AIG is launching a new business at Lloyd's of London for the specialist U.S. high net worth market.
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In a statement released on Wednesday, the giant financial and insurance corporation said that it was putting forward proposals to serve this market starting Jan. 1, 2020. This move is expected to bring major business to Lloyd's -- with the potential for as much as $1 billion in gross written premiums.
According to the announcement, AIG-owned Talbot Underwriting Limited will be managing and underwriting the risks of the venture.
"AIG's industry-recognized Private Client Group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth," Peter Zaffino, COO of AIG, said. "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 added: "AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the U.S., 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."