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American International Group, Inc. (AIG) has launched the Lexington Middle Market Casualty team, aimed at providing insurance coverage to small-to-medium-sized commercial enterprises. This new team, led by Paul McLaughlin, will cater to businesses with annual premiums ranging from $7,500 to $75,000, enhancing AIG's market reach in the SME sector. The initiative aligns with AIG's strategy to tap into the significant U.S. private sector GDP represented by SMEs and aims to offer tailored coverage in industries such as construction, manufacturing, and real estate.
Positive
Launch of the Lexington Middle Market Casualty team expands AIG's market reach into small-to-medium-sized enterprises.
Focus on providing General Liability coverage to a significant segment of U.S. private sector GDP.
Potential for increased revenue from commercial enterprises with premiums of $7,500 to $75,000.
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None.
NEW YORK--(BUSINESS WIRE)--
Lexington Insurance Company, an American International Group, Inc. (AIG) company, today announced the launch of the Lexington Middle Market Casualty team, a group of dedicated underwriters focused on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises, substantially expanding the company’s market reach beyond upper middle-market and large enterprises.
The team, which is headed by Paul McLaughlin, Senior Underwriting Manager for Lexington, brings together underwriters from Lexington Casualty and its affiliated Western World Small Commercial Brokerage teams to focus on providing General Liability coverage to commercial enterprises with annual premiums between $7,500 to $75,000. The group will provide coverage to classes of business in construction, manufacturing, and the commercial, service, retail, and real estate industries.
“The launch of Lexington’s Middle Market Casualty team is an important next step in expanding our presence in the SME space as part of our overall Middle Market strategy,” said Lou Levinson, President and Chief Executive Officer, Lexington Insurance Company. “This is a new team focused on a segment that makes up a large portion of U.S. private sector GDP. We see tremendous opportunity to help our wholesale brokers and their clients in this segment gain more certainty and resilience in their coverage needs.”
Added Neil Smallcombe, Head of Lexington Casualty: “Business issues and risks for small and medium-sized businesses can be as complex for their management teams as risks faced by larger companies. Lexington is providing its capacity, claims capabilities, and longstanding expertise with the largest, most complex risks in the market to sophisticated, smaller operators across important commercial classes.”
Mr. McLaughlin said, “We’ve begun working with select brokers to reach this expansive pool of clients. The opportunity for smaller enterprises to access Lexington’s expertise and capacity has been a welcomed development for the market.”
The Lexington Middle Market Casualty team is the latest business unit to launch in the last two years to focus on SME products available to select wholesale brokers and their clients, following Lexington’s launch in 2021 of its LexPro management liability unit and Western World’s recent launch of its Garage team.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
What is the Lexington Middle Market Casualty team launched by AIG?
The Lexington Middle Market Casualty team focuses on providing insurance coverage to small-to-medium-sized enterprises, enhancing AIG's reach in this market.
What industries will the Lexington Middle Market Casualty team cover?
The team will provide coverage in construction, manufacturing, service, retail, and real estate industries.
Who leads the Lexington Middle Market Casualty team?
The team is led by Paul McLaughlin, Senior Underwriting Manager for Lexington.
What is the premium range for coverage provided by the new team?
The premiums range between $7,500 to $75,000 for the targeted small-to-medium-sized commercial enterprises.
How does the launch of this team impact AIG's business strategy?
The launch represents a key step in AIG's strategy to expand its presence in the SME sector, which constitutes a large portion of the U.S. GDP.
