AIG
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Driscoll was a founding employee of Validus in 2005 and became CEO of its reinsurance division in 2012. -
The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave.
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Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
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The appointment follows McElroy’s elevation to global CEO of general insurance at the carrier.
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The reshuffle at AIG is a new step towards the group president and COO succeeding Duperreault as CEO.
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Liability losses on the Willis Re-brokered policy will take the claims tally above the expected total $50mn hull loss.
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The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.
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The company confirmed it had bought $500mn of additional catastrophe aggregate.
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He will assume management of AIG’s life and retirement, IT and enterprise risk functions alongside his existing roles.
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The Lloyd’s carrier has seen a number of senior management changes in the last year.
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Chubb and CNA fell by 7 percent, while AIG closed the day down 10 percent.
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The US carrier hands 600 in-force surety bonds to the Fairfax unit.
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