Weekend Update: Job cuts, a major new entrant and new product launch

Weekend Update: Job cuts, a major new entrant and new product launch

Weekend Update: Job cuts, a major new entrant and new product launch Making news this week, one international player is to cut its senior management workforce by 23%, a major new entrant makes its bow in the Australian market and a specialist player launches a new product.

AIG announced that it plans to cut more than 20% of its executive positions as the company recovers from a poor third quarter performance.

The cuts will affect roughly 300 to 400 top-level managers with more to follow next year, according to reports from The Wall Street Journal.

Locally, a major new player has made its bow in the Australian commercial market as Calibre Insurance announced its entrance this week.

The company, formed out of the acquisition of Calliden, will be subsidiary of Munich Re and will be led by CEO Mike Hooton.

Finally, Beazley Australia announced the launch of a major new product this week designed to help businesses facing weather risk.

The product, called Weather Guard, is a “radically new concept,” for the Australian industry and will help businesses with a diverse range of risks in the contingency space.