AIG will hand a multimillion-dollar payout to insurance executive John Neal, even as the executive’s employment ended before he joined the firm https://t.co/3XBFOKuaWW ...

Core Viewpoint - AM Best has revised the outlook of AIG's property/casualty insurance subsidiaries to positive from stable, affirming strong financial ratings [1][3] Group 1: Financial Strength and Ratings - AIG's property/casualty insurance subsidiaries have been affirmed a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) [1] - AIG itself has received a Long-Term Issuer Credit Rating of "bbb+" (Good) with a positive outlook [3] Group 2: Performance Metrics - The positive outlook reflects AIG PC's improved underwriting and operating performance, aligning with higher-rated peers [4] - AIG PC's risk-adjusted capitalisation remains strong, supported by improving underwriting performance and efforts to lower risk on the balance sheet [5] Group 3: Business Profile and Market Position - AIG has shifted focus to underwriting profitability in selected specialty segments, enhancing its business profile [5][6] - The company has demonstrated deep expertise in commercial lines and utilizes diverse distribution channels, sustaining improving underwriting profitability [7] Group 4: Recent Financial Results - AIG reported a significant increase in General Insurance underwriting income, rising 81% year-over-year to $793 million for Q3 2025 [7]

AIG's announcement last week that it was parting ways with incoming President John Neal stunned insurance industry observers and raised questions about what caused the veteran executive to lose a $17 million job before he’d even started. https://t.co/NKaq6dxiXs ...

Core Points - AIG rescinded the hiring of John Neal as president due to allegations of an affair with a subordinate, Rebekah Clement, at his previous job [1][5][13] - The decision to withdraw the offer came just days before Neal was set to assume the role, leaving industry insiders surprised at AIG's last-minute action [2][13] - AIG stated in a securities filing that the decision was made mutually with Neal due to "personal circumstances" [3][17] Company Background - John Neal previously served as CEO of Lloyd's of London for six years and was CEO of QBE Insurance Group before that [3][13] - Neal had a history of workplace relationship issues, including a prior incident in 2017 where his bonus was cut for failing to disclose a romantic relationship with his executive assistant [4][13] Allegations and Investigations - The relationship between Neal and Clement was reportedly known among Lloyd's employees, who expressed concerns about perceived favoritism [7][8] - Following Neal's departure, Lloyd's reopened an inquiry into his conduct, which had been previously investigated [11][14] - AIG had inquired with Lloyd's about Neal's background before his hiring, and Lloyd's assured AIG that there were no known issues [15]

Exclusive: AIG axed John Neal’s appointment as the insurer’s second-in-command after it discovered his previous employer launched an investigation into an alleged workplace affair https://t.co/je00iok85i ...

Core Viewpoint - Lloyd's of London has reopened an investigation into the conduct of John Neal, indicating potential concerns regarding his previous actions while employed there [1] Group 1 - The investigation suggests that there may be significant issues related to governance or compliance within Lloyd's of London during Neal's tenure [1]

AIG said it reached a “mutual agreement” with incoming president John Neal that he will no longer join the insurer because of “personal circumstances,” it said in a filing https://t.co/mPyF6L1i8K ...

Core Insights - John Neal, a former executive at Lloyd's, has been appointed as the No. 2 executive at AIG, with a start date set for two weeks from now [1] Company Summary - The hiring of John Neal is a strategic move for AIG, indicating a potential shift in leadership dynamics within the company [1] - Neal's experience at Lloyd's may bring valuable insights and expertise to AIG, potentially impacting its operational strategies [1]

Core Viewpoint - Onex Corp. is actively pursuing further investments in the insurance sector following a significant partnership with AIG to acquire stakes in Convex Group Ltd. for $7 billion [1][2]. Group 1: Transaction Details - Onex will hold a 63% stake in Convex, while AIG will own 35% after the completion of the deal [2]. - AIG will also acquire a 9.9% interest in Onex for approximately $646 million and plans to invest $2 billion over the next three years in Onex funds [3]. Group 2: Strategic Direction - The CEO of Onex, Bobby Le Blanc, indicated that the company is open to similar transactions in the future, suggesting the potential for redeploying billions of dollars from other assets into "Convex-like" deals [2][3]. - Le Blanc emphasized a concentrated approach to future investments, potentially focusing on one or two additional opportunities in the insurance sector, while also considering other successful areas [3]. Group 3: Company Transformation - The Convex deal is viewed as a major transformation for Onex, aligning with a broader restructuring strategy that has involved cost-cutting and divesting from certain businesses, such as Gluskin Sheff [4].

Core Insights - Onex Corporation reported its financial results for Q3 2025, highlighting ongoing progress across its business segments, particularly in Private Equity and Credit strategies [2][3]. Financial Results - Net earnings for Q3 2025 were $39 million, down from $127 million in Q3 2024, with net earnings per diluted share at $0.57 compared to $1.68 in the previous year [2][3]. - Total segment net earnings for Q3 2025 were $70 million, a decrease from $143 million in Q3 2024, with total segment net earnings per fully diluted share at $0.99, down from $1.88 [2][3]. - Distributable earnings for Q3 2025 were $111 million, significantly lower than $267 million in Q3 2024 [2][3]. Segment Performance - The Investing segment net earnings were $50 million in Q3 2025, compared to $121 million in Q3 2024, while the Asset Management segment net earnings were $20 million, slightly down from $22 million [2][3]. - Private Equity investments generated net gains of $21 million in Q3 2025, representing a less than 1% return, compared to $96 million or a 2% return in Q3 2024 [3][4]. - Credit strategies produced net gains of $17 million or a 2% return in Q3 2025, down from $29 million or a 3% return in Q3 2024 [4]. Strategic Developments - Onex announced the acquisition of a majority interest in Convex Group Limited, with AIG as a minority investor, which includes a $2 billion allocation to Onex private equity and credit strategies over three years [3]. - The company had approximately $8.5 billion of investing capital as of September 30, 2025, with investing capital per fully diluted share returning 7% year-to-date and 8% in the last twelve months [3][17]. Dividend Declaration - The Board of Directors declared a fourth-quarter dividend of C$0.10 per Subordinate Voting Share, payable on January 31, 2026, to shareholders of record on January 9, 2026 [5]. Cash and Near-Cash Position - Onex reported a cash and near-cash balance of $1.5 billion as of September 30, 2025, representing 18% of its investing capital, down from $1.6 billion or 19% at the end of 2024 [3][29].