The timing and the financial terms of the deal has been kept under wraps. For AIG, Japan remains a major market and the company has been operating in this region for nearly 70 years now. Though this deal will lead the company to relinquish its life business, it is committed to continue with its extensive non-life insurance business in the region. AIGhas been busy shedding assets and selling non core business in an effort to simplify its business by releasing tied up funds and focusing on core operations that have the potential to generate higher return on equity.
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Print Edition 6 bi-monthly issues of Carrier Management magazine every year. While neither Zurich nor AIG executives said they plan to grow the commercial lines business overall, Zurich Group Chief Executive Officer Mario Greco noted that his company has an increasing appetite for short-tail and specialty business.
The two men provided more details of their appetites, joining other executives during their Investor Day events to also review progress on activities to reshape their insurance portfolios, cut costs, and building for the future.
Below are some highlights of what key executives said on various topics. I heard that many times from brokers. I heard it from customers.
We have changed risk appetite. That 2 percent makes a big difference, Greco asserted. A slide shown as he spoke revealed that short-tail lines—defined as property and motor—account for 34 percent of the industry U. I honestly think it was a mistake to target growth.
We need to target quality.
We need the growth of Farmers. We need the growth of Life [business]. But GI should never never have a target of growth. It should have a target of profits, a target of loss ratio. Would you consider entering in ? It just means we need to be in condition whenever we are interested to grow it if we want.
But in some years, we will shrink it, depending on the market conditions. This is something that is a Zurich attribute. For those customers, we have account managers. I am involved in a number of these, as are a number of other executive committee members and as the board itself will be ….
We need to extend it.
In addition to benefiting customers directly, the tool helps Zurich with efficiency goals as well. In the past, risk engineers might only focus on visiting high-risk locations to make on-site risk assessments to inform underwriting decisions due to natural cost and resource capacity limits.Ascot Underwriting Holdings Limited.
During AUL wholly owned three subsidiaries: Ascot Insurance Services Limited, whose main activity is the provision of underwriting business and services to Syndicate , Ascot Underwriting Asia (Pte) Limited, which. Ascot Underwriting Ltd.
has secured a major coup by swooping for one of the more well-known names in the industry. Ascot to form standalone MGA platform August 02, Ascot has announced plans to establish a standalone managing general agent (MGA), hiring former AIG executive Greg Wolyniec to assist with the formation of the platform.
Operations Manager at Ascot Underwriting. Leigh Allen.
Insurance Underwriter at Zurich Insurance Company Ltd. Tony Hender.
Owner, F&H Business Solutions Limited. Shaun Walsh. Senior Motor Underwriter at AIG. Public profile badge. Include this LinkedIn profile on other websites.
Julia Payne. The Canada Pension Plan Investment Board has signed an agreement with American International Group to acquire per cent of Ascot Underwriting Ltd., AIG’s Lloyd’s platform, for US$ billion.
AIG Group € Allianz Global Corporate (UK Branch) Amlin Underwriting Limited Arch Insurance Company (Europe) Limited Ascot Underwriting Limited Assicurazioni Generali S.P.A (UK Branch) Aspen Insurance UK Ltimited ans Aspen Managing Agency Limited Aviva Insurance Limited AXIS Specialty Europe SE Beazley plc Brit Syndicates Limited.