AIG is planning to launch a new syndicate at Lloyd’s serving the specialist US high-net-worth market.
Talbot Underwriting, the managing agency acquired by AIG last year, will manage Syndicate 2019, with the insurer expecting its new venture to write up to $1 billion (£780 million) in gross written premiums.
AIG’s private client group is a leader in the US high-net-worth segment, with an established strong distribution network and a sophisticated client proposition.
Its 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’s high-net-worth clients to benefit from additional products and holistic risk management solutions provided though the Lloyd’s market.
Peter Zaffino, chief executive officer of general insurance and global chief operating officer at AIG, said: “AIG’s industry-recognised private client group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth.”
“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.”
Lloyd’s chief executive officer John Neal said: “AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the US, providing a bespoke underwriting and service proposition for its customers. We are delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s.”
“Syndicate 2019 is a significant endorsement of the future at Lloyd’s and represents strong support for our vision to build the most advanced insurance marketplace in the world.”