-
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.