Large global insurer American International Group (AIG) has announced that the current Chief Executive Officer (CEO) of its reinsurance arm, Christopher Schaper, will take on the role of Global Chief Underwriting Officer (CUO) at AIG following the completion of the sale of Validus Re to RenaissanceRe.
Industry veteran Schaper has more than three decades of insurance and reinsurance sector expertise. He joined AIG in 2019 from broker Marsh McLennan, and currently serves as the CEO of AIG Re, Validus Re, and AlphaCat.
Prior to Marsh McLennan, where he served as CEO of its global underwriting MGA, Victor Insurance Holdings, Schaper was President of Montpelier Re and Underwriting Chairman of Blue Capital, Montpelier’s capital markets entity.
Earlier in his career, Schaper worked at Endurance Specialty Insurance Ltd. in various leadership roles, including CUO and Head of Reinsurance.
Previously, Schaper held underwriting responsibilities at ERC, part of GE Capital and at Cigna Insurance.
In his new role, Schaper will report to Peter Zaffino, Chairman and CEO of AIG.
Zaffino commented: “Since joining AIG in 2019, Chris has been a results-driven and collaborative leader who has demonstrated a commitment to underwriting excellence, as well as strong portfolio management capabilities and financial acumen.
“I have worked closely with Chris for many years and look forward to continuing to collaborate with him in his new role as we seek to deliver sustained improvements in our financial results by reinforcing a culture of underwriting excellence, enhancing our core capabilities, and developing next generation risk analytics.”
Commenting on his new position, Schaper said: “It is a privilege to be named to this role, and I look forward to working with Peter and colleagues across AIG to progress our strategic initiatives, particularly as they relate to underwriting excellence.”
Bermuda-based RenRe’s acquisition of Validus Re was announced in May, and is expected to close in the fourth-quarter of 2023.
