“AIG can absorb the business in our current infrastructure with no additional capital, and we will deliver an improved offering to clients and our distribution partners.”

In context

“is approximately 40% Casualty, 30% Property, 25% Financial Lines with the balance being Specialty classes. Everest's view, as stated on their earnings call, is that there was no further re-underwriting of the Casualty portfolio required and 80% of the adverse development in their Casualty portfolio in the back years are from policies that have not been renewed. We will complete our own assessment, but believe they've done a very good job of remediating the portfolio. We have extensive experience repositioning portfolios, particularly in Casualty. It's my view that we have the best casualty underwriters in the business. And when combined with stricter underwriting standards that Everest implemented over the last 12 months, we are confident that the portfolio will be positioned for success. AIG can absorb the business in our current infrastructure with no additional capital, and we will deliver an improved offering to clients and our distribution partners. The reaction from our broker partners to the transaction has been incredibly positive. They're very excited to work with us and committed to converting the book to AIG, providing welcome continuity to their clients. We anticipate being able to add this portfolio into our 1/1 reinsurance treaty renewals with no change in terms and conditions. This transaction adds further scale to AIG's upper middle and large account retail insurance book, providing an opportunity to drive premium growth without adding meaningful costs. The actions we have taken over the past several years have positioned us with the balance sheet and liquidity to pursue compelling opportunities when they materialize. Convex, Onex and Everest are unique opportunities that came to AIG first because of our strong brand, stro”