Dear Valued Broker,
AIG is refining its distribution strategy and risk appetite for North America General Insurance (AIG NA General Insurance), including its Lexington business. Access to AIG’s underwriting expertise is being streamlined in response to discussions with our wholesale and retail trading partners. We expect that these refinements will enhance our value to you and improve our core performance.
The Lexington team will be organized by product lines, including Property, Casualty, Healthcare, Professional Liability, Programs and Group Captives.
we begin 2019, Lexington will concentrate on the excess and surplus lines market, with its core property and casualty products available primarily through wholesale brokers. We recognize, however, that access to certain products or insurance solutions should not be limited to the wholesale market. For this reason, Lexington’s Healthcare, Professional Liability, Property Risk Management, Programs, Group Captives and other specialty business units will continue to work with both wholesale and retail brokers to provide coverage.
business will be aligned to either Lexington or AIG NA General Insurance’s business divisions based on the distribution models outlined below. You can expect us to make every effort to minimize any inconvenience to you.
Property products will be provided through wholesale and retail channels on an admitted and non-admitted basis as follows:
- Lexington Property will accept new business from wholesale brokers exclusively.
- Lexington’s Property Solutions / Alternative Risk Transfer (ART) group will accept new business from either retail or wholesale brokers.
- AIG NA General Insurance Retail Property (NA GI Retail Property) will accept new business only from retail brokers.
Lexington London property submissions will be part of the NA GI Retail Property portfolio.
- All renewals will be handled through the current distribution source (wholesale or retail) on either an admitted or non-admitted basis with Lexington London submissions as part of the NA GI Retail Property portfolio.
- Both Lexington Property and NA GI Retail Property will provide capacity up to $1B for a wide variety of exposures, on a primary, excess or quota share basis. Lexington will focus on lower limits and/or smaller clients.
AIG NA General Insurance Retail
Casualty (NA GI Retail Casualty) coverage will be provided through wholesale and retail channels on an admitted and non-admitted basis as follows:
New Business – beginning March 1, 2019
- Lexington Casualty will no longer accept new business from retail brokers for General Liability, Products Liability, Construction and Transportation lines of business.
- Lexington Casualty will continue to accept new business for the following lines either from retail brokers with dedicated expertise for these lines or from wholesale brokers: Energy, Rail, Public Entity and Product Recall.
- Lexington London new business submissions will be part of the NA GI Retail Casualty portfolio.
brokers with renewals will be notified of their timeline for engaging a wholesale broker.
- Lexington London submissions will be part of the NA GI Retail Casualty portfolio.
The chart below illustrates Lexington Casualty’s realigned distribution model: