AIG Moves Schimek to Americas Post After Executives LeaveZachary Tracer
American International Group Inc., the insurer that repaid a U.S. bailout last year, named Robert Schimek to lead its Americas property-casualty unit after the departure of Peter Eastwood.
Schimek, 48, will relocate to New York from London where he was chief executive officer of the Europe, Middle East and Africa region, the insurer said today in a statement.
Peter Hancock, head of AIG’s property-casualty division, the New York-based insurer’s largest business, has been shifting managers after defections. Eastwood and three other executives left for Warren Buffett’s Berkshire Hathaway Inc., Insurance Insider reported last week. Jeffrey Hayman, who led global consumer insurance at the property-casualty unit, departed AIG in January for Starr International Co.
AIG has “a strong bench of seasoned property-casualty experts with deep product and global expertise,” Hancock said in the statement. The insurer “will continue to win on the merits in every market where we choose to compete.”
Nicholas Walsh, who has worked at AIG for almost 40 years, including a stint as head of the international property-casualty business, will be interim CEO of EMEA. Walsh, 62, is a resident of the U.K. and was senior adviser on broker, client and government relations since 2011.
Alexander Baugh, 52, will assume responsibility for global casualty business, reporting to John Doyle, CEO of global commercial insurance. Baugh replaces David Fields, who left with Eastwood.
Jeremy Johnson, 42, was named CEO of AIG’s Lexington Insurance Co., the insurer’s so-called excess and surplus lines division, the company said today in a separate statement. Excess-and-surplus carriers provide coverage that isn’t available from insurers licensed in a state. Johnson, a graduate of Oxford University, has worked at AIG since 2000.
AIG is still working to find an executive to run the Latin America region for property-casualty, Hancock said in a memo to employees. The manager who takes that posts will report to Schimek, Hancock said.
AIG rose 1.1 percent to close at $41.31 in New York. The company, which slumped 3.3 percent on April 26 after the disclosure of Eastwood’s departure, has advanced 17 percent this year.