McGill and Partners and AIG Launch Long-Term Strategic Collaboration in a Major Development for the Subscription Market
McGill and Partners and AIG to leverage Agentic AI to support the deployment of insurance capacity to McGill and Partners' specialty clients
McGill and Partners and American International Group, Inc. (NYSE:AIG) today announced a significant strategic collaboration for the subscription market that will provide clients with seamless access to exceptional insurance solutions, backed by long-term, high-quality insurance capacity and capital. As part of the initiative, AIG and McGill and Partners will leverage agentic AI capabilities to manage the deployment of capacity to clients.
Through the collaboration, AIG performed a detailed analysis of McGill and Partners' specialty portfolio, validating its strength and quality. Based on this analysis, the company created underwriting criteria to enable real-time underwriting through McGill and Partners' digital broking platform. As a result of this approach, AIG expects to deploy meaningful capacity of 25% across up to $1.6 billion of McGill and Partners Gross Premiums Written specialty portfolio.
The analysis of McGill and Partners' portfolio by AIG was made possible by the digital-first approach the broker has adopted since their launch in 2019. Utilising its tech-enabled platform, McGill and Partners provided access to high-quality data and insights to enable AIG to underwrite the portfolio and to use an agentic AI approach to manage its performance in the future.
AIG collaborated with Palantir to build an ontology of McGill and Partners extensive portfolio. By leveraging McGill and Partners' digital broking platform in addition to Palantir's Foundry platform, AIG will develop comprehensive insights on business underwritten, including near real-time exposure, limit deployment, modelled risk outputs and loss information. This access to near real-time data analysis will allow AIG to manage the performance and deployment of AIG's capacity to McGill and Partners' clients on an ongoing basis.
This strategic collaboration sets a new industry benchmark and significantly evolves the model for pre-secured capacity across a diverse specialty portfolio of risk. With industry leading capabilities from AIG, McGill and Partners' brokers can focus on working with leading underwriters to develop the best possible solutions for clients. McGill and Partners' clients will gain access to valuable long-term capacity from AIG and stability and security in an increasingly volatile risk landscape.
Steve McGill, CEO, McGill and Partners, said: "This collaboration has the potential to disrupt the dynamics of the subscription market. It strengthens the value proposition of leading underwriters in the market and redefines the way capacity is positioned in the best interests of our clients. This moves beyond incremental change, and repositions the way the market operates in the future."
Peter Zaffino, Chairman & Chief Executive Officer, AIG, said: "The rapid evolution of AI and large language models is reshaping risk analytics, giving us the ability to continuously learn from McGill and Partners' portfolio and deploy capacity with greater insight, discipline and speed. By using McGill and Partners' robust data ingestion capabilities along with Palantir's Foundry platform, we are able to evaluate their portfolio to align with our risk appetite, and over time, we see significant opportunity to deliver greater efficiency to the subscription market while giving clients easier access to high-quality insurance solutions."
About McGill and Partners:
McGill and Partners is an independent, specialty insurance and reinsurance broker, dedicated to delivering innovative solutions to meet the sophisticated needs of our clients. We challenge the status quo and drive change in the market by bringing together best-in-class talent within an entrepreneurial, team-based culture that fosters fresh perspectives and forward-thinking strategies. This approach underpins our founding ethos: Different by Design.
With a commitment to building long-term partnerships, we provide a comprehensive range of expertise to our clients and distribution partners worldwide. Headquartered in London, we have offices in Bermuda, the US, Ireland, Australia, Switzerland and Sweden. The firm has significant backing from funds affiliated with Warburg Pincus, a leading global private equity firm, alongside founder and employee ownership.
For further information please contact:
SEC Newgate UK at mcgill@secnewgate.co.uk
About AIG
American International Group, Inc. (NYSE:AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. For additional information, visit www.aig.com. This website with additional information about AIG has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide operations of American International Group, Inc. 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.
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SEC Newgate UK (McGill and Partners Media) mcgill@secnewgate.co.uk
Leah Gerstner (AIG Media): leah.gerstner@aig.com
Quentin McMillan (AIG Investors): quentin.mcmillan@aig.com