AIG

The carrier intends to use the cash raised as part of its consideration for Validus.

Proxy advisers had called for shareholders to reject the pay deals, which feature a $50mn pay award for CEO Peter Zaffino.

The Dan Loeb-controlled investment firm reduced its position in AIG to 2.95 million shares, or ~0.4%, in Q1, from or 5.1 million shares, or around 0.7%, at the end of Q4.

Speaking about the recently spun-out HNW MGA, Zaffino said AIG expects to bring on additional capital providers to the subsidiary through H2 2023.

Beginning in Q3, AIG will act as a fronting partner for AFG during a transitional period of the transaction.

The firm’s North America operations recorded $116mn of cat losses in Q1 while the international division reported $148mn losses.

Following the deal, around 450 CRS employees will move to AFG’s Great American Insurance group.

Senior departures, the Corebridge stock price and the arrival of Dan Loeb all throw up additional obstacles.

The new independent program manager will serve HNW and ultra-HNW markets and is expected to begin producing business in Q3 2023.

He replaces Steven Barnett, who is leaving to pursue opportunities outside the company.

The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.

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