- Formerly with AIG, Benjamin will be hiring underwriting teams
- Transactional insurance market seeing rapid growth, XL says
XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., hired Brian Benjamin to head a new global mergers and acquisitions division.
Benjamin will initially focus on hiring underwriting teams, XL said Monday in a statement. He joins XL from American International Group, Inc., where he worked as a management liability and financial institutions officer. He’ll be based in New York and report to Dan Kumpf, chief executive officer of global professional liability.
Demand for insurance to protect against costly surprises tied to takeovers has increased after a record year for deals in 2015. The coverage can also protect executives of buyout shops that are sued in disputes tied to target companies. Dealmaking has slowed this year because of volatile equity and currency markets.
“The transactional insurance market continues to experience rapid growth,” Kumpf said in the statement. “Brian has played an important role in the M&A insurance market, having developed AIG’s underwriting model and spearheading the launch of their transactional-risk practice.”
Benjamin has an undergraduate degree from Pennsylvania State University and a master’s of international management from Thunderbird School of Global Management, XL said. He had worked at AIG since 1999, according to his LinkedIn profile.
AIG veterans are finding new homes as CEO Peter Hancock narrows the company’s focus and cuts jobs to reduce costs. Starr International Co., led by former AIG CEO Maurice “Hank” Greenberg, announced separately Monday that it hired Brian Inselberg as senior vice president for financial lines. Inselberg previously worked at AIG, according to his LinkedIn profile.
Jennifer Hendricks Sullivan, a spokeswoman for AIG, declined to comment.