As part of the collaboration, AIG conducted a detailed review of McGill and Partners’ specialty portfolio, reportedly confirming its strength and quality.

Based on this analysis, made possible by McGill and Partners’ digital-first approach since its 2019 launch, AIG developed underwriting criteria to enable real-time underwriting through the broker’s digital platform.

AIG reportedly expects to deploy meaningful capacity of 25% across up to $1.6 billion of McGill and Partners’ Gross Premiums Written specialty portfolio.

McGill and Partners noted that its tech-enabled platform provided high-quality data and insights, enabling AIG to underwrite the portfolio and apply an agentic AI approach to manage its future performance.

McGill and Partners observed that by leveraging it digital broking platform in addition to Palantir’s Foundry platform, AIG will develop “comprehensive insights” on business underwritten, including near real-time exposure, limit deployment, modelled risk outputs and loss information.

The broker explained that this access to near real-time data analysis will allow AIG to manage the performance and deployment of AIG’s capacity to its clients on an ongoing basis.

“This strategic collaboration sets a new industry benchmark and significantly evolves the model for pre-secured capacity across a diverse specialty portfolio of risk,” McGill and Partners added.

Steve McGill, CEO, McGill and Partners, commented, “This collaboration has the potential to disrupt the dynamics of the subscription market.

“It strengthens the value proposition of leading underwriters in the market and redefines the way capacity is positioned in the best interests of our clients. This moves beyond incremental change and repositions the way the market operates in the future.”

Peter Zaffino, Chairman & Chief Executive Officer, AIG, said, “The rapid evolution of AI and large language models is reshaping risk analytics, giving us the ability to continuously learn from McGill and Partners’ portfolio and deploy capacity with greater insight, discipline and speed.

“By using McGill and Partners’ robust data ingestion capabilities along with Palantir’s Foundry platform, we are able to evaluate their portfolio to align with our risk appetite, and over time, we see significant opportunity to deliver greater efficiency to the subscription market while giving clients easier access to high-quality insurance solutions.”

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As is typical on AIG’s fourth quarter earnings call, CEO Zaffino provided some details on the firm’s 1.1 renewal experience. He explained that benign loss activity in the second half of the year led to increased reinsurance capacity, which ultimately drove a favourable renewal environment for insurers like AIG.

“As a general statement, although reinsurers were prepared to compromise on pricing, they remain disciplined on attachment points at 1.1. Our long-term belief in holding firm on attachment points has proven to be advantageous for AIG. We’ve always said, once you give it up, you don’t get it back, and that remains true today,” said Zaffino.

At 1.1 2026, AIG “achieved enhanced terms and favorable pricing,” said Zaffino, adding that the firm “benefited significantly from the current environment with more aggregate capacity available in the market, our consistent buying, an attractive portfolio, and the exceptional relationships we’ve developed with our reinsurance partners.”

AIG’s property catastrophe reinsurance program continued to improve at the January renewal, with the insurer witnessing a weighted average risk-adjusted rate decrease in excess of 15%, which Zaffino said yields substantial year-on-year savings.

This is in line with broker reports, which pegged global property cat rate decreases at between 10% and 20%, on average, at the January renewals.

“The return periods of the attachments of our property catastrophe coverage is broadly lower across our geographies and businesses. Our exhaust limit is at a comparable level for all regions worldwide,” said Zaffino.

Also at 1.1 2026, AIG was able to collapse the high net worth placement into its North America occurrence layer for the 500 XS 500 layer. Additionally, Zaffino revealed that the company achieved further efficiency in its aggregate protection, including a single maximum contributing loss, rather than a separate one for each of the North America commercial and global personal portfolios.

In terms of casualty, Zaffino highlighted a reinsurance market that differentiates for quality, leading to AIG’s treaties being renewed with exceptional pricing and terms and conditions.

“Our quota share in North America maintained a very attractive ceding commission in the low 30s. Our excess of loss attachment and limits remain the same as the expiring treaties. However, our rate on subject premium decreased year over year. Finally, we were able to add the Everest portfolio into the treaty at AIG pricing and terms without an increase in nominal cost,” he said.

