AIG
-
The creation of AIG Re combines all of the US insurance giant’s assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty. -
Kean Driscoll had been CEO of Validus’ reinsurance division since 2012, becoming president of Validus Holdings in 2017.
-
New disclosure on the ILS manager shows AIG made a Q1 profit on its allocation to AlphaCat funds after a Q4 loss.
-
Buckingham Research analyst Amit Kumar noted that insured loss estimates had been revised up since the early weeks following the August and September events.
-
The CEO also predicted that (re)insurance conglomerates will take the lead on developing ILS platforms rather than sole insurers.
-
The insurer also dropped attachment points on its covers after cutting back its gross limits.
-
The Bermuda-based ILS manager withdrew from the insurer’s reinsurance treaty following losses in 2018.
-
AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.
-
Ledger structured the flexible deal between an MGA and AIG's ILS business.
-
The insurer is understood to be exploring the possibility of claiming the Camp Fire as two separate events as it looks to maximise reinsurance recoveries.
-
The insurer’s general insurance CEO said shortages of retro capacity will drive rate change.
-
The Camp Fire and Woolsey Fire have now destroyed 10,000 and 504 buildings respectively.
