American International Group (AIG) is set to establish a new syndicate at specialist insurance marketplace Lloyd’s of London to target wealth people in America.
The new entity, Syndicate 2019, is set to start functioning from 1 January next year. It is expected to underwrite up to $1bn in gross written premiums.
Talbot Underwriting, which AIG acquired up last year, has been tasked to manage the new syndicate that will indemnify risks in the high-net-worth (HNW) segment in the US.
Currently, AIG Private Client Group (PCG) serves the ultra HNW segment in the US.
Upon the launch of Syndicate 2019, AIG PCG’s clients will be able to access additional offerings and holistic risk management solutions.
AIG CEO Peter Zaffino said: “AIG’s industry-recognized 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 CEO John Neal stated: “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.”