American International Group (AIG) News

AIG to Sell Most of Fortitude Re to Carlyle, T&D Holdings for $1.8 Billion

American International Group plans to sell the bulk of Fortitude Re to private equity firm The Carlyle Group and Japanese insurer T&D Holdings for $1.8 billion. Plans call for a newly created Carlyle-managed fund and T&D Holdings to acquire from …

Few Hong Kong Firms Have Riot Insurance so They’ll Be Paying for Protest Damages

Hong Kong’s businesses will likely foot the bill for vandalism inflicted over the past four months during the territory’s most violent protests in living memory as few of them bought insurance coverage for riot damage, industry insiders said. Businesses big …

Strong E&S Premium Growth in Response to Weak Results; Top 15 E&S Writers: Fitch

Direct written premiums in the U.S. excess and surplus (E&S) lines market during 2018 grew at its greatest rate since 2012, increasing 11% and representing the eighth consecutive year of premium growth, according to Fitch Ratings. The trend continued its …

AIG Taps Eccles from Argo, Langdon from Chubb for Senior Global Specialty Roles

American International Group, Inc. announced the appointment of two senior leaders in its global specialty business. Steve Eccles will join AIG as global head of Aerospace, General Insurance. James Langdon will join AIG as UK head of Energy & Construction, …

Cost of Norsk Hydro Cyber Attack Higher than Expected at Nearly $75 Million

Aluminum producer Norsk Hydro has managed to ramp up operations at its Alunorte refinery in Brazil despite a cyber attack in March, the firm said on Tuesday, boosting its shares. The Norwegian company’s stock rose as much as 6% in …

Ex-AIG Employees, Seeking Back-Bonuses of $100M, Win British Court Ruling

A group of former traders and managers at American International Group Inc. won a London judge’s backing in their battle to obtain $100 million dating back to the financial crisis, after he said that the insurance giant couldn’t put forward …

2 Ex-AIG Employees Win $10M in France, Ahead of Separate $100M Bonus Case in UK

Two former American International Group Inc. employees won awards totaling about $10 million after French judges chastised the insurance giant for trying to block the payment of bonuses they’d already earned to cover for its huge losses. The Paris court …

QBE’s Zortman Joins AIG to Lead Private Client Group

American International Group said Kathleen Zortman will join the company as president and chief executive officer of Private Client Group, General Insurance. In this new role, Zortman will lead AIG’s global high net worth portfolio, with responsibility for strategy, underwriting …

AIG Exits Individual Personal Lines Business in Canada

American International Group (AIG) has decided to stop underwriting new policies in its individual personal insurance lines of business in Canada, namely auto and homeowners. “We continually review our operations to make sure that AIG Canada provides clients and partners …

Luxembourg Attracts 50 Firms for Their Post-Brexit EU Headquarters

Luxembourg said it is “very pleased” that about 50 asset managers, insurers, and other financial firms have looked to the Grand Duchy as a foothold in the European Union once the U.K. leaves the bloc. “We are very pleased with …