American International Group has launched Lloyd’s Syndicate 2019 — the largest-ever syndicate to be launched at Lloyd’s.
Syndicate 2019 will exclusively reinsure risks from AIG’s Private Client Group (PCG), which operates in the high-net-worth segment.
Significant capital support has been received from high-quality investors and capacity providers, said AIG in a statement.
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, said AIG in a statement.
For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 represents an opportunity to access the high-net-worth segment.
“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 and 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 Ltd., 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: American International Group, Inc.
*This story ran previously in our sister publication Insurance Journal.