AIG Receives Approval to Commence Underwriting for Syndicate 2019
May 04 2020 - 8:20AM
Business Wire
The Largest Ever New Syndicate at
Lloyd’s
American International Group, Inc. (NYSE: AIG) today announced
the launch of Lloyd’s Syndicate 2019. This landmark Syndicate, the
largest ever to be launched through Lloyd’s, will exclusively
reinsure risks from AIG’s Private Client Group (PCG). PCG is an
industry-recognized brand with a leading market position in the
High Net Worth segment.
Significant capital support has been received from high-quality
investors and capacity providers, which is a testament to the
quality and growth potential of the PCG franchise. 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.
For Lloyd’s and the third-party investors and capital providers,
Syndicate 2019 represents a compelling opportunity to access the
highly attractive High Net Worth segment. Clients will continue to
benefit from PCG’s excellent value proposition, which will be
further enhanced by additional products and holistic risk
management solutions provided through the Lloyd’s market.
“Syndicate 2019 is a unique and industry-defining structure
between AIG and the oldest insurance market in the world. 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,” said Peter Zaffino, President &
Global Chief Operating Officer, AIG. “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.”
Syndicate 2019 is managed by Talbot Underwriting Limited, 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.
AIG was advised on the transaction by Aon, Evercore and Skadden,
Arps, Slate, Meagher & Flom LLP.
American International Group, Inc. (AIG) is a leading global
insurance organization. AIG member companies provide a wide range
of property casualty insurance, life insurance, retirement
solutions, and other financial services to customers in more than
80 countries and jurisdictions. These diverse offerings include
products and services that help businesses and individuals protect
their assets, manage risks and provide for retirement security. AIG
common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance
www.twitter.com/AIGinsurance | LinkedIn:
www.linkedin.com/company/aig. These references with additional
information about AIG have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries and jurisdictions, and coverage is subject to
underwriting requirements and actual policy language. Non-insurance
products and services may be provided by independent third parties.
Certain property-casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds, and insureds are therefore not protected
by such funds.
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version on businesswire.com: https://www.businesswire.com/news/home/20200504005359/en/
Sabra Purtill (Investors): sabra.purtill@aig.com Matthew
Gallagher (Media): matthew.gallagher2@aig.com
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