AIG
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian. -
The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.
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The executive will rejoin as EVP, reinsurance purchasing and risk capital optimization.
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The firm ‘felt very good about consolidating programmes’, at 1 January.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
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The carrier said AIG Re cut US property reinsurance limits deployed by 10% at 1 January.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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Brooks had been in his post for almost two years and joined AlphaCat in 2011.
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The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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