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Rate increases on primary liability placements range from 10% to 20%. -
The take-private is expected to close by mid-2025.
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A strategy is in place for the carrier to expand its presence on the Island.
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Levitz will become executive chairman starting in 2025.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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The GWP total marked an 18% year-over-year increase from $145bn in 2022.
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The move is the latest phase of the operational transformation program, AIG Next.
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In connection with the transactions, Conifer CEO Nick Petcoff resigned from the position.
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The underwriting units produced revenue of $11mn in the year to June 30.
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Geo Europe CEO Walter Craft will remain with the financial lines business.
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The highest releases in nearly 15 years challenge conventional wisdom on reserving.
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