American International Group (AIG) News

Update: AIG Weighs IPO or 19.9% Stake Sale of Life and Retirement Unit

Insurer American International Group Inc said on Friday it is considering an initial public offering or a private sale of nearly 20% of its life and retirement business to separate the unit from the rest of the company over the …

AIG’s Profit Slumps on Q3 Catastrophe Losses

American International Group Inc reported a slump in third-quarter profit on Thursday, hurt by losses related to storms, wildfires and the COVID-19 pandemic. AIG, one of the largest U.S. insurers, posted an underwriting loss of $423 million in its general …

AIG’s Plan to Divest Life & Retirement Business Could Prompt Ratings Downgrades

American International Group’s plan to downsize by divesting its Life & Retirement (L&R) business is drawing cautious and wary reactions from rating agencies that follow the property/casualty insurance giant. They said that they’re worried about what the divestiture will do …

Update: COVID-19 Business Interruption Claims Take Center Stage in London Court Case

UK financial regulators took aim at insurers’ attempts to compare the coronavirus lockdown to government warnings on cigarettes and alcohol, telling a London court that businesses had no choice but to shut down during the pandemic. The clash took place …

Safeco, Heritage Agree to Offer Renewals to AIG’s Upper Middle Market Clients

American International Group (AIG) announced it has entered into an agreement with Safeco Insurance, a Liberty Mutual subsidiary, and Heritage Insurance Holdings to offer AIG Private Client Group’s (PCG) agents the ability to transfer their upper middle market personal insurance …

Global Insurers Pulled into Epicenter of COVID-19 Crisis, Firmly in Uncharted Territory

Roger Federer and Rafael Nadal locked in spell-binding battle. Paul McCartney sharing a stage with Kendrick Lamar and Taylor Swift. The long-awaited 32nd Olympic Games. The list of canned crowd-thrillers that were planned for the coming weeks isn’t just bad …

Insurers Zurich and Chubb Raise Cover for Canada Oil Sands Pipeline: Filings

Major insurers Zurich and Chubb increased their insurance cover for a Canadian oil sands pipeline over the last year, Canadian regulatory filings show. The Trans Mountain pipeline, which ships types of crude oil and refined products to British Columbia from …

AIG Launches Largest-Ever Syndicate at Lloyd’s, Operating in High Net Worth Sector

American International Group has launched Lloyd’s Syndicate 2019 — the largest-ever syndicate to be launched at Lloyd’s. Syndicate 2019 will exclusively reinsure risks from AIG’s Private Client Group (PCG), which operates in the high net worth segment. Significant capital support …

AIG Taps Hancock from Lloyd’s as CEO of International General Insurance

American International Group Inc. announced that Jon Hancock has been appointed chief executive officer, International General Insurance. In this role, Hancock will lead the International operations of AIG’s General Insurance business. He will report to Peter Zaffino, president & global …

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 …