On Monday AIG announced that it has entered into an agreement with Safeco Insurance, (a Liberty Mutual Company) and Heritage Insurance to offer AIG agents the opportunity to transition their upper middle personal insurance business to Safeco and Heritage. The transition is to begin in the fall of 2020.
“On Monday AIG announced that it has entered into an agreement with Safeco Insurance”
AIG will transition a select portion of its personal insurance business that provides upper middle market clients with home, auto, and umbrella insurance to Safeco and Heritage
This announcement comes on the heels of a March 2020 announcement of AIG Private Client Group launching Lloyds Syndicate 2019 to provide exclusive reinsurance for AIG Private Client (high net worth client). Syndicate 2019 will be managed by Talbot Underwriting and give LLoyd’s access to the high net worth business.
What does it all mean?
At a minimum it will be a significant amount of work for those agents who will begin transitioning business to the upper middle class carriers Safeco and Heritage or Lloyd’s!!
The term upper middle is a very vague in that we do not know where Safeco/Heritage ends and Lloyd’s takes over. Upper middle ?? I guess we will see where the line is drawn.
The key line in Monday’s announcement is the “refinement of Private Client Group’s risk appetite”. I guess this too will come out in the wash.
Kyle’s extensive sales and account management expertise transcends both Commercial and Personal Lines. Coupling that with his finance and life insurance licenses, Kyle serves as full service insurance agent for all of his valued clients. The goal for Kyle is to provide tailored risk management to address his client’s current and future exposures, and to optimize wealth preservation.