AIG Private Client Group Continues Its Personal Insurance Exit

AIG Private Client Group Continues Its Personal Insurance Exit

Strategic Moves to Control Climate Exposure

Climate continues to challenge insurance companies on how to control the exposure to devastating storms nationwide. All insurers are searching for an answer to storm or wildfire damage.

Here are a couple of updates reported from new clients:

* Allstate has discontinued writing new home insurance in the state of Connecticut. This closes the door for any new purchase and certainly in our opinion puts anyone with a claim history at risk.

* AIG Private Client has made significant layoffs to their marketing, claims, and risk management departments, most likely in a step to reduce expenses. AIG has chosen to use independent claim adjustors and subcontracting home evaluations to companies such as Marshall & Swift. Our experience with both options for successful individuals and families has been underwhelming at best.

The decision comes two months after AIG finalized the spin-off of its $1.4bn-premium high-net-worth (HNW) unit to a Managing General Agent with private equity house Stone Point

If you have concerns about how climate affects your client’s coverage drop Kyle an at kshepard@shepardinsgrp.com or call 203.698.9342.