AIG Made History with the Launch of Largest-Ever Syndicate at Lloyd’s

AIG | May 05, 2020

AIG Made History with the Launch of Largest-Ever Syndicate at Lloyd’s
  • AIG has launched Lloyd’s Syndicate 2019, the largest-ever syndicate to be launched at Lloyd’s.

  • AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity.

  • For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 represents an opportunity to access the high net worth segment.


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 has been received from high-quality investors and capacity providers, said AIG in a statement.


Read more: GEICO AND PROGRESSIVE CONTINUE TO LEAD THE U.S. AUTO INSURANCE MARKET

In combination with its existing Lloyd’s operations, AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity, said AIG in a statement.

For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 represents an opportunity to access the high net worth segment.


Our partnership with Lloyd’s will materially benefit PCG’s clients and enable our high net worth business to further capitalize on its pre-eminent market position, For AIG, this transaction represents a continuation of our strategy to optimize our general insurance portfolio, create additional products for clients, diversify our capital base, and improve the quality of our earnings to drive value for all our stakeholders.

- Peter Zaffino, president and global chief operating officer, AIG.


Syndicate 2019 is managed by Talbot Underwriting Ltd., the managing agency AIG acquired in 2018 as part of the Validus transaction.

Current coverages offered by Syndicate 2019 reflect PCG’s product offerings including homeowners, auto, collections, yacht, personal umbrella and specialty coverage for earthquake, excess flood and workers compensation.


Read more: RENEWABLE GUARD, HAILSURE JOIN HANDS TO DEVELOP A NEW PARAMETRIC HAIL INSURANCE PROGRAM TO RENEWABLE ENERGY PROJECTS
 

AIG was advised on the transaction by Aon, Evercore and Skadden, Arps, Slate, Meagher & Flom LLP.


About AIG

American International Group, Inc. (AIG) is a global insurance company with operations in more than 80 countries and jurisdictions. It provides a range of insurance products to support clients in business and in life, including: general property/casualty, life insurance, and retirement and financial services through our General Insurance, Life and Retirement and Investments business units.

Spotlight

Some types of auto insurance coverage are required, others are optional, but you’ll want to understand them all because they provide protection against several types of risk.

Related News

Greater Than Collaborates with MSIG Global Digital Hub

Cision PR Newswire | October 08, 2020

Greater Than, the insurtech provider of AI-based risk intelligence, has today entered a collaboration with MSIG Global Digital Hub and MSIG Vietnam, part of MS&AD Insurance Group, and Asia's leading insurance provider. Through the partnership, Greater Than will provide MSIG Vietnam, with AI-based driving analytics attached to an app-based loyalty service to be launched for MSIG Vietnam's auto insurance customers in the fall of 2020. The customer-centric offering will promote insurance holders that drive safe. The new offering is a step in the direction of MSIG to offer digital products creating an enhanced customer experience. Through Greater Than's AI-based risk analysis and loyalty program, the car insurance provider will be able to identify risk groups to calculate existing and future real-time damage costs and new ways to directly rewarding customers who drive safely.

Read More

Oregon Extends Emergency Orders for Most Common Insurance Policies

Oregon Department of Consumer and Business Services | June 23, 2020

The Oregon Department of Consumer and Business Services’ Division of Financial Regulation extended its emergency orders for property/casualty, long-term care, and life and disability insurance. The orders mean that the most common insurance policies, such as auto, home, term and whole life, and long-term care, provide one-time minimum grace periods for people to pay premiums and protect them by mandating how long claims must be paid.

Read More

CORE INSURANCE

Salvatore Insurance Brokers Ltd., based in Nova Scotia, has been acquired by Hub International

Hub International | June 04, 2021

Hub International Limited, a leading global insurance brokerage, announced today that it has acquired Salvatore Insurance Brokers Ltd. Terms of the transaction were not disclosed. Located in Sackville, Nova Scotia, Canada, Salvatore Insurance is a family-owned insurance agency providing clients in Atlantic Canada commercial insurance. They specialize in the transportation industry, which supports Hub's Specialty practices by complementing and strengthening its existing capabilities in commercial auto and fleet. Christina Salvatore, President of Salvatore Insurance, and their team will join the Atlantic Region and report to Susan Murphy, President of Hub Ontario. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Read More

Spotlight

Some types of auto insurance coverage are required, others are optional, but you’ll want to understand them all because they provide protection against several types of risk.