Lex Baugh insists clients will stay with troubled insurer.
See also: AIG UK: Were not cutting rates
AIG UK chief executive Lex Baugh told Insurance Times that clients would choose to stay with the world's largest insurer, despite its recent difficulties.
In the first interview since his parent company was nationalised by the US government two weeks ago, Baugh admitted that some rival insurers had aggressively tried to poach accounts.
He said: "You learn a lot about your competitors in an event like this."
“You learn a lot about your competitors in an event like this.
Lex Baugh
Baugh said that AIG UK had maintained a 95% retention rate over the past two weeks, though he declined to provide figures for new business.
He said: "The only thing that is going to change the position of our competitors is what the client is asking for. If we keep the messages clear and continue to service our clients as they would expect us to, eventually the competition will realise they are pushing against a closed door and give up."
• Has AIG UK lost staff in the past weeks? For the answer to this question and more, see part three of the first interview with chief executive Lex Baugh, in full in Thursday's Insurance Times.
