AIG
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The loss ends a spell of benign claims activity in the downstream segment. -
Simon Theobald joins from AIG where he was senior construction underwriter.
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The former Aspen executive has resigned from AIG and will fill the vacant CEO role at the large corporate unit of the German carrier.
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The leadership reshuffle comes after previous US CEO Sam Reeder left to run fronting carrier Hadron.
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The move is the latest phase of the carrier's operational transformation programme, AIG Next.
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The PVT market has seen a recent spike in staff movements, as new capacity enters the space.
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Hales will switch to underwriting after a career specialising in marine claims.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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The executive has had a 40-year career at AIG, Berkshire Hathaway and Lloyd’s.
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Former Chesterfield managing director James Stevenson moves to exec chair.
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This publication reported yesterday that the two carriers were nearing a deal.
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The disposal is the latest milestone in AIG’s work to reposition itself as a commercial lines insurer.
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