AIG

Claude Wade spent six years at Marsh in various COO roles, at a time when Zaffino was CEO.

The Lloyd’s broker plans to establish additional regional offices.

Appointment comes as the insurance industry is adapting to the Biden White House.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.

On its fourth quarter call, AIG management shared it received “quality” interest from parties willing to acquire a minority interest in its life and retirement business.

Athene CEO Jim Belardi says it has expressed interest in purchasing the minority stake.

An IPO remains on the table, alongside the option of a minority stake sale.

The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.

The GI commercial unit boosted net premiums by 8.5% in the quarter, led by a 21% rise in property business.

AIG’s shareholders are getting a raw deal, with an outcome on compensation that does not look like value for money.

The new CUO previously led the New York zone for AIG’s financial lines book.

Some sub-classes of the cyber market such as industrial manufacturing and retail wholesalers are seeing rate hikes of as much as 40%.