American International Group, Inc. - AIG STOCK NEWS

American International Group, Inc. (NYSE: AIG) has announced its plan to redeem all outstanding Series A-3 Junior Subordinated Debentures on September 16, 2024. The redemption price will be 100% of the principal amount, plus accrued and unpaid interest up to, but not including, the redemption date. As of September 3, 2024, the outstanding aggregate principal amount of these debentures was €41,550,000. AIG clarifies that this announcement is not an official notice of redemption, and debenture holders should refer to the formal notice provided by The Bank of New York Mellon, the trustee for the debentures.

AIG has announced its participation in the 2024 KBW Insurance Conference. Peter Zaffino, AIG's Chairman & CEO, will engage in a fireside chat on Wednesday, September 4, 2024, at 4:20 p.m. ET. This event presents an opportunity for investors and industry analysts to gain insights into AIG's strategies and outlook.

The company will provide a live audio webcast of the session, accessible through the Investors section of AIG's website. For those unable to attend or watch live, a replay will be made available on the same platform after the event. This participation underscores AIG's commitment to transparency and engagement with the investment community.

AIG reported significant financial results for Q2 2024, marked by the deconsolidation of Corebridge Financial, resulting in a net loss of $5.96 per share compared to income of $2.03 last year. General Insurance net premiums written were $6.9 billion, a decrease of 8% on a reported basis but an increase of 7% on a comparable basis. AIG achieved record Commercial Lines new business of $1.3 billion, an 18% YoY increase, with significant growth in North American Commercial Lines (10%). Despite a combined ratio increase to 92.5%, the accident year combined ratio improved to 87.6%.

Adjusted after-tax income per share rose by 9% to $1.16. The company returned nearly $2 billion to shareholders through stock repurchases and dividends. Net investment income grew by 18% to $990 million. AIG concluded the quarter with a strong balance sheet, including parent liquidity of $5.3 billion and a total debt to capital ratio of 18.1%.

Private Client Select Insurance Services (PCS), majority-owned by AIG and Stone Point Capital, has formed an exclusive distribution partnership with Ryan Specialty for the High and Ultra-High-Net-Worth markets in the U.S. This partnership aims to accelerate PCS's growth by leveraging Ryan Specialty's extensive broker network. AIG will continue to provide capacity and delegate underwriting authority to PCS, while also allocating more Excess and Surplus Lines (E&S) capacity. Additionally, AIG will offer exclusive E&S paper in all 50 states through Marbleshore Specialty Insurance Company, pending regulatory approval. This collaboration is expected to enhance PCS's position as a leading Managing General Underwriter and enable more efficient delivery of services to retail partners and clients.

AIG has appointed Melissa Twiningdavis as Executive Vice President and Chief Administrative Officer, effective September 1, 2024. She will report to CEO Peter Zaffino and oversee global administrative services, including sourcing, procurement, real estate, facilities, and shared services operations. Twiningdavis joins from Accenture, where she led global Supply Chain Operations. Her experience includes roles at Precision Castparts and General Electric. AIG's CEO highlighted her ability to transform companies and drive operational excellence. Twiningdavis expressed enthusiasm for joining AIG's leadership team and contributing to its strategic priorities.

American International Group (NYSE: AIG) has appointed Adam Burk as Global Treasurer and Head of Corporate Development, effective immediately. Burk will report to Sabra Purtill, EVP and CFO of AIG. He will be responsible for global treasury activities, including capital management, banking, rating agency relations, global capital markets, liquidity, and cash management, alongside his role in Corporate Development and Strategy. Burk has been with AIG since 2013, holding various senior roles, including CFO of Global Operations. He has a background in investment banking and corporate law, with degrees from the University of Pennsylvania Carey Law School and the University of Michigan - Stephen M. Ross School of Business.

American International Group (NYSE: AIG) will announce its second quarter 2024 financial results after the market closes on July 31, 2024. The press release and financial supplement will be available on AIG’s investor website. Additionally, AIG will host a conference call on August 1, 2024, at 8:30 a.m. ET to discuss the results, accessible via a live webcast on their website. A replay will be available post-call.

American International Group (NYSE: AIG) has entered into a definitive agreement to sell its global personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group for $600 million in cash, plus additional earn-out consideration. The transaction, which excludes AIG's operations in Japan and its joint venture in India, is expected to close by the end of 2024, pending regulatory approvals.

The sale aims to streamline AIG's portfolio, focusing on its core Global Property and Casualty Insurance business. AIG's Accident & Health business offerings are also excluded from the agreement.

Chairman and CEO Peter Zaffino confirmed that the deal is a strategic move for AIG, and assured a smooth transition for employees, customers, and partners. Evercore Group acted as financial advisor, with legal counsel from Willkie Farr & Gallagher LLP and Norton Rose Fulbright LLP.

American International Group (AIG) has completed the deconsolidation of Corebridge Financial for accounting purposes. This move was facilitated by AIG waiving its right to majority representation on the Corebridge Board and the resignation of Chris Schaper from the Board. Peter Zaffino, AIG Chairman and CEO, highlighted this as a strategic decision positioning AIG as a leading global Property and Casualty insurer. AIG owns 48.35% of Corebridge's common stock, and Corebridge has developed partnerships with Blackstone, BlackRock, and Nippon Life, which aims to be a 20% strategic investor.