American International Group, Inc. - AIG STOCK NEWS

AIG (NYSE: AIG) has appointed Christopher Flatt as its new Global Chief Underwriting Officer, effective immediately. Flatt, who previously served as Head of AIG North America Alternative Channels, brings over 30 years of experience in underwriting, risk management, and reinsurance to the role.

Flatt joined AIG in 2017 after spending over 15 years in leadership roles at Marsh McLennan. Earlier in his career, he held senior underwriting positions at GE Capital and ITT Hartford. He succeeds Christopher Schaper, who was appointed Chief Risk Officer of AIG in November 2024.

In a related move, Erin Fry, President of Glatfelter & EVP of AIG Commercial Lines Programs, has been promoted to Head of AIG North America Alternative Channels, taking over Flatt's previous position. Fry will report to Don Bailey, Executive Vice President & Chief Executive Officer, North America Insurance.

Private Client Select Insurance Services (PCS), a Managing General Underwriter majority-owned by Stone Point Capital and AIG (NYSE: AIG), has appointed Ross Bowie as Chief Executive Officer, effective immediately. Bowie, who joined PCS in February 2024 as President and Chief Risk Officer, previously served as President & Chief Underwriting Officer of Orchid Insurance and held senior leadership roles at Bankers Insurance Group and ASI.

In his prior role at PCS, Bowie was responsible for portfolio optimization and improving the company's financial performance. He succeeds Christopher Flatt, who served as Interim CEO since March 2024 and will continue to serve on PCS's Board of Directors.

AIG has announced the launch of Syndicate 2478 at Lloyd's, set to begin underwriting from January 1, 2025. The syndicate, managed by Talbot Underwriting , has an approved stamp capacity of $715 million for the 2025 Year of Account. Blackstone will provide third-party capital through Lloyd's London Bridge 2 PCC structure and serve as investment manager for syndicate assets.

The syndicate will participate in AIG's outwards reinsurance program, accessing risk from AIG's global property & casualty businesses. This strategic relationship demonstrates AIG's underwriting portfolio quality and leverages its partnerships with Blackstone and Lloyd's.

AIG has announced the results of its 12 separate tender offers to purchase outstanding notes, increasing the Maximum Purchase Consideration from $750 million to $1.16 billion. The offers expired on December 12, 2024, with $2,019,902,000 combined aggregate principal amount validly tendered and an additional $19,333,000 tendered through Guaranteed Delivery Procedures.

Overall, $1,134,194,000 combined aggregate principal amount of Notes have been accepted for purchase. The Maximum Purchase Condition was satisfied for notes with Acceptance Priority Levels 1-6, 8, and 10, while notes with Priority Levels 7, 9, and 11-12 were not accepted and will be returned to holders.

Settlement dates are set for December 16, 2024 (Initial) and December 18, 2024 (Guaranteed Delivery).

AIG (NYSE: AIG) has announced pricing terms for its tender offers to purchase outstanding notes for cash up to a maximum of $750 million aggregate amount. The tender offers cover 12 different series of notes with varying acceptance priority levels, interest rates, and maturities. The Total Consideration for each series was calculated based on fixed spreads plus reference security yields.

The offers will expire at 5:00 p.m. Eastern time on December 12, 2024. The Initial Settlement Date is expected to be December 16, 2024, with a Guaranteed Delivery Settlement Date of December 18, 2024. Holders whose notes are accepted will receive the Total Consideration plus accrued interest.

BofA Securities and Citigroup Global Markets are serving as Lead Dealer Managers for the tender offers.

AIG has completed the sale of approximately 120 million shares of Corebridge Financial common stock to Nippon Life Insurance Company. The transaction was executed at $31.47 per share, resulting in a total purchase price of $3.8 billion. This sale represents a 21.6% ownership stake in Corebridge. The transaction was facilitated by J.P. Morgan Securities as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel.

AIG (NYSE: AIG) has announced 12 separate cash tender offers to purchase outstanding notes for up to $750 million aggregate amount. The offers target various series of notes with different acceptance priority levels, ranging from 8.175% to 4.200% interest rates and maturities from 2028 to 2058.

The offers are scheduled to expire on December 12, 2024, at 5:00 p.m. Eastern time. Holders who tender their notes will receive the Total Consideration based on fixed spreads plus reference security yields, along with accrued interest. The Initial Settlement Date is expected to be December 16, 2024, with a Guaranteed Delivery Settlement Date of December 18, 2024.

AIG has completed the sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group on December 2, 2024. The transaction, which was initially announced in June 2024, excludes operations in Japan, AIG's joint venture in India, and travel coverages offered through AIG's Group Accident & Health business. Evercore Group served as financial advisor, while Willkie Farr & Gallagher and Norton Rose Fulbright provided legal counsel for AIG.

AIG has appointed Christopher Schaper as permanent Chief Risk Officer, effective immediately, after serving in the role on an interim basis since September 2024. Schaper, who will report to CEO Peter Zaffino, will oversee AIG's global Enterprise Risk Management organization while temporarily maintaining his position as Global Chief Underwriting Officer until a successor is appointed. Schaper joined AIG in 2019 and became Global Chief Underwriting Officer in 2023, having previously served as CEO of AIG Re, Validus Re, and AlphaCat. His experience includes senior leadership roles at Marsh McLennan, Montpelier Re, Endurance Specialty Insurance, and GE Capital.