AIG
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The GI segment combined ratio hit 92.5% off strong underlying margin expansion and a steep decline in catastrophes, as net written premiums climbed by 24%. -
Purtill has served as chief risk officer on an interim basis since February.
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Further resignations were expected after vesting of compensation incentives, following a number of departures from the firm in the past year.
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The above-book valuation placed on the business will be a helpful anchor point for an IPO later in the year.
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The carrier has agreed to sell a 9.9% stake in its life and retirement business to Blackstone for $2.2bn, in a deal that also involves a $5.1bn sale of property assets.
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Owning a cat reinsurer is off-strategy for a firm trying to curb volatility, but a sale would be hard to execute.
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Bergman will be reporting directly to Western World’s head Tim Whisler.
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The read-across from the extreme weather to losses is not simple and insurers may do better than would be assumed.
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Maritzen was previously head of risk management, property, at AIG, having joined the insurance giant in 2019 from Sompo International.
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Jessie Ruppe joins from Arch to oversee casualty ceded reinsurance, while two internal promotions will be responsible for financial lines and property cessions.
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The insurer has published its first-ever ESG report, detailing diversity and equality initiatives, along with pledges to cut carbon emissions.
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Every market is going to have to decide where they stand on the issue of SPACs, said AIG’s head of North America financial lines.
