New Hampshire's parent AIG has operations in some 130 countries and is the largest underwriter in th...
New Hampshire's parent AIG has operations in some 130 countries and is the largest underwriter in the US. It is a significant player in the UK market, particularly in commercial lines. In 2003, it has made a significant push into the personal lines market with the launch of a high net worth division. In the UK, AIG has been active for some 50 years, and insures some four million individuals and half of the UK's top 1000 companies, in addition to many SME firms. Some of AIG's notable events for the year include:
- Member companies of AIG Group implement the eReinsure system for facultative reinsurance buying.
- It is revealed that AIG, together with Chubb and Groupama, could have to pay up to half the £60m awarded in compensation to families of the victims of the Ladbroke Grove rail crash after the primary insurer, St Paul, stated it has already paid out its limit on the original policy.
The three insurers share a £30m layer on top of the amount insured by St Paul, for Thames Trains, which has been found responsible for the crash.
- AIG chairman and chief executive Maurice Greenberg officially opens the insurer's new UK head office at 58 Fenchurch Street.
- Enters the high net worth market, with a team headed by Richard Hawkins (ex Groupama) and Austyn Tusler formerly of Hiscox, who joins as head of underwriting. The new division will focus on mainland Europe, as well as the UK and will provide a true high net worth as opposed to a mid net worth product.
- AIG launches fleet protector, a commercial motor product for UK-based companies running larger fleets.
GWP Less Treaty: £1.67bn
Pre-tax profit: N/A
UK head office: The AIG Building, 58 Fenchurch Street, London, EC3M 4AB.
No of regional offices (UK): 10
Worldwide offices: Offices in approximately 130 countries
Chief executive + key personnel: Dan Glaser, managing director; Mike Giblin, assistant managing director; Mike Whitwell, assistant managing director; Steve Eckhardt, claims; Nicola Maclennan, marketing; Nigel Childs, finance; Alan Reid, major risks; and Tom Doherty, corporate risks
Major shareholders: AIG Europe (UK) is a general agent for New Hampshire Insurance Company. Both are members of American International Group (AIG).
Main lines of business: Accident and health, aviation, general liability, financial lines (including management liability, PI and crime), energy, property, trade and political risk, environmental, crisis management, marine
Total no of employees: Approximately 1500
Agency base: Approximately 1500
Comment: Dan Glaser, managing director, says: "Over 50 years, AIG Europe has built an outstanding reputation for handling the risk needs of larger UK businesses. Today we're working even harder, so more small and mid-sized organisations can enjoy the protection offered by our innovative product range, technical know-how, global connections and powerful financial security. And that means exciting possibilities for brokers looking to develop opportunities in this dynamic market."
- Roundtable: Is a single customer view taking off in insurance?
- O’Connor replaces Fairchild at the helm of Broker Network
- Analysis: The mystery of the missing Insurance Fraud Taskforce report
- Home insurance insurtech Buzzvault launches
- Travel insurtech Pluto begins beta test
- Green light for UK-US insurance trade deal
- Majority of customers support a ban on dual pricing