AIG has announced that it has named Gordon Browne as its global head of specialty, effective June 11 2024.

Browne will report to John Hancock, executive vice president and chief executive offer, international insurance, and serve on the international insurance leadership team.

He will be responsible for leading the global strategy to bolster the technical expertise and market positioning of the company’s specialty business. This contain global marine, aviation, credit lines and energy and construction.

Previously, he held leadership positions at AIG such as global head of energy & construction.

“With more than two decades of executive leadership experience in global specialty insurance, Gordon Browne is uniquely qualified to drive our specialty business forward as we build on our momentum as a leading global property and casualty insurer,” said Jon Hancock, executive vice President and Chief Executive Officer, AIG International Insurance. “I am pleased to welcome Gordon back to AIG.”

“Rejoining AIG at this exciting time is an extraordinary opportunity. I am looking forward to working with Jon Hancock and the most talented global team in the industry to drive the company’s continued growth and deliver critical technical expertise and differentiated value to our clients and broker partners,” Browne added.

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In May 2024, AIG reached an agreement to divest a 20% ownership stake in Corebridge Financial to Japan’s Nippon Life Insurance Company (Nippon Life).  

The deal, valued at an aggregate purchase price of $3.8bn (Y595bn), will see AIG selling 120 million shares of Corebridge at $31.47 per share. 

Under the terms of the deal, AIG will retain a 9.9% stake in Corebridge for at least two years following the conclusion of the transaction. 

Prior to this deal, AIG held nearly a 53% stake in the company. 

The transaction is part of AIG’s broader strategy to decrease its investment in Corebridge, which it had spun off in a 2022 initial public offering.