As insurance costs soar, AIG is lowering cyber insurance limits Reuters

© Reuters. File photo: On January 9, 2013, a sign was displayed at the entrance of the AIG headquarters office in the financial district of New York. REUTERS/Brendan McDermid/File Photo/File Photo

(Reuters)-The CEO of American Insurance Company said on Friday that AIG is tightening its online insurance terms, noting that its own premiums have risen by nearly 40% globally, with North America having the largest increase.

CEO Peter Zafino said in a conference call with analysts: “We continue to carefully reduce network restrictions and are obtaining stricter terms and conditions to deal with the increasing trend of network loss and ransomware-related issues. Threats and network risks are systemic and widespread problems.” To the transcript generated by Refinitiv.

Zaffino said that American International Group (NYSE:) plans to sell part of its life insurance and retirement business through an initial public offering, which may take place in the first quarter of 2022. The company had previously planned to conduct an initial public offering in the fourth quarter of this year.

The company currently plans to provide more than 9.9% of its life and retirement divisions in the IPO, but said the scale is unclear.

The two companies said last month that private equity firm Blackstone (NYSE:) will acquire a 9.9% stake in AIG’s Life Retirement business for $2.2 billion in an all-cash transaction.

AIG said on Friday that it has the flexibility to sell more than 19.9% ​​of its business due to the proceeds from the sale of affordable housing and other factors.

In Friday morning trading, AIG shares rose 4.1% to $50.64.

On Thursday, AIG announced second-quarter profits that exceeded expectations, mainly due to the strong performance of its general insurance and life and retirement departments.

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