Originally posted on AIG.com
American International Group, Inc. (NYSE: AIG) today announced proposals to launch a new syndicate at Lloyd’s serving the specialist U.S. high net worth market that will start writing business effective January 1, 2020, subject to regulatory approval. This specialist syndicate represents substantial, accretive new business to the Lloyd’s market, writing up to US$1bn in gross written premiums.
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Syndicate 2019 will be managed by Talbot Underwriting Limited, the managing agency acquired by AIG in 2018, and will underwrite risks in the U.S. high net worth segment, where AIG Private Client Group (“PCG”) is a recognized market leader in the ultra-high net worth segment, with an established strong distribution network and a sophisticated client proposition. The syndicate has undergone the normal scrutiny Lloyd’s applies to any potential new entrant to the market and has also benefitted from some of the framework improvements for new entrants being piloted as part of the Future at Lloyd’s Blueprint One, including a much-streamlined initial application-to-approval process of around four months.
Syndicate 2019 will enable AIG PCG’s clients to benefit from additional products and holistic risk management solutions provided though the Lloyd’s market. It represents significant new business to the market, driving profitable growth for both Lloyd’s and AIG, and expanding the value proposition for U.S. high net worth customers.
“AIG’s industry-recognized Private Client Group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth,” said Peter Zaffino, Chief Executive Officer, General Insurance, and Global Chief Operating Officer, AIG. “We look forward to working closely with Lloyd’s to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high net worth customer base.”
Lloyd’s Chief Executive Officer, John Neal, said: “AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the U.S., providing a bespoke underwriting and service proposition for its customers. We are delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s. Syndicate 2019 is a significant endorsement of the Future at Lloyd’s and represents strong support for our vision to build the most advanced insurance marketplace in the world.”
AIG is being advised on the transaction by Evercore and Aon.
Notes to editors
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