AIG is planning a new syndicate at Lloyd’s designed to serve the specialist U.S. high net worth market. Aon announced the launch of an Aon-wide group created to increase the value and holistic service the firm brings to its U.S. regional insurer clients. Risk Strategies, a privately held national insurance brokerage and risk management firm, launched a cyber product that combines new technology with smarter processes and specialized coverage.

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American International Group, Inc. disclosed plans for a new syndicate at Lloyd’s that will serve the specialist U.S. high net worth market.

The specialist syndicate – Syndicate 2019 – is slated to start writing business effective January 1, 2020, subject to regulatory approval. It represents substantial, accretive new business to the Lloyd’s market, writing up to $1 billion in gross written premiums, AIG said.

Syndicate 2019 will be managed by Talbot Underwriting Limited, the managing agency acquired by AIG in 2018. AIG noted that its AIG Private Client Group operatesin the U.S. high net worth segment as a recognized market leader in the ultra-high net worth segment.

According to AIG, 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 as part of the Future at Lloyd’s Blueprint One, including a much-streamlined initial application-to-approval process of around four months.

AIG is being advised on the transaction by Evercore and Aon.

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Aon announced the launch of its Regional Insurer Group – an Aon-wide group created to increase the value and holistic service the firm brings to its U.S. regional insurer clients.

Plans call for launching the group in the U.S., and eventually expand it globally.

The Regional Insurer Group is organized around clients’ most pressing business needs and includes dedicated team members from all of Aon’s Solution Lines. The firm is aligning its teams to better serve regional insurers with fact-based actionable insights to support the full life cycle from the idea stage to implementation—bringing together a range of Aon capabilities to deliver integrated products and services to:

  • Identify and successfully pursue innovative strategies for profitable growth.
  • Reduce volatility while allowing for efficient deployment of capital.
  • Promote operational efficiency without compromising client satisfaction.
  • Create a rewarding and dynamic work environment for high performing talent.

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Risk Strategies, a privately held national insurance brokerage and risk management firm, launched Cyber Resolute, an offering that combines new technology with smarter processes and specialized coverage.

Cyber Resolute can be tailored to specific client circumstances and works as an advanced risk mitigation platform, backed by Arceo.ai data analytics technology. The insurance is underwritten through an exclusive partnership with Berkley Cyber Risk Solutions, a Berkley Company. The platform’s peer benchmarking data, analytics and artificial intelligence provide real-time awareness and understanding of potential security deficiencies and prioritizes recommended fixes. These insights can make it simpler to secure coverage at an affordable price, the company claims.

Available to companies with up to $250 million in annual sales, Cyber Resolute delivers proprietary coverage and 24/7 access to cyber response forensics and legal teams.

Arceo.ai, a cyber insurance and analytics platform enables Cyber Resolute to deliver analytics that provide accurate and actionable insights by applying data science to internal and externally generated data to spot and prioritize security deficiencies.

Beyond clear insight, Cyber Resolute provides resources for clients to proactively improve their risk profile and respond to cyber issues and incidents.

Sources: AIG, Risk Strategies

Topics Cyber USA Excess Surplus Data Driven Lloyd's Aon AIG