Sales proceeds used to bolster Chartis ready for sale
AIG had to use $2.4bn from asset sales to shore up its Chartis property-casualty unit to meet regulator’s demands instead of repaying the US government, Bloomberg reports.
The $1.9bn sale of auto insurer 21st Century to Zurich and $500m from the $1.1bn public offering of shares in reinsurer Transatlantic Holdings will go toward improving the “quality of capital” at Chartis.
“Many factors affect each asset sale and how the net proceeds are applied,” a spkesman said. “Proceeds have been applied to maintain appropriate levels of capital in AIG’s insurance subsidiaries, as is required by AIG’s state regulators and ratings agencies, while some proceeds have been paid to the government.”
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
