MAAT INDEX

CLAIM #4663 · American International Group Inc (AIG) · 2024Q3 earnings call · Nov 5, 2024 · due Dec 31, 2025

On Lexington, we do continue to invest in Lex across all lines. So you'll see Lex continue to show up with more resources, more products, enhanced capabilities going forward.

Don Bailey · Executive

CANNOT_DETERMINE
versus commitment · official band 5 percent
Committed
you'll see Lex continue to show up with more resources, more products, enhanced capabilities going forward
Reported
Lexington's business has seen a 26% increase in submission count year over year

In context

that our casualty submissions in E&S have been dramatic and we see great growth opportunities there. But Don, maybe you could expand a little bit on the Lexington. Don Bailey: Great. And if I could, Peter, just maybe a couple of high-level comments on North America overall and then dig deeper into the Lex growth because they are kind of balanced. So the double-digit growth in North America is balanced growth. We're growing the lines where we see attractive opportunities. And to the point of your question, we're growing in all three channels where we operate, retail, wholesale, alternative. Peter covered some of the North American growth drivers, positive rate of 3% across the portfolio, strong retention of 87%, 90% in the admitted lines and then overall strong new business growth of 22%. On Lexington, we do continue to invest in Lex across all lines. So you'll see Lex continue to show up with more resources, more products, enhanced capabilities going forward. On the third quarter performance, as Peter mentioned, 78% per retention, which is really strong, a 24% increase in new business. And to the point of your question, casualty showed up very well in the E&S space in terms of new business for the quarter. We also saw a 35% increase in submission. So the submission activity continues to be very robust in the E&S space for us. It's generated probably by two things. One is just increasing demand for E&S solutions in general and a flight to quality within E&S. For me personally, when I think about the nature of a wholesale broker today versus when I started in this industry, it's a completely different game. The brokers in the wholesale space operate at a different level today, incredibly well resourced, data driven, effectively deployed technolo

Verify independently

SEC filings for AIG · Claim quote is verbatim from the 2024Q3 earnings call.