AIG's Talbot to shut Australian and Lloyd’s China offices

Talbot Underwriting, a subsidiary of American International Group (previously Validus Holdings), is closing its Australian office and Lloyd’s China division, in a move the company hopes will bring "enhanced value" to its partners in the region.

The business currently written by these two offices will be renewed through its Singapore and London offices, according to the company's statement.

Talbot said that it is combining its regional underwriting capabilities into a single hub based in Singapore, allowing it to better serve clients in the region.

David Morris, CEO of Talbot Underwriting, said: “With the support of our brokers and clients, our offices have built strong relationships and significant regional expertise in writing insurance and reinsurance.

"These changes to our structure will allow us to serve our clients more efficiently and bring enhanced value to all our partners in the region.”