TigerRisk Hires Ex-AIG, Hanover CFO Bensinger for Dealmakingby
Bensinger was CFO at AIG until 2008, later joining Hanover
TigerRisk CEO cites experience in `prosperity and adversity'
TigerRisk Partners hired insurance-industry veteran Steven Bensinger, who oversaw American International Group Inc.’s finances during the early part of the global credit crisis, to advise clients.
Bensinger, joining as a wave of consolidation reshapes insurers, will provide advice to clients in that business on topics including strategic deals, TigerRisk said in a statement dated Monday. He left AIG in October of 2008 amid an exodus of senior executives and later took the same post at Hanover Insurance Group Inc. He most recently was a senior managing director at advisory firm FTI Consulting Inc.
“With almost four decades of experience, ranging from financial analysis to mergers and acquisitions to crisis management, Steve has proven himself as a thoughtful leader in times of prosperity and adversity,” Chief Executive Officer Rod Fox said in the statement.
TigerRisk, founded in 2008, has been adding talent to expand advice on acquisitions, fundraising and sales of reinsurance, which provides a backstop for primary insurers. Based in Stamford, Connecticut, it has worked with clients looking to sell their companies to international investors or find alternative capital to grow. The industry has been pressured by low interest rates that limit income from investment portfolios.
“This is by far the most interesting and dynamic period in the history of the insurance industry,” Bensinger said in the statement. “Insurers are looking for whatever edge they can get. TigerRisk, because of its high-level strategic advisory capability, is well-placed to meet those needs.”
TigerRisk has facilitated deals including an agreement by Warren Buffett’s Berkshire Hathaway Inc. to backstop $6.5 billion of Liberty Mutual Holding Co. obligations. Tony Ursano, a former Bank of America Corp. dealmaker who became head of Willis Holdings Plc’s investment banking operation, left that insurance broker this year and was hired by TigerRisk in April to add M&A advice. He began the firm’s New York office.
Bensinger is on the boards of Kinsale Capital Group and Doctors Co., a medical malpractice insurer. He has a bachelor’s degree in accounting and computer applications from New York University’s Stern School of Business, according to the statement.