Sponsored by Burns and Wilcox You can now listen to Insurance Journal articles! Following through on intentions to move its high net worth business to nonadmitted paper—and some to other capital providers—American International Group entered into a binding memorandum of understanding with Stone Point Capital LLC to form an independent managing general agency. AIG’s Private Client Group (PCG) business will move to this new independent platform, rebranded as Private Client Select Insurance Services (PCS). “As previously disclosed, AIG has been exploring structures that, over time, will allow PCG to be supported by third-party capital providers, including AIG and its innovative syndicate at Lloyd’s, referred to as Syndicate 2019. By partnering with a world-class private equity firm like Stone Point, we can maximize the strengths of this business and improve product offerings to better serve the high and ultra high net worth markets,” said Peter Zaffino, AIG’s chair and chief executive officer, in a statement on Monday. Zaffino first talked about moving AIG’s high-net-worth homeowners business out of the admitted market during a year-end 2021 conference call around this date last year. At the time, he noted the high frequency and severity of catastrophe losses on the book, indicating that […]
Click here to view original web page at www.insurancejournal.com
