Logo via AIG

AIG Launches New Syndicate at Lloyd’s for the U.S. High Net Worth Customer Segment

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191023005435/en/

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

1. Lloyd’s is a unique marketplace where syndicates can underwrite risks on highly-rated paper through an extensive global license network as part of the world’s foremost commercial insurance brand. Lloyd’s has a proven track record of providing innovative entrepreneurs with the platform to serve their customers and grow their businesses.

2. Lloyd’s studio is available for TV and radio broadcasts

3. More news and information available from lloyds.com

Latest News

Flint, Michigan water plant

Ex-Michigan Governor Charged for Racist Lead Poisoning of Flint Water Supply; COVID-19 Vaccines Not Increasing in Availability; Democrats Plan to Repeal Trump Rules; and More

Former Michigan Governor formally charged for poisoning thousands of predominantly Black Flint citizens with water containing lead. In 2014, when the city of Flint was forced by the state to begin taking its water supply from the Flint river rather than using water from nearby Detroit as it had for…

NYPD under suit

NYPD Sued for Years of Racial Abuse and Use of Excessive Force; Trump Administration Approves Discrimination Against LGBTQ individuals; and More

NYPD sued by Attorney General for years of racial abuse and use of excessive force. In what’s been called a “landmark lawsuit,” The New York Times has reported that New York state Attorney General Letitia James is suing the city of New York, the mayor and the NYPD’s leaders, alleging…

Toyota Research Institute and Stanford University’s Dynamic Design Lab Study How to Improve Automotive Safety

Originally published on pressroom.toyota.com. Inspired by the Skills of Professional Drift Drivers, Research Seeks to Combine the Technology of Vehicle Automation with Artificial Intelligence Algorithms What if every driver who ran into trouble had the instinctive reflexes of a professional race car driver and the calculated foresight of a supercomputer…

Tribal elder

Loss of Tribal Elders Due to COVID-19 Decimating Indigenous Populations; Colorado Revamps Common-Law Marriage Requirements, Making Them More Friendly for LGBTQ Couples; and More

Loss of tribal elders due to COVID-19 decimating Indigenous populations. The Muscogee, Navajo, Blackfeet Nation, White Mountain Apache and Choctaw tribes are among the many communities of Indigenous people suffering irreparable losses due to the COVID-19 pandemic, New York Times reporter Jack Healy has reported. Already impacted by infection rates…

Justice for George Floyd

Officer Who Pressed Knee Into George Floyd’s Neck to Stand Trial Alone; Judge Halts Federal Execution of Lisa Montgomery, Only Woman on Death Row

Officer who pressed knee into George Floyd’s neck to stand trial alone in March. Former Minneapolis police officer Derek Chauvin — the man who can be seen on video pressing his knee into George Floyd’s neck for an excruciating 8 minutes and 46 seconds — will now stand trial alone,…

BASF Starts Global Registration for New and Environmentally Friendly Insecticide Active Ingredient

Originally published on BASF.com. BASF ranked No. 14 on The 2020 DiversityInc Top 50 Companies for Diversity list. Regulatory dossiers for Axalion™insecticide submitted in Australia and Korea Active ingredient with novel mode of action and high compatibility with beneficial insects, including pollinators First sales for Axalion-based products expected by 2023…

TIAA’s Roger Ferguson on Solving the Student Debt Crisis

CEO Roger Ferguson shares how TIAA (No. 9 on 2020 DiversityInc Top 50 Companies for Diversity list) teamed up with loan wellness platform Savi to help nonprofit workers reduce monthly student debt payments and work toward forgiveness. Watch his full talk at the link below. https://www.tiaa.org/public/foward-focus-/episode-7-your-financial-future-the-path-forward