AIG reveals new ‘largest ever’ Lloyd’s Syndicate 2019

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It will allow AIG to continue its strategy for optimising its general insurance portfolio

AIG has unveiled a new Lloyd’s Syndicate 2019.

It claims it is the largest ever to be launched via Lloyds of London, and it will exclusively reinsure risks from AIG’s Private Client Group (PCG).

This means that AIG will now operate in the ninth largest managing agency in the Lloyd’s market capacity wise, and in combination with its existing Lloyd’s operations.

Significant capital support has been received from investors and capacity providers.

Clients will continue to benefit from PCG’s value proposition. Current coverages offered by Syndicate 2019 reflects PCG’s product offerings, which includes homeowners, auto, collections, yacht, personal umbrella and specialty coverage for earthquake, excess flood and workers compensation.

Partnership

“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 (HNW) business to further capitalise on its pre-eminent market position,” said Peter Zaffino, president, and global chief operating officer, AIG.

“For AIG, this transaction represents a continuation of our strategy to optimise 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.”

Meanwhile for Lloyd’s, Syndicate 2019 represents an opportunity to access the high net worth segment. It is managed by Talbot Underwriting Limited – the managing agency AIG acquired in 2018 as part of the Validus transaction.

Aon, Evercore and Skadden, Arps, Slate, Meagher and Flom LLP advised AIG on the Validus deal.