AIG’s Eastwood Leaves as Americas Property-Casualty CEO

Peter Eastwood, the chief executive officer of American International Group Inc. (AIG)’s Americas property-casualty operation, has left the insurer with three other managers.

John Doyle, head of AIG’s global commercial business, will assume Eastwood’s responsibilities until a permanent replacement is named, said Matt Gallagher, a spokesman for New York-based AIG. Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) hired Eastwood and three other executives, Insurance Insider reported.

The departures add to vacancies that Peter Hancock, CEO of AIG’s property-casualty unit, needs to fill as he seeks to scale back from some capital-intensive lines of coverage and target increased sales of consumer insurance. Jeffrey Hayman, who led global consumer coverage at AIG’s property-casualty unit, left in January for Starr International Co.

“AIG has a seasoned and very deep bench of talented property-and-casualty executives ready to assume broader responsibilities,” Gallagher said in an e-mailed statement. “Our executives have the hard-earned experience of leading our business through unprecedented times and circumstances.”

The insurer dropped $1.41, or 3.3 percent, to $40.87 at 4 p.m. in New York and has gained 16 percent this year. Omaha, Nebraska-based Berkshire slipped 0.3 percent, and is up 20 percent since Dec. 31.

Photographer: Scott Eells/Bloomberg

American International Group Inc. (AIG) signage is displayed outside of the company's offices in New York. Close

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Photographer: Scott Eells/Bloomberg

American International Group Inc. (AIG) signage is displayed outside of the company's offices in New York.

Eastwood joined AIG in 1991 and was named in 2008 as CEO of its Lexington Insurance unit, a provider of so-called surplus lines coverage to industries including construction and energy. Insurance Insider said Berkshire is seeking to establish an excess-and-surplus carrier, which provides coverage that isn’t available from businesses licensed in a state. Buffett didn’t return a call seeking comment with an assistant.

The executives leaving with Eastwood include David J. Bresnahan, David Fields and Sanjay Godhwani.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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