“Overall. I’m very pleased with our 1.1 renewals. Our approach to reinsurance continues to be an important component of our strategy to minimize volatility in our portfolio and positions AIG well for 2026,” added Zaffino.

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The increase was driven by lower catastrophe-related charges of $125 million, representing 2.1 loss ratio points, compared to $325 million, representing 5.5 loss ratio points, in the prior year quarter, more favourable prior year development, and lower acquisition expenses.

GI gross premiums written (GPW) remained relatively flat, with only a 1% increase to $8.1 billion for the quarter. Meanwhile, net premiums written (NPW) for the quarter were $6 billion, a 1% decrease year-over-year on a reported basis.

GI adjusted pre-tax income rose by 26% to $1.6 billion from the prior year quarter, driven by higher underwriting income and net investment income.

For Q4’25, GI’s combined ratio was 88.8%, compared to 92.5% in the prior year quarter, largely driven by the global commercial segment.

AIG explained that this quarter included favourable PYD, net of reinsurance and prior year premiums, of $116 million, compared to $82 million in the prior year quarter, primarily due to favourable development in North America Commercial, driven by US Financial Lines, Property and Canada Casualty.

In Q4’25, AIG’s total net investment income was $872 million, down 34% from $ 1.3 billion in the prior year quarter, driven by lower gains on the change in fair value and sale of shares from Corebridge and lower income on alternative investments, partially offset by higher income from fixed maturity securities.

For the current quarter, Group-wide net income dipped to $735 million, compared to $898 million in the prior year quarter, primarily due to a change in unrealised losses related to AIG’s ownership interest in Corebridge, and a gain from the divestiture of the global personal travel business in the prior year, partially offset by the aforementioned GI’s higher underwriting income, net investment income, and tax benefit as a result of a one-time release of deferred income tax valuation allowance

Finally, adjusted after-tax income for Q4’25 was $1.1 billion, compared to $817 million in the prior year quarter, again driven by higher underwriting income and net investment income in GI.

Taking a look at the full year 2025 results, GI underwriting income increased by 22% to $2.3 billion compared to $1.9 billion in 2024. GPW remained relatively flat at $35.8 billion, while NPW dipped by 1% to $23.7 billion.

Catastrophe-related charges dipped, representing 3.9 loss ratio points, compared to 5.0 loss ratio points in 2024.

For FY’25, the GI combined ratio was 90.1%, compared to 91.8% in the prior year, largely driven by North America Commercial.

2025’s total net investment income was $4.2 billion, down by 1% from $4.3 billion in 2024, due to a decrease in other investments, including lower gains as mentioned earlier, on the change in fair value and on sale of shares and dividends from Corebridge, partially offset by higher income from fixed maturity securities.

Group-wide net income for 2025 was $3.1 billion, compared to a net loss of $1.4 billion in 2024. This increase was primarily due to the lack of loss as a result of the deconsolidation of Corebridge in June 2024, and higher underwriting income and net investment income in GI, partially offset by net realised losses excluding Fortitude Re funds withheld assets, largely due to impairments on investments in real estate

Lastly, adjusted after-tax income for 2025 was $4 billion, compared to $3.3 billion last year, reflecting higher underwriting income and net investment income in GI.

Peter Zaffino, Chairman & Chief Executive Officer, AIG, commented, “2025 was an exceptional year for AIG. We made tremendous progress against our strategy, delivered outstanding financial results, and achieved important milestones that have positioned AIG for a bright future. For the full year, adjusted after-tax income per diluted share increased 43% to $7.09. Core Operating ROE of 11.1% was above our 10% plus target for 2025.

“This performance was driven by AIG’s continued strong underwriting results and operational excellence, effective expense discipline and strategic capital deployment. Underwriting income of $2.3 billion grew 22%, and we achieved a calendar year combined ratio of 90.1%. We delivered on our disciplined capital management strategy in 2025, supported by our strengthened balance sheet and strong liquidity. For the full year, we returned $6.8 billion of capital to shareholders, including $5.8 billion of share repurchases and approximately $1.0 billion of dividends. We ended the year with a debt-to-total capital ratio of 18.0%.”

