Insurance giant America International Group (AIG) has announced the hiring of a new Chief Actuary for its General Insurance division, appointing Richard Olsen who the firm has hired from Munich Re.
Olsen takes on the role immediately and will be based in New York. He will report to Mark Lyons, Executive Vice President & Chief Financial Offer, AIG.
Olsen was most recently Chief Financial Officer of Munich Re’s U.S. P&C reinsurance subsidiary, whee he led financial management, information technology and enterprise risk management for U.S. operations.
Olsen will lead AIG’s General Insurance global actuarial function, taking on lead responsibility for aligning pricing, portfolio and reserving practices with AIG’s business objective of improving underwriting profitability.
He will also providing guidance on portfolio optimisation to help inform AIG’s broader General Insurance strategy, which also encompasses reinsurance activities as well as primary lines of business.
“Richard’s successful career of leading inter-disciplinary teams and enhancing performance make him ideally qualified to advance our goal of building a highly effective and business-oriented actuarial function,” commented Lyons. “I am pleased to welcome Richard to AIG, as we continue to position our business for sustainable underwriting profitability.”
Olsen has more than 30 years of industry experience, having previously served as Head of Central Reserving at Munich Re and also spent 21 years with General Re Corporation, as Senior Vice President & Actuary for Cologne Re.
