American International Group, Inc (AIG) has announced the consolidation of its assumed reinsurance operations, resulting in the establishment of global business AIG Re.
The global re/insurer has consolidated the assumed reinsurance operations of Validus Re, AlphaCat, and Talbot Treaty into one global reinsurance business, called AIG Re.
At the same time, the firm has appointed Marsh’s Christopher Schaper Chief Executive Officer (CEO) of AIG Re, effective July 1st, 2019. In this role, Schaper will be responsible for overseeing the implementation of the firm’s assumed reinsurance strategy with a focus on the continued development, marketing and delivery of innovative reinsurance and capital markets solutions.
Based in Bermuda, he will report to Peter Zaffino, President and CEO of AIG General Insurance and Global Chief Operating Officer (COO) of AIG.
“Building on our efforts to position AIG as an industry leader, Chris will lead AIG Re’s delivery of differentiated value to our clients through the creation of new pools of risk and the deployment of alternative capital.
“Chris’ deep reinsurance expertise and industry relationships will accelerate the execution of our strategy for AIG Re. I look forward to welcoming Chris to AIG,” said Zaffino.
Schaper joins the firm from global insurance and reinsurance broker Marsh, where he was CEO of the managing general agent businesses since 2016. Before Marsh, he was President of Montpelier Re and also Underwriting Chairman of Blue Capital. He has also held positions at Endurance Specialty Insurance, Gerling Global Financial Products, Employers Reinsurance Corporation, CIGNA, and USF&G.
Commenting on his new role, Schaper said: “I am pleased to join AIG as the company focuses on enhanced opportunities, underwriting excellence and differentiating its capabilities in the global market.
“I look forward to working closely with the Validus Re, AlphaCat and Talbot teams as we position AIG Re to deliver current and innovative products to clients and partners as well as engage in new initiatives as we further develop our global business.”