AIG
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AIG has kept the Q2 2022 target to land the life and retirement unit IPO, and still expects to retain more than a 50% stake after the event. -
The executive said the business model in the high-net-worth space “simply needs to change” as loss costs have risen, fueled by increased frequency and severity.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Excluding the effects of cats and reserve developments, AIG’s core loss ratio also improved, decreasing to 59.2% from 60.3%.
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Insurance stocks mixed following swath of earnings results; Aon gains nearly 7% in Friday trading.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The executive will have responsibility for global treasury activity, including financing plans and banking.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
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Constance Hunter previously served as KPMG’s chief economist and has nearly three decades of experience in the financial sector.
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Casualty rate hikes moderate, though areas like wildfire liability remain difficult amid an ever-more litigious environment.
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The higher level of repurchases seen in Q3 will likely last longer than expected.
