AIG Files Lawsuit Against Former Senior Executives Who Launched Rival Insurer Dellwood

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American International Group (AIG) has filed a lawsuit against three of its former senior executives and their newly formed rival company, Dellwood, alleging the unlawful use of confidential AIG information to conduct business. Filed in federal court in New Jersey, the lawsuit accuses Dellwood of unfair competition and benefiting from the misappropriation of trade secrets and confidential information belonging to AIG.

Dellwood, based in New Jersey and launched in March with $250 million in seed capital, specializes in “excess and surplus” insurance for high-risk businesses. AIG claims that Dellwood’s management team has been using AIG information to solicit both current and prospective customers, particularly in a sector where AIG’s business has been described as “explosive” since 2018.

The lawsuit names Dellwood’s CEO Michael Price, former CEO of AIG’s North America general insurance business, as well as Kean Driscoll, now Dellwood’s president and chief underwriting officer, and Thomas Connolly, Dellwood’s chief financial officer, as defendants. Dellwood and the executives named in the lawsuit have not yet responded to requests for comment, and no attorney has appeared for the defendants in the litigation.

AIG emphasized that while it welcomes fair competition, it will not tolerate the use of its assets for unfair competition. The company intends to stop what it believes is the unlawful misappropriation of its trade secrets and confidential information, breaches of contract, breaches of fiduciary duty, and unfair competition by the defendants.

The lawsuit seeks unspecified monetary damages and other relief, citing damages to AIG’s revenue, business, profits, future profits, and employee morale and goodwill. The company is represented by the law firm Quinn Emanuel Urquhart & Sullivan.