AIG

The executive will oversee AIG’s global technology and cybersecurity strategy and lead the insurer’s cloud strategy, along with other modernization technologies.

The low multiple shapes the decision set of the management team, negatively impacts staff, and creates potential opportunities for rivals.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Broker and commercial carrier trends separate as inflation slows but rates stay elevated.

The carrier is offering 50 million existing shares of common stock and granted a 30-day option for underwriters to purchase up to an additional 7.5 million shares.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Excluding programs, the E&S insurer grew around 25% in the quarter, led by 33% growth in wholesale casualty.

Need to Know

The Inside P&C news team runs you through the earnings results for the day.

The firm booked catastrophe losses of $462mn — largely from Lahaina Wildfire and Hurricane Idalia — down from $655mn in Q3 last year, which was affected by Hurricane Ian.

The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.

The executive left the company in June following a period of medical leave.