AIG

North America commercial lines CoR for the quarter improved 10.4 points to 84.4%.

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AIG has entered into a binding memorandum of understanding with Stone Point Capital to form an independent MGA to serve high-net-worth (HNW) markets, as it takes a dramatic step to address the volatility this business has brought.

Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.

It is understood that Lyons has been set to retire from the company in the summer of 2023.

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To replace Lyons, AIG appointed Sabra Purtill as interim CFO and Turab Hussain as interim chief actuary.

Motamed has been a member of the carrier’s board since January 2019.

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Former CFO Mark Lyons will step in as interim CFO, in addition to his current role as EVP, global chief actuary and head of portfolio management.

The ratings agency reaffirmed AIG and its P&C subsidiaries’ FSR rating of A and ICR of a.

Alvarez & Marsal North America and Latham & Watkins are advisers to the financial products unit in the bankruptcy process.