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9. AIG continues restructuring amid testing year

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9. AIG continues restructuring amid testing year

American International Group Inc.’s turnaround efforts have consistently featured among the most read Business Insurance stories over the past three-and-a-half years, and 2020 was no different.

The insurer, which brought back longtime industry executive Brian Duperreault to reset its course in 2017, has undergone a significant strategic overhaul and its quarterly results announcements have often been accompanied by other big reveals.

The story on AIG’s first-quarter results was the ninth most read story on Business Insurance’s website in 2020.

While the insurer reported improved net income for the quarter, it warned that the industry would see big losses from the COVID-19 pandemic, which had begun to severely disrupt the U.S. economy late in the first quarter.

AIG also announced that it was closing its insurtech unit Blackboard U.S. Holdings, which had been launched less than three years previously.

When the insurer reported its second-quarter results in August, coronavirus-related losses had begun to take their toll, and AIG reported a halving of net income, despite the accelerating hard market.

Third-quarter results were also hit by COVID-19 losses and other catastrophes, but the results announcement was overshadowed by the revelation that AIG would spin off or sell its life and retirement business and that Mr. Duperreault’s lieutenant Peter Zaffino would take over as CEO next year.

No. 10 most read story.