American International Group (AIG) is preparing to launch a new business through Lloyd's of London that will serve wealthy Americans.
The syndicate will offer cover for risks in areas such as property, motor and fine arts and will also look at product innovation, including cyber insurance. The US group said that the business could generate up to $1bn in annual premiums.
Syndicate 2019 will be managed by Talbot Underwriting Limited, a managing agency acquired by Lloyd's last year. The syndicate has undergone the normal scrutiny Lloyd's applies to potential new entrants to the market, and has benefited from some of the framework improvements being piloted as part of the Future at Lloyd's Blueprint One, according to AIG.
We look forward to working closely with Lloyd’s to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high-net-worth customer base"
Those improvements include a streamlined initial application-to-approval process of around four months.
"AIG's industry-recognised Private Client Group and its differentiated distribution network are highly compatible with Lloyd's blueprint for innovation and sustained growth," said Peter Zaffino, CEO of general insurance and global chief operating officer for AIG.
"We look forward to working closely with Lloyd's to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high-net-worth customer base," he added.
Lloyd's boss John Neal, who has targeted the US market since taking charge last year, recently unveiled plans to modernise the 330-year-old business.