The move marks the conclusion of a three-year partnership with Berkshire Hathaway Specialty Insurance (BHSI).
TLC expressed appreciation for BHSI’s support and noted that the transition aligns with a strategic direction set by its parent company, 360 Underwriting Solutions, which operates in both New Zealand and Australia.
TLC emphasised that all existing policies underwritten by BHSI will continue in run-off until expiration, at which point renewals will be transitioned to AIG. The company assured clients that its current service levels would remain consistent throughout the process.
As part of the update, TLC will revise its Mobile Plant policy wording, effective from January 2025. Key resources include:
TLC encouraged clients to reach out to their underwriting development managers for additional guidance or specific concerns.
The partnership with TLC Insurance follows the expansion of American International Group Inc’s (AIG) reinsurance capacity with the launch of a new syndicate at Lloyd’s. The group also increased its tender offer for outstanding notes to US$1.16 billion.
The new entity, Syndicate 2478, operates under the management of Talbot Underwriting Limited and has commenced underwriting from Jan. 1, 2025. Approved for a stamp capacity of US$715 million for the 2025 Year of Account, the syndicate is funded by third-party capital from Blackstone-managed funds, which use the Lloyd’s London Bridge 2 PCC structure. Blackstone also oversees the syndicate’s assets.
The syndicate sources premiums from AIG’s global property and casualty businesses, leveraging its partnerships with Lloyd’s and Blackstone to facilitate custom transactions through the Lloyd’s platform.
Separately, AIG announced an adjustment to its tender offers for outstanding notes. The original maximum purchase consideration of USD $750 million was raised to US$1.16 billion.
The tender offers, which closed on Dec. 12, saw US$2.02 billion in validly tendered notes, with US$1.13 billion accepted for purchase. Several notes, including those ranked with Acceptance Priority Levels 7, 9, and 11-12, were excluded and returned to their holders.
