AIG
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The insurer is not looking to grow its net catastrophe portfolio this year, but thinks reinsurance rates will rise later in 2020 to support increased retro costs.
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The new title is seen as an indication he will ultimately succeed CEO Brian Duperreault.
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The insurer also said that the Hagibis claims count was lower than anticipated at this stage. -
Private equity firm The Carlyle Group has lifted its stake in Fortitude above 70 percent.
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A lockup in retro capacity linked to the Japanese typhoons will further encourage reinsurers to raise rates, AIG’s Kean Driscoll said yesterday.
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The $1bn syndicate signals a move from the carrier to leverage the ability to share risk at the Corporation.
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AIG's reinsurance subsidiary has just $155mn of losses to retain before triggering retro recoveries.
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AIG had $550mn of cover for Japanese losses, analysts at Credit Suisse noted.
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Ellis will be replaced by Michael Rouse, who has been promoted to lead its property practice.
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The insurer bought a $325mn cover for the Caribbean and Hawaii as well as retro for Validus Re.
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The ILS platform lifted fee income by a third year on year, offsetting its investment loss.
