Best's Review



Executive Changes
Former Marsh Exec Schaper
to Lead New AIG Re

Also: Liberty Mutual Re has a new operation under Lloyd’s in Mexico, ProAssurance COO promoted to CEO, Axis Capital names chief information security officer, Geico Insurance Agency names president, officers.
  • August 2019
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Christopher Schaper

Christopher Schaper

American International Group Inc. said it is forming AIG Re, which consolidates the company's assumed reinsurance operations into one global business.

It has named Christopher Schaper chief executive officer of the new global business, which includes Validus Re, AlphaCat and Talbot Treaty. He brings 30 years industry experience, most recently as CEO of managing general agent business at Marsh. Earlier, he held leadership positions at Montpelier Re and Endurance Specialty.

He is charged with developing and marketing fresh reinsurance and capital market plans globally, AIG said in a statement. He will report from Bermuda to General Insurance President and CEO and Global Chief Operating Officer Peter Zaffino.

Schaper 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,” Zaffino said.

During a first-quarter earnings conference call, Zaffino said reinsurance continues to play a critical role in AIG's overall strategy. He credited an ongoing shift in portfolio composition and a reinsurance strategy helped by acquisitions with the segment's profitable turnaround in the quarter.

AIG acquired Validus Holdings Ltd. in July 2018 in a $5.56 billion cash transaction. The deal included reinsurer Validus Re, insurance-linked securities asset manager AlphaCat, Lloyd's syndicate Talbot, small commercial excess and surplus specialist Western World and Crop Risk Services.


—Renée Kiriluk-Hill

Rosa Flores

Rosa Flores

Liberty Mutual Re Launches
Operation Within Lloyd's Mexico

Liberty Mutual Reinsurance launched a reinsurance operation under Lloyd's registration in Mexico intended to serve clients in that country and Central America.

The Mexico reinsurance team, part of the reinsurance arm of Liberty Specialty Markets, will provide property, casualty and specialty treaty reinsurance solutions underwritten by Liberty Mutual Re in Europe.

The new operation will be led by Rosa Flores as general manager. Flores joins Liberty Mutual from agribusiness technical consultancy Green Mex, where she was