AIG has introduced that it has named Gordon Browne as its international head of specialty, efficient June 11 2024.
Browne will report back to John Hancock, govt vice chairman and chief govt supply, worldwide insurance coverage, and serve on the worldwide insurance coverage management workforce.
He will probably be accountable for main the worldwide technique to bolster the technical experience and market positioning of the corporate’s specialty enterprise. This comprise international marine, aviation, credit score traces and vitality and development.
Beforehand, he held management positions at AIG comparable to international head of vitality & development.
“With greater than twenty years of govt management expertise in international specialty insurance coverage, Gordon Browne is uniquely certified to drive our specialty enterprise ahead as we construct on our momentum as a number one international property and casualty insurer,” mentioned Jon Hancock, govt vice President and Chief Government Officer, AIG Worldwide Insurance coverage. “I’m happy to welcome Gordon again to AIG.”
“Rejoining AIG at this thrilling time is a unprecedented alternative. I’m wanting ahead to working with Jon Hancock and probably the most gifted international workforce within the trade to drive the corporate’s continued development and ship essential technical experience and differentiated worth to our purchasers and dealer companions,” Browne added.
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In Could 2024, AIG reached an settlement to divest a 20% possession stake in Corebridge Monetary to Japan’s Nippon Life Insurance coverage Firm (Nippon Life).
The deal, valued at an mixture buy worth of $3.8bn (Y595bn), will see AIG promoting 120 million shares of Corebridge at $31.47 per share.
Below the phrases of the deal, AIG will retain a 9.9% stake in Corebridge for not less than two years following the conclusion of the transaction.
Previous to this deal, AIG held practically a 53% stake within the firm.
The transaction is a part of AIG’s broader technique to lower its funding in Corebridge, which it had spun off in a 2022 preliminary public providing.
