American International Group, Inc. - AIG STOCK NEWS

American Financial Group (AFG) will acquire Crop Risk Services (CRS) from American International Group (AIG) for $240 million in cash. CRS is a primary crop insurance general agent with 2022 gross written premiums of $1.2 billion, making it the seventh largest provider of multi-peril crop insurance in the US. The transaction is expected to close in Q3 2023, subject to regulatory approvals.

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.

American International Group (AIG) announced the appointment of Chris Colahan as the new Regional President for AIG Asia Pacific, effective in the second quarter of 2023. Colahan brings over 20 years of insurance experience, having previously served as President of Berkshire Hathaway Specialty Insurance for the UK and Europe. He replaces Steven Barnett, who is leaving for other opportunities. CEO Jon Hancock highlighted the importance of the Asia Pacific market for AIG's General Insurance business and expressed confidence in Colahan's leadership to expand business capabilities and deepen client relationships.

American International Group, Inc. (NYSE: AIG) will announce its financial results for Q1 2023, ending March 31, 2023, after market close on May 4, 2023. Investors can access the announcement and supplementary financial information in the Investors section of AIG's website.

AIG will also conduct a conference call on May 5, 2023, at 8:30 a.m. ET to discuss these results, with a replay available shortly thereafter. AIG is a global leader in insurance, offering property casualty, life insurance, and retirement solutions across approximately 70 countries. More details about AIG can be found on their official site.

American International Group, Inc. (AIG) announced that William G. (Jerry) Jurgensen will retire from its Board of Directors and not seek re-election at the 2023 Annual Meeting in May. Jurgensen has been a board member since 2013 and previously served as CEO of Nationwide Financial Services from 2000 to 2009. AIG's Chairman and CEO, Peter Zaffino, expressed gratitude for Jurgensen's contributions over the last decade. AIG provides a range of insurance and financial services globally, operating in about 70 countries.

American International Group (AIG) has launched a newly redesigned website and a reimagined myAIG Broker Portal, marking a significant milestone in its digital transformation. The updated AIG.com offers enhanced navigation and access to critical financial information and services for brokers and stakeholders. The myAIG Broker Portal serves as a comprehensive digital gateway for brokers to access account information and key tools. The phased rollout for North America is set throughout 2023, with global expansion anticipated in early 2024, signifying AIG's commitment to improving efficiency and engagement in the insurance sector.

American International Group (AIG) announced the election of Diana Murphy and Vanessa Wittman as independent Directors effective March 16, 2023. AIG's Chairman & CEO, Peter Zaffino, expressed confidence in their extensive executive experience, which includes leading complex organizations and a strong commitment to community service. Diana Murphy has served as Managing Director at Rocksolid Holdings and held various executive roles, while Vanessa Wittman has been CFO at Glossier and other major firms. This move is intended to enhance AIG's governance and strategic direction as the company aims for top performance.

American International Group (AIG) reported robust financial results for the fourth quarter and full year 2022, showcasing the strongest underwriting profitability in General Insurance's history. Full-year underwriting income nearly doubled to $2.0 billion with a combined ratio of 91.9%. Life and Retirement sectors generated $2.1 billion in premiums, bolstered by Fixed Annuity sales. However, net income per diluted share decreased to $0.35 from $4.38 year-over-year, attributed to lower alternative investment income. AIG returned over $6.1 billion to shareholders through stock repurchases and dividends. Book value per share declined to $53.83 due to higher interest rates.