AIG sets sights on massive business sale

spike

Insurance giant American International Group Inc (AIG) has today revealed it has been fielding inquiries from companies considering buying a stake in the life and retirement (L&R) business which the insurer is seeking to divest. Citing the words of AIG president Peter Zaffino (pictured) during a conference call with analysts, Bloomberg highlighted that AIG has received inquiries from parties interested in a strategic alignment and in potentially purchasing the 19.9% stake in L&R.

“We are pleased with the level of interest and quality potential partners for the life and retirement business,” Zaffino said, “and believe a sale of a minority

Read More

Munich Re shakes up Southeast Asia L&H leadership

spike

Munich Re has made two senior appointments for its life and health business in Southeast Asia.

Aravind Srinivas (pictured left) has been appointed as managing director for life and health, Southeast Asia, succeeding Tobias Frenz (pictured right), who now heads digital solutions in Asia-Pacific, Middle East and Africa.

Srinivas is based in Singapore and reports to David Hughes, CEO, Munich Re Life and Health, Asia (ex-Greater China). He was previously chief commercial officer for Munich Re’s Life, Health and High Net Worth business in the region. Prior to that, he was head of client pricing in Munich Re Australasia and

Read More

Lloyd’s of London looks for ideas for ‘re-imagined’ underwriting room

spike

Remember the iconic underwriting room at Lloyd’s of London? Now picture it differently, with the future (and what it might require) in mind.

That is what the insurance marketplace is asking stakeholders across the globe to do, with an online collaboration hub set up to crowdsource insights and ideas to “re-imagine” the Lloyd’s underwriting room. An initial crowdsourcing, which runs until February 28, is part of a market-wide consultation spanning initiatives such as virtual focus groups.

“This is a once-in-a-lifetime opportunity to contribute to the future design of the underwriting room, and supporting spaces and services in the Lloyd’s building

Read More

AIG reports large loss in 2020

spike

Upon closing the sale of Fortitude, for which AIG received US$2.2 billion in proceeds, CEO Brian Duperreault commented: “Closing this transaction marks the completion of a significant milestone in AIG’s strategy to efficiently manage our legacy liabilities while strengthening our balance sheet and upholding our commitments to regulators and policyholders.” 

Adjusted after-tax income attributable to AIG common shareholders was down to US$2.2 billion for the full year ended December 31, 2020, compared to US$4.1 billion in the prior year. The insurer said this decrease was partly due to lower adjusted pre-tax income (APTI) from General Insurance, where it reported APTI

Read More