American International Group, Inc. (NYSE: AIG) announce the launch of Lloyd’s Syndicate 2019. This landmark Syndicate, the largest ever to be launched through Lloyd’s, will exclusively reinsure risks from AIG’s Private Client Group (PCG). PCG is an industry-recognized brand with a leading market position in the High Net Worth segment.
“For AIG, this transaction represents a continuation of our strategy to optimize our General Insurance portfolio, create additional products for clients, diversify our capital base, and improve the quality of our earnings to drive value for all our stakeholders.”
Significant capital support has been received from high-quality investors and capacity providers, which is a testament to the quality and growth potential of the PCG franchise. In combination with its existing Lloyd’s operations, AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity.
For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 represents a compelling opportunity to access the highly attractive High Net Worth segment. Clients will continue to benefit from PCG’s excellent value proposition, which will be further enhanced by additional products and holistic risk management solutions provided through the Lloyd’s market.
“Syndicate 2019 is a unique and industry-defining structure between AIG and the oldest insurance market in the world. Our partnership with Lloyd’s will materially benefit PCG’s clients and enable our High Net Worth business to further capitalize on its pre-eminent market position,” said Peter Zaffino, President & Global Chief Operating Officer, AIG. “For AIG, this transaction represents a continuation of our strategy to optimize our General Insurance portfolio, create additional products for clients, diversify our capital base, and improve the quality of our earnings to drive value for all our stakeholders.”
Syndicate 2019 is managed by Talbot Underwriting Limited, the managing agency AIG acquired in 2018 as part of the Validus transaction. Current coverages offered by Syndicate 2019 reflect PCG’s product offerings including homeowners, auto, collections, yacht, personal umbrella and specialty coverage for earthquake, excess flood and workers compensation.
AIG was advised on the transaction by Aon, Evercore and Skadden, Arps, Slate, Meagher & Flom LLP.
Source: Business Wire