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April 2020

TeamWorks
The Pulse of the Partnership

A Message from David McElroy, President and Chief Executive Officer of North America General Insurance

AIG is taking action in response to the COVID-19 crisis addressing the safety and health of our colleagues and preserving business continuity and the quality of technical expertise and service that defines our company. 

We recognize the challenges you and our mutual clients are facing today. Our commitment and dedication to you remain the same. 

AIG is well positioned to help you solve your client’s insurance needs and deliver on our claims promise. With the support of B. Puckett and Paul Connor, we are pleased to provide this second edition of Teamworks as a resource to you.

Best regards,

David McElroy
President and Chief Executive Officer
North America General Insurance

 

Retail Property Update

AIG is dedicated to being the property underwriter of choice for your domestic and global middle market (SME) and risk management accounts. 

Up to $1B may be deployed on a shared, layered or 100% basis in primary/excess positions on the right accounts. The deployment of capacity, size and positioning thereof will depend on the risk quality, occupancy hazards, client commitment to risk management principles, data completeness/quality and loss experience of each account. 

We are at the forefront of addressing key issues for insureds. Most recently, we were one of the first insurance carriers to implement affirmative cyber underwriting strategies globally.  Our retail property insureds can purchase or exclude coverage expressly for physical and/or non-physical cyber-related losses—and achieve vital coverage certainty. We will continue to lead in underwriting by addressing topical issues affecting buyers. 

With clear and consistent risk appetites worldwide, we are committed to delivering differentiated value to our brokers and insureds by providing open communication, coverage flexibility, claims and engineering excellence and multinational services.

To learn more, download our new property marketing collateral.

We encourage you to communicate with your teams that AIG is committed to providing a consistent risk appetite, visit our U.S. risk appetite website at www.aig.com\usriskappetite.

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Gallagher and AIG Success Stories 

Responsiveness and Focusing on Client Needs Results in Property Win
The incumbent carrier issued a non-renewal and the client, a food company, quickly needed a property solution, and had no options. Within two weeks of being approached by Gallagher, AIG swiftly issued a lead line in the Primary (20% of $50M for $400k AIG Share), supporting Gallagher’s relationship with the client and helping to ensure the insured had the coverage it was looking for.   

Collaboration and Partnership Leads to Multinational Property Program
A news agency was searching for a carrier that would truly be a partner in terms of risk control and general business collaboration. The Gallagher White Plains office and AIG team worked together to provide a comprehensive multinational property program, which included placing local policies in 15 countries and a standalone UK terrorism coverage for a total premium of $305,376, with an additional $22,500 in a multinational fee. Excellent communication and transparency were keys to providing a client focused solution.

Communication and Team Work Lead to Excess Casualty Win
The incumbent was reducing its lead capacity on a toll road facilities company and its subsidiary. The Gallagher Grand Rapids office approached AIG to see if the carrier would have an interest in the accounts.  Gallagher clearly communicated the client needs and promptly addressed all of AIG’s questions. In response, the AIG team worked to quickly provide a quote which resulted in providing a solution to the client and securing both accounts for the $15M X $10M for $50K and $49,692 respectively.

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Did you know that AIGRM has been a leader in the National Account space for more than 40 years and has pioneered solutions to address complex or difficult to insure risks such as bespoke loss sensitive structures, global fronted and captive programs, blended or alternative solutions and unique collateral alternatives? AIGRM stands ready to assist you and your clients. Contact Gary Shertenlieb, Distribution and Client Engagement, AIGRM to learn more.  

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Your AIG Team

Our U.S. Field structure, led by our regional Zone Presidents, is the cornerstone of how we deliver our products and services to our brokers and clients. They are here to ensure we have an effective trading relationship with you. The team is reaching out regularly to your local offices and welcome your inquiries.    

View our U.S. Zone map and key contacts

Please feel free to share this newsletter within your organization.

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American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this newsletter.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.