American International Group’s Chartis property-casualty business has new leadership and structure as it seeks to align accountability with long-term results.
“Our top priorities for our property casualty businesses are to strengthen all aspects of our underwriting, claims management, reserving, and risk management so that we consistently earn the right risk-adjusted returns,” said Robert H. Benmosche, AIG’s president and CEO, in a statement.
Chartis will now consist of two major global groups – commercial and consumer – with the supporting claims, actuarial, and underwriting disciplines integrated into these two major business operations, according to a company statement.
AIG has been under great scrutiny since late 2008, when the U.S. government provided the company with nearly $182 billion to keep it from collapsing at the start of the global financial crisis. The global insurer has paid back most of the money, but continues to draw additional interest because of the federal aid.
At Chartis, Peter D. Hancock, an AIG executive vice president for finance, risk and management, was named CEO, replacing Kristian P. Moor, who was named a vice chairman of Chartis. Moor will report to Hancock.
John Q. Doyle, CEO of Chartis U.S., will run the global commercial business, and Jeffrey L. Hayman, Chartis’ chief administrative officer, will lead the global consumer business. Each executive will be responsible for his groups’ overall underwriting and business results and will report to Hancock. Nicholas C. Walsh, previously president and CEO of Chartis International, will lead global distribution, reporting to Hancock.
The global distribution organization will support the commercial and consumer groups by focusing on clients’ needs and working with underwriting and claims to deliver global and local insurance solutions to them, according to the statement
Benmosche said the new structure “aligns accountability for the business we write today with the long-term performance of that business – will drive the creation of even better products and services for our clients while delivering the performance that our clients and the investment community expect of us.”
Moor, who has worked for AIG for more than 30 years, made “extraordinary” contributions during “some very difficult years,” Benmosche said.
The U.S./Canada region of Chartis will be led by Peter J. Eastwood, president of Lexington Insurance Co.


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