22 June 2018Insurance

PCI in negotiations to merge with AIA

The Property Casualty Insurers Association of America (PCI) and the American Insurance Association (AIA) are in negotiations to merge the two US-based organisations, according to a joint statement.

“The respective boards of AIA and PCI believe there is great benefit in a more unified policy and advocacy voice for property casualty insurers, given the unprecedented pace of change in the world and the resulting potential opportunities and challenges,” the statement said.

“A merged trade association would speak for approximately 60 percent of the US property casualty market, representing the full breadth of the industry and creating an even more influential voice,” the statement continued.

“With that in mind, the AIA and PCI boards have authorized merger discussions and due diligence.

“There remains a great deal of work to do before our boards are in a position to make a final recommendation to our memberships regarding a merger. Our respective boards are considering how to best represent our members and position the industry for the long-term opportunities in this period of unprecedented change.

“The boards have agreed in principle that the governance structure of a new trade would have to reflect the broad diversity of the united membership and continue both organizations’ strong support for promoting and improving private competitive insurance market solutions and the US state-based regulatory system through effective public policy engagement.

The joint statement was issued by Anthony Kuczinski, CEO of Munich Reinsurance America and chair of the AIA board of directors and Kurt Bock, CEO of COUNTRY Financial and PCI chair of the board of directors.

“Our goal would be to combine the best of both organizations into one preeminent thought leadership and advocacy voice for personal, commercial and specialty property casualty companies, while providing valuable information and compliance services.

“Industry unity has defined the outcome of the most paramount property casualty issues at the state, federal, and international levels, and will continue to shape future policy results. We are stronger together—companies of all sizes, structures, and regions,” the statement said.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

AmTrust shareholders approve go-private deal

XL Catlin launches specialty aviation insurance in Mexico

Munich Re in talks over asset management unit sale

Allstate cat losses at $278m in May

Insurtech Oscar expands in the US

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
4 January 2019   The members of the Property Casualty Insurers Association of America (PCI) and the American Insurance Association (AIA) voted at the end of last year to approve a merger of the two groups. The result has been the creation of the American Property Casualty Insurance Association (APCI).
Insurance
30 October 2018   The Property Casualty Insurers Association of America (PCI) has elected new officers to its board of governors.
Insurance
29 January 2018   The private US property/casualty (P&C) insurance industry saw its net income after taxes decline 30.3 percent year on year to $22.4 billion in the first nine months of 2017, according to data provider ISO and the Property Casualty Insurers Association of America (PCI).