Thread regarding AIG (American Intl Group Inc.) layoffs

Personal Lines: Private Client: is AIG getting out of this program

AIG Launches New Syndicate at Lloyd's for the U.S. High Net Worth Customer Segment
8:33 am ET October 23, 2019 (BusinessWire) Print

American International Group, Inc. (NYSE: AIG) today announced proposals to launch a new syndicate at Lloyd's serving the specialist U.S. high net worth market that will start writing business effective January 1, 2020, subject to regulatory approval. This specialist syndicate represents substantial, accretive new business to the Lloyd's market, writing up to US$1bn in gross written premiums.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191023005435/en/

Syndicate 2019 will be managed by Talbot Underwriting Limited, the managing agency acquired by AIG in 2018, and will underwrite risks in the U.S. high net worth segment, where AIG Private Client Group ("PCG") is a recognized market leader in the ultra-high net worth segment, with an established strong distribution network and a sophisticated client proposition. The syndicate has undergone the normal scrutiny Lloyd's applies to any potential new entrant to the market and has also benefitted from some of the framework improvements for new entrants being piloted as part of the Future at Lloyd's Blueprint One, including a much-streamlined initial application-to-approval process of around four months.

Syndicate 2019 will enable AIG PCG's clients to benefit from additional products and holistic risk management solutions provided though the Lloyd's market. It represents significant new business to the market, driving profitable growth for both Lloyd's and AIG, and expanding the value proposition for U.S. high net worth customers.

"AIG's industry-recognized Private Client Group and its differentiated distribution network are highly compatible with Lloyd's blueprint for innovation and sustained growth," said Peter Zaffino, Chief Executive Officer, General Insurance, and Global Chief Operating Officer, AIG. "We look forward to working closely with Lloyd's to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high net worth customer base."

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Post ID: @11FWsHGi

11 replies (most recent on top)

Any more news on Personal Lines. Waiting to get the AX

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Post ID: @11FWsHGi-7hiy

Private Client Group is now dead. They are looking to cut costs and now they will. Nobody is told anything. I know as I work for them. Will be looking for a new job right after the New Year.

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Post ID: @11FWsHGi-5kvv

It is just not Private Client. Will they will be closing Trucking, WC, Middle Market, Programs, and some Property. AIG will be and already is a shell of What it was. Speak out and work slow, very slow. MIddle management are looking for other jobs also.

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Post ID: @11FWsHGi-3kmy

The Private Client Group was AIG's profitable inroad into A List personalities. The list of names were familiar to everyone. I think AIG just shot themselves in the foot in a cost cutting move. I think they are making up for lost time and RIF's called off in March. Traveler's (TRV) took a hit this week. They also RIF and outsource to India. On a scale of 1-10, I'd give AIG a 2 as a place to work. Most companies build on successes. AIG dismantles on losses. Take that to the Board Room Monday Oct 28th. Management reads these posts. My employee ID # is 10—. Sorry, that's all you get.

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Post ID: @11FWsHGi-3qbc

We will see! based on the past record of AIG, I think you have to read into everything they do. Bottom-line is they are looking to cut cost and get rid of people.

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Post ID: @11FWsHGi-1mjg

Is the sky falling? Doesn't really seem like it. If you take the time to read below, the arrangement seems to be synergistic and something that's been public knowledge for months. Lloyd's is also in discussion with Chubb. Being viewed as a great opportunity to grow on both sides of the relationship.

https://www.euronews.com/2019/06/19/lloyds-to-meet-with-insurers-aig-chubb-to-boost-us-business-ceo

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Post ID: @11FWsHGi-1rca

I am out the door, that did not take long.

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Post ID: @11FWsHGi-doe

First they get rid of claim (move to TAP) now it will be personal lines. What is NEXT

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Post ID: @11FWsHGi-vet

State Farm is Hiring

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Post ID: @11FWsHGi-scj

Wow, I will get my resume updated

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Post ID: @11FWsHGi-lkh

There would be no reason to do this unless they have plans to cut costs in the USA. I heard they are making announcement at the end of Oct. Rif Rif Rif

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Post ID: @11FWsHGi-htj

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