How AIG and Talbot join forces to balance risk
Attracting, developing, and retaining top talent is key.
If you were to ask recent college grads what they value in a career, chances are you’ll get a far different answer today versus just a few years ago:
In a October 2021 survey of employees by Gartner®, for example, more than half (65%), said the pandemic made them rethink the place that work should have in their life. And 56% said the pandemic made them want to contribute more to society.
As CEO of Talbot Underwriting, Chris Rash is paying close attention to such workplace trends and industry developments
“Many are searching for purpose in the work that they do,” Chris says.
“The world is going through a lot of change and insurance can make a difference – it can be a channel for community stability and improvement.”
Since taking the helm of Talbot in 2020, one of Chris’s priorities has been encouraging and embedding a workplace culture that helps attract and retain top talent, and another has been ensuring underwriters are equipped with the latest tools, data, and insight to help them better assess complex risks.
“Our ambition is to be AIG’s center of underwriting excellence at Lloyd’s, and to be the market leader in select specialty lines,” Chris adds.
How Talbot works with AIG
Talbot has been part of AIG since 2018 and is a managing agency operating two syndicates - 1183 & 2019 - within Lloyd’s, the world’s leading insurance and reinsurance marketplace where brokers and underwriters come together to buy and sell insurance. Risks can be shared among multiple syndicates, which means Lloyd’s is well positioned to accommodate complex risks. Additionally, access to Lloyd’s global license framework and financial security makes it fast and easy to transact business.
Syndicate 1183 writes a diverse portfolio of more than 20 product lines, including Crisis Management, Upstream Energy, Marine & Energy Liabilities, Property and Treaty. Syndicate 2019 reinsures a share of the portfolio written by AIG’s Private Client Group, which insures high-net worth and ultra-high net worth individuals in the U.S.
Talbot is also AIG’s center of excellence for Political Violence. With Talbot, the Political Violence team’s market-leading position is reinforced by its ability to offer clients coverage through Lloyd’s and on locally admitted paper.
Businesses are facing an increasingly complex risk landscape and the team has invested in and adapted its product offerings to respond to these evolving threats. Talbot takes a holistic approach to risk management in this area, utilizing a range of specialized tools and technologies to deliver insights on political violence risks to its clients, as well as offering tailored insights in crisis consultancy and bomb-blast analysis.
“We strive to help organizations manage and mitigate some of today’s most pressing and complex risks,” Chris says. “These are big responsibilities, and we have teams here that combine experience, insight and data to best support our broker partners and their clients.”
Balancing new and emerging risks
Looking ahead, Chris is prioritizing greater collaboration and alignment with AIG as the Talbot/ AIG relationship brings numerous benefits for clients.
One initiative is Dual Stamp. This is a unique way for the market to access AIG capacity alongside Talbot capacity and allows clients to leverage Talbot’s data and analytics capabilities, as well as the global expertise and risk engineering services of AIG.
Talbot is also working with AIG’s global specialty insurance experts to help risk managers address rapidly changing business challenges in the years ahead.
This includes helping the energy industry transition to different sources of power – an area of AIG’s business that is becoming increasingly important, as the organization aims to support a more sustainable environment.
“AIG and Talbot have historically had a number of energy clients, and they’re going through immense change,” Chris says. “Insurance has a key role in enabling clients to make the transition.”
“We’re building a culture that is consistently looking to improve and make a positive difference both internally for our people, but also externally for our partners and clients.”
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American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
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AIG is the marketing name for the worldwide property-casualty, life and retirement and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.