October 4, 2020
As reported in January 2020, I am writing to confirm that AIG and Crum & Forster have entered into a reinsurance agreement effective March 1, 2020, under which Crum & Forster will assume approximately 600 in force bonds of AIG’s surety book. As a consequence of this, AIG has ceased writing new surety business.
A number of AIG surety’s team have joined Crum & Forster, and will provide clients with continuity of service and focus based on their long-term relationships.
A part of the Fairfax organization, Crum & Forster is a leading A-rated global insurance company with a dedicated surety practice focused on providing clients surety solutions. AIG recommends Crum & Forster for AIG surety accounts moving forward, as Crum & Forster expands their global footprint this year and into 2021.
As part of this transaction, AIG will front on bonds that Crum & Forster requests AIG to renew for a 12-month period.
AIG will continue to work with clients, brokers and Crum & Forster to transfer bonds and ensure a smooth transition for clients. AIG will no longer be writing new surety bonds. We will retain a team to handle the run-off who will review and address individually all requests for bond extensions and renewals.
AIG is retaining its professional claim team to manage run-off claims. Questions or issues should be raised with David Koziel, Global Head of Surety Claims – [email protected]
If you have any questions, please contact Steve Powney, Head of Surety – [email protected]
Thank you for your continued partnership.
Chief Underwriting Officer, General Insurance