In light of the Q3 financial results that will be announced on November 1st, 2018 AIG preannounced the catastrophe losses that could climb up to a figure of $1.5 billion. The losses were retained due to a number of natural disasters worldwide. If somebody is interested, the details about the announcement of Q3 financial results are in the link
https://www.businesswire.com/news/home/20181018005931/en/AIG-Preannounces-Global-Catastrophe-Losses
New Reinsurance really helped. Nice! Senior Management must be ready to cut more. I heard they are getting off a lot of Personal Lines. They should have sold it 3 years ago when it was profitable.
ceo bd received 43.1M in 2017, the highest paid insurance CEO for delivering no results.
then, he gave his neighbors in bermuda a good exit from validus at the peak of the bull run.
The Hamilton USA/Blackboard platform company's acquisition for $110M sits as goodwill, which will impair soon as they haven't delivered any platform (as against what was promised - H2 2018). It is just play-money for the chief boss lady there.
Ideally, for such poor business judgment and performance, he and PZ should be out by now and the firm should treat his severance as a restructuring charge.
PZ is shedding ppl with no plan for 'talent'
same old story, nothing new here folks, keep it moving. if history repeats itself, this is a pre-warning to the investors of another quarter of underwriting losses. which if my calculations are correct, this is 18 out of the past 20 quarters that have resulted in an underwriting loss.
sell, sell, sell, lay offs, revoke authority, non renewal, more lay offs, stop writing business, prop up the results and in 3 yrs, sell the lipstick pig = profits to the investors.