Validus

Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.

The diversification benefits and complementary capabilities Validus affords AIG, along with the parent’s move to split its life and P&C operations, factored into the upgrade.

His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.

Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.

The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.

Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.

Sources said AIG is offering some staff guaranteed bonuses and stay packages.

Manders had been with the company since its launch in 2005

Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.

The move is likely to be interpreted as succession planning for current CEO Cloutier.

The ILS market faces a test to recover position as it loses market share to traditional players.