AIG CEO Eric Andersen outlines growth strategy and leadership changes

American International Group (AIG) CEO Eric Andersen outlined a five-point growth strategy during his first earnings call, focusing on capital deployment, reinsurance efficiency, artificial intelligence expansion, expense management, and talent investment. Andersen noted that the insurance market is shifting from broad positive pricing toward a more selective environment where profitability depends on specific line dynamics.

To manage competition in the North American excess and surplus lines market, AIG is intentionally reducing its property portfolio at its surplus lines insurer, Lexington, in certain targeted areas. This resulted in a 9-point reduction in premium retention at Lexington during the second quarter. The company aims to focus on property business where it can achieve acceptable terms and higher returns.

In terms of leadership changes, AIG has promoted Christopher O’Connor to head of professional liability and cyber for North America. Additionally, Greg Kuchinski, formerly a North America property CUO at AIG, has been appointed as the U.S. Chief Underwriting Officer for Canopius Group.