection for a wide range of related risks. The insurance giant is marketing CyberEdge Plus as offering primary protection for property damage, bodily injury, business interruption, product liability …