Welcome to our dedicated page for American Intl Group news (Ticker: AIG), a resource for investors and traders seeking the latest updates and insights on American Intl Group stock.
American International Group, Inc. (NYSE: AIG) is a global insurance organization whose news flow centers on property and casualty insurance operations, capital allocation, strategic investments and leadership developments. This AIG news page aggregates company press releases and market updates so readers can follow how the organization describes its performance, strategy and governance over time.
Recent AIG news has included quarterly financial results for its general insurance business, highlighting underwriting income, combined ratios and adjusted earnings metrics. The company has also reported capital return actions such as cash dividends and share repurchases, as well as changes in the value and level of its ownership interest in Corebridge Financial, Inc. News items often detail how underwriting discipline, catastrophe-related charges, prior year development and investment income affect reported results.
AIG’s updates also cover strategic transactions and partnerships. These include agreements to acquire renewal rights for a majority of Everest Group Ltd.’s retail insurance portfolios worldwide, planned minority equity investments in Convex Group Limited and Onex Corporation, and the formation of Lloyd’s Syndicate 2479 with Amwins and funds managed by Blackstone. The company has also announced a strategic shareholding and long-term commercial partnership with Salford City FC, reflecting its involvement in a football club alongside its core insurance activities.
Corporate governance and leadership changes are another key theme in AIG’s news. Filings and releases have described amendments to by-laws, board changes, senior executive appointments and succession plans, including the announced intention of the current Chairman & CEO to transition to Executive Chair and retire as CEO, and the planned arrival of a President and CEO-elect. Investors, analysts and policyholders can use this page to review how AIG communicates its insurance operations, strategic initiatives, technology collaborations and leadership evolution.
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.
American International Group (AIG) announced the completion of its secondary offering of Corebridge Financial (CRBG) common stock. AIG sold 30 million shares of Corebridge Financial's common stock at $29.20 per share, generating approximately $872 million in net proceeds after expenses. Morgan Stanley & Co. acted as the underwriter for the offering. The secondary offering also included a 30-day option for the underwriter to purchase an additional 4.5 million shares. The registration statement for this offering was filed with the U.S. Securities and Exchange Commission and became effective automatically.
American International Group (NYSE: AIG) has priced its secondary offering of Corebridge Financial (NYSE: CRBG) common stock at $29.20 per share.
The offering involves 30 million shares, expected to net AIG approximately $876 million. Additionally, AIG has allowed the underwriter a 30-day option to purchase up to 4.5 million more shares.
The offering will close on June 3, 2024, pending customary conditions. Morgan Stanley & Co. is the sole underwriter and may sell the shares through various market channels.
Proceeds from the sale will go directly to AIG. Relevant documents can be obtained from the SEC's website or Morgan Stanley.
American International Group (NYSE: AIG) announced a secondary offering of 30 million shares of Corebridge Financial (NYSE: CRBG) common stock, with the option to sell an additional 4.5 million shares within 30 days. AIG will receive all net proceeds from the sale. The last reported price of Corebridge stock on May 29, 2024, was $29.47. Morgan Stanley & Co. is the underwriter, with shares potentially sold on the NYSE, OTC market, or through negotiated transactions. The offering will be conducted solely via prospectus.
American International Group (AIG) announced the appointment of Gordon Browne as Global Head of Specialty, effective June 11, 2024. Browne will report to Jon Hancock, EVP and CEO of International Insurance, and will join the leadership team of the International Insurance unit. Browne comes from Allianz, where he served as Global Head of Specialty since April 2023. Browne will oversee AIG's global strategy for its Specialty businesses, including Marine, Aviation, Credit Lines, and Energy & Construction. With over 20 years of experience, Browne previously held several senior roles at AIG, including Global Head of Energy & Construction and Head of North America Specialty.
American International Group (AIG) announced that its Chairman and CEO, Peter Zaffino, will participate in a fireside chat at Bernstein’s 40th Annual Strategic Decisions Conference. The event is set for May 29, 2024, at 11:00 a.m. ET. A live audio webcast will be available on AIG’s Investor section of their website, with a replay accessible afterward.
AIG has announced an agreement to sell 120 million shares of Corebridge common stock to Nippon Life for $31.47 per share, totaling $3.8 billion. This represents a 20% ownership stake in Corebridge. AIG will retain a 9.9% stake for two years post-closing. The transaction is expected to close by Q1 2025, pending regulatory approvals. Nippon Life's investment is seen as a strategic partnership, adding value to Corebridge. Legal counsel for AIG was Wachtell, Lipton, Rosen & Katz, with J.P. Morgan Securities as financial advisor.
AIG reported strong first quarter 2024 results with net income per diluted share of $1.74 and adjusted after-tax income per diluted share of $1.77. General Insurance underwriting income increased 19% year-over-year to $596 million. AIG executed nearly $3 billion in capital management actions, returning $2.4 billion to shareholders, and declared a cash dividend increase. The company's adjusted ROCE was 9.3% for the quarter. AIG plans to continue building momentum through AIG Next and Corebridge deconsolidation.
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