Lexington Insurance Company: Everything you need to know
Parent company: American International Group (AIG)
Business: Excess and surplus lines insurance
Total assets 2018: c.$19.88 billion
Number of employees: > 500
Lexington Insurance Company is a US-based excess and surplus (E&S) lines insurer. It was incorporated and licensed in 1965 as a subsidiary of American International Group (AIG), and has since grown into one of the leading E&S providers in the country. As of 2018, the firm was licensed to operate on a non-admitted basis in all 50 states, plus the District of Columbia, Puerto Rico, and the US Virgin Isles.
In 2018, Lexington’s total assets were approximately $19.88 billion, according to a profile put together by the Excess Line Association of New York (ELANY). This was down from 2017, when its total assets were $21.18 billion, and 2016, when its total assets were $25.17 billion. The firm’s gross premium written has also trended downwards in the past few years, dropping from just over $10 billion in 2016 to just shy of $9 billion in 2018.
Its top five geographies for direct premium written in 2018, according to ELANY, were:
Its top five lines of business for direct premium written in 2018, according to ELANY, were:
The Lexington timeline
Lexington leaders in 2019
Lou Levinson is the current president and CEO of Lexington. Prior to joining the AIG family, Levinson was the leader of Argo’s E&S property, casualty and professional liability businesses, where he oversaw underwriting, claims, operations and marketing. Before that, he was president of casualty for Ace/Westchester.
Other key roles are held by:
Redefining the Lexington distribution strategy
In 2019, AIG announced it was redefining its distribution strategy and risk appetite for North American General Insurance, including Lexington. In an open letter to brokers, the firm stated: “As we begin 2019, Lexington will concentrate on the excess and surplus lines market, with its core property and casualty products available primarily through wholesale brokers.
“We recognize, however, that access to certain products or insurance solutions should not be limited to the wholesale market. For this reason, Lexington’s Healthcare, Professional Liability, Property Risk Management, Programs, Group Captives and other specialty business units will continue to work with both wholesale and retail brokers to provide coverage.”
Risk management at Lexington
As part of the AIG family, Lexington can offer its policyholders access to AIG’s RiskTool Advantage, a web-based risk management platform that helps policyholders proactively manage their safety policies, programs, audits, and training policies. The firm also gives insureds direct access to loss control consultants, who can provide hands-on assistance and advice on potential risks.
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