Welcome to our dedicated page for American International Group news (Ticker: AIG), a resource for investors and traders seeking the latest updates and insights on American International Group stock.
American International Group, Inc. (AIG) is a multinational finance and insurance corporation based in the USA, operating in over 80 countries and jurisdictions. Known globally for its extensive insurance and financial services, AIG offers a wide array of insurance products, including property, casualty, and life insurance, through its various subsidiaries. Despite recently spinning off its life insurance segment into Corebridge Financial, AIG retains a majority stake in it. AIG’s property/casualty insurance subsidiaries, collectively referred to as AIG PC, have been recognized for their strong balance sheet and improving underwriting performance, affirmed by the recent rating upgrades from AM Best. AIG PC continues to benefit from robust reinsurance support and positive pricing momentum across key business lines, making its operating metrics competitive among its peers. Recent financial results highlight AIG’s profitability and strategic progress, including significant capital management actions and the deconsolidation of Corebridge Financial, positioning AIG as a prominent leader in the global insurance market.
American International Group (NYSE: AIG) has finalized a partnership with Stone Point Capital to establish Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA). This entity will cater to High Net Worth and Ultra High Net Worth markets. The previously announced transition of AIG's Private Client Group to this new platform is expected to be completed by Q3 2023, pending regulatory approvals. The transaction terms remain undisclosed. AIG continues to operate in approximately 70 countries, providing various insurance solutions to businesses and individuals.
AIG (NYSE: AIG) announced the passing of former director Thomas F. Motamed, who served from January 2019 to January 2023. In a statement, CEO Peter Zaffino expressed deep sadness at Motamed's loss, highlighting his significant contributions during a critical phase of AIG's turnaround. Motamed's expertise, developed through his distinguished career at The Chubb Corporation and CNA Financial, positively impacted the insurance industry. The AIG Board extended condolences to Motamed's family, acknowledging the legacy he leaves behind.
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