He continued, “Over the last two months, we announced several strategic partnerships that we expect will contribute to AIG’s earnings, earnings per share, and ROE in 2026. These include the formation of Syndicate 2479 with Blackstone and Amwins, an investment in CVC’s new private equity secondaries evergreen platform, and the completion of our acquisitions of minority ownership stakes in Convex Group and Onex Corporation. We have also made excellent progress on our conversion of Everest’s global retail portfolio. These innovative, capital-efficient transactions should enable us to grow, deliver earnings and improve ROE without adding complexity to our organisation.

“We have entered 2026 with strong momentum, and our January 1 reinsurance renewal activity resulted in enhanced terms and favourable pricing, reflecting the quality of our portfolio. We are off to a great start on our Investor Day guidance and are on track to achieve or even exceed our financial objectives. Thanks to the hard work and commitment of our talented colleagues, AIG is positioned for another exceptional year.”

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Pursuant to the previously announced transactions, AIG has acquired a 35% equity interest in Convex for approximately $2.1 billion and a 9.9% ownership stake in Onex for approximately $642 million, having subscribed for 7.5 million subordinate voting shares.

In conjunction with AIG’s investment, Onex has become the majority shareholder in Convex with a 63% ownership interest as part of the $7 billion transaction, with Convex set to become a core platform for Onex alongside its private equity and credit businesses.

AIG will also commit $2 billion to Onex’s private equity and credit strategies over the next three years.

Peter Zaffino, Chairman & Chief Executive Officer, AIG, commented, “We could not be more pleased to announce the completion of our minority ownership stakes in Convex and Onex and are confident that these long-term investments will continue to strategically position AIG for growth in the future and will be accretive to AIG’s earnings and return on equity in 2026 and in future years.”

Onex CEO Bobby Le Blanc said, “This is a pivotal moment in Onex’s history, and the addition of Convex positions us well for accelerated value creation and earnings growth.

“What the Convex team has achieved in just seven years since they founded the business is remarkable, and I am confident that considerable upside lies ahead.

“With world-class underwriting talent, low asset leverage, an advanced technology platform and a low-cost operating model, there is significant room for growth and profit expansion as the business continues to scale.

“We look forward to working with our co-investor AIG, one of the world’s leading insurance organisations, to achieve the full potential of our strategic relationship and maximise value for all Onex shareholders.”

Stephen Catlin, Chairman of Convex, added, “We are delighted to announce the completion of this transaction, which secures the long-term independence of Convex and presents a range of exciting strategic opportunities. We would like to thank the regulators for their constructive engagement throughout the process and our financial and legal advisers for their efforts.”

Paul Brand, CEO of Convex, noted, “This is a milestone for Convex. The transaction heralds the next phase of our development, strengthens our partnership with Onex, establishes a new relationship with AIG, and further enhances our ability to serve clients and brokers while pursuing future opportunities.”

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In his new role, Smallcombe will leverage his over two decades of industry experience to lead Lexington’s A&E, Casualty, Healthcare and Western World businesses.

He will also work closely with Lexington CEO, Lou Levinson, as AIG continues to build on Lexington’s position as an E&S market leader.

“With deep expertise in the wholesale market and a strong commitment to underwriting discipline, Neil exemplifies our deep bench of talent and leadership within AIG,” an AIG spokesperson stated.

Smallcombe initially joined Lexington’s London Casualty operation in 2003, holding positions of increasing responsibility.

His experience includes underwriting on both a Primary and Excess basis for all General Casualty lines, covering both large National accounts and the Middle market space.

In 2013, he relocated to Chicago to head AIG’s Lexington Casualty Surplus Lines platform across the Midwest.

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CVC will establish its private equity secondaries evergreen platform, with AIG contributing up to $1.5 billion from its existing private equity portfolio.

This will reportedly provide immediate scale and a seed portfolio for CVC’s private equity secondaries evergreen strategy and enable AIG to efficiently manage and transition its legacy private equity exposures.

Concurrently, AIG intends to allocate up to $2 billion to SMAs and Funds managed by CVC, with an initial $1 billion to be deployed through 2026.

According to AIG, the SMAs will provide it with tailored access to diversified private and liquid credit strategies aligned with its regulatory, capital efficiency and investment return objectives, underscoring CVC’s ability to design and manage large, customised mandates for global insurance companies.

Peter Zaffino, Chairman & CEO of AIG, commented, “CVC is a highly respected, world-class global investment manager with deep capabilities across credit and private markets.

“This partnership marks our first collaboration with a European-headquartered asset manager and supports AIG’s strategy of actively managing our investment portfolio while working with best-in-class partners to access differentiated opportunities.

“We look forward to leveraging CVC’s investment expertise and to the long-term value we will create through our strategic partnership.”

Rob Lucas, CEO of CVC, said, “Our partnership with AIG is a powerful endorsement of CVC’s ability to serve the evolving needs of global insurance institutions at scale. The SMA component demonstrates the depth of our credit platform and our capability to deliver bespoke, capital-efficient solutions for insurers worldwide.

“At the same time, the secondaries transaction provides a compelling foundation for our private equity evergreen secondaries vehicle, following on from the launch of our credit evergreen and private equity products last year.”

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In her new role, Stewart will be responsible for leading the global captive management, segregated cell and advisory groups within AIG Captive Solutions.

She will also oversee client relationship management, new business development, operational performance, and leadership of the captive management team.

Stewart has been with AIG for over two decades, having most recently served as Vice President – AIG Captive Solutions – Captive Management.

“With more than 20 years of captive experience at AIG, Brenda is an ideal fit for this position as we build on the team’s strong track record of results delivering expertise, innovation and an exceptional client experience,” Ryan Gustafson, Head of Captive Solutions, commented.

Stewart’s appointment followed closely upon the announcement of Peter Zaffino’s retirement as CEO of AIG and the designation of Aon’s Eric Andersen as his successor.

Andersen will join AIG as President and CEO-elect on February 16th, 2026, and will report to Zaffino, who plans to transition to Executive Chair of AIG and retire as CEO by mid-year 2026.

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Most recently, Andersen served as a member of insurance and reinsurance broking group Aon’s Executive Committee and served as a strategic advisor to the firm’s President and CEO.

He has been with the broker for almost 30 years, holding senior leadership roles such as President of Aon, Chief Executive Officer of Aon Benfield, and CEO of Aon Risk Solutions Americas, with prior leadership positions spanning global account management and financial services.

As President of Aon, from 2020 through 2025, Andersen led global programmes that achieved gains in operational efficiency, improved performance for clients and the company, while increasing shareholder returns and expanding market value from $35 billion to $85 billion.

It was announced back in March 2025 that Andersen had transitioned from his role as President to serve as a senior advisor to CEO Greg Case through June 2026.

Andersen joins AIG as President and CEO-elect on February 16th, 2026, and will report to Zaffino. Andersen is expected to take over as CEO and join the Board of Directors after June 1st, 2026, following an orderly transition period.

John Rice, Lead Independent Director, AIG, said: “On behalf of the Board of Directors, I want to express our deepest gratitude to Peter for his extraordinary leadership and unwavering commitment to AIG. Peter’s vision, tireless dedication and laser-focused execution have fundamentally reshaped AIG, restoring its reputation as a global leader and delivering outstanding value for clients, colleagues, and shareholders. As we onboard Eric, we are grateful to benefit from Peter’s continued leadership as CEO, and then as Executive Chair, where he will continue to drive AIG’s future-focused digital and data initiatives and strategic relationships.”

“Eric Andersen is a deeply experienced and widely respected leader, known across the insurance industry for his integrity, strategic vision, and proven ability to drive shareholder value. During his time at Aon, Eric reshaped the company’s business portfolio, implemented a new data and analytics strategy, and delivered strong operational improvements. The Board is confident that he is the right executive to be the next CEO of AIG,” he added.

Andersen said: “I am honored by the trust the Board has placed in me and energized by the opportunity to serve as AIG’s President and CEO-elect. AIG is an iconic company with a strong foundation and strategically well positioned for the future. I look forward to partnering with Peter, the Board, and AIG’s talented colleagues around the world to build on the momentum that has been established and to deliver for our clients, partners, and shareholders.”

Zaffino took over as AIG CEO in March 2021, and steps down from the role after “successfully leading the company’s transformation and strategic repositioning as a leading global property and casualty insurer.”

During his tenure, AIG notes that through disciplined underwriting it managed to reverse years of substantial underwriting losses, with the company delivering five consecutive years of underwriting profitability from 2021 to 2025.

“Under Mr. Zaffino’s leadership, AIG has built a strong culture of underwriting excellence, divested non-core businesses, invested in future-focused enterprise initiatives and modernized its end-to-end operations and technology infrastructure, including the strategic implementation of GenAI to provide better insight and enable growth,” reads the announcement.

Further, over the past three years, AIG returned over $19 billion in stock repurchases and dividends to shareholders, solidifying its capital base for sustainable and profitable growth.

Zaffino commented: “I am incredibly proud of our colleagues and the extraordinary progress we have delivered during my tenure to make AIG a top industry performer. With significant support from the AIG Board of Directors, we have returned AIG to vastly improved profitability, significantly strengthened our balance sheet, and built tremendous financial flexibility. These efforts have resulted in exceptional strategic, operational and financial performance, underpinned by our disciplined culture of underwriting excellence.

“From this position of strength, I am confident that now is the appropriate time to begin to transition leadership of the company. We could not have chosen a better person than Eric Andersen to steward the company’s next chapter. Eric is an incredibly accomplished and widely respected insurance executive, and we have worked together closely during my tenure at AIG. Eric’s deep understanding of our company and our industry ideally positions him to become AIG’s next CEO as the company continues to drive long-term profitable growth and value for all our stakeholders. I look forward to welcoming Eric to AIG and continuing to work with the Board of Directors.”

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Spettigue joins AIG from Chubb, where he served in a number of senior underwriting roles.

He joined Chubb in 2014 as a casualty underwriter before becoming Workers’ Compensation Manager in Hong Kong and later Senior Underwriter, Casualty, in the Major Accounts Division for Australia’s Northern Region.

Kathleen Warden, chief culture, engagement and risk executive at AIG Australia, commented on the appointment, “As we continue to grow and invest in our relationships, Ryan’s leadership will play a key role in deepening engagement and supporting our partners as we build on the momentum our team created throughout 2025.

“Ryan brings deep experience, a genuine client-first mindset, and a track record of working closely with brokers to deliver great outcomes.”

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Syndicate 2479 is expected to begin underwriting on January 1, 2026, with an initial premium volume of approximately $300 million, to be managed by AIG.

According to AIG, the portfolio reflects a broad and highly diversified cross-section of Amwins’ roughly $6 billion in delegated authority premiums.

As part of its assessment, AIG deployed Palantir’s Foundry platform to validate its detailed analysis of the portfolio.

Looking ahead, the insurer said it will continue to use Foundry, alongside multiple large language model agents, to rapidly retrieve data and assess defined risk characteristics, helping determine how Amwins’ program business aligns with the syndicate’s risk appetite.

In parallel, AIG has developed an ontology enabling large language models to access more than four million industry data points, further enhancing its underwriting capabilities.

Peter Zaffino, Chairman & CEO, AIG, commented, “Our partnership with Amwins and Blackstone represents the next level of innovation, technical modeling and use of GenAI for portfolio underwriting.

“To build a balanced portfolio across lines of business for AIG and our capital partners, we collaborated with Palantir to analyse the portfolio with specific characteristics.

“The formation of Syndicate 2479, which includes capital investment provided by Amwins and Blackstone, further advances our deployment of GenAI through a capability that can evaluate risk with more data and analytics at the individual level to optimise the special purpose vehicle.

“We believe this capability will unlock future opportunities for expansion and innovation in specialty and other lines of business.”

Scott Purviance, CEO, Amwins, said, “We are excited about this new partnership, which allows us to invest aligned capital alongside our multiline dedicated underwriting portfolio.

“In addition, it will facilitate our ability to create new programs and build long-term sustainable capacity. AIG’s underwriting knowledge and GenAI capabilities truly facilitated the creation of this new syndicate.”

Dr Alex Karp, Palantir CEO and co-founder, added, “We’re proud to partner with AIG in its visionary approach to transform the insurance industry. AIG’s deployment of Palantir’s software helps drive new partnership opportunities and efficiencies as exemplified by this new SPV.”

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