The defection of four top executives from American International Group to Berkshire Hathaway signals an aggressive attack by Ajit Jain, head of Berkshire Hathaway's reinsurance business, on AIG's dominant surplus lines business.
According to SNL Financial's latest data, AIG's surplus lines unit had $5.04 billion in E&S direct premiums written in 2012, or about 19.8 percent of the total $25.44 billion U.S. surplus lines market. About $4.23 billion came from AIG's Lexington Insurance Co.
That constituted a 5.7 percent drop from its market share in 2011 as competitors aggressively tried to grow their businesses. AIG was the only insurer in the top 23 to experience a drop in direct premiums written (DPW) in 2012.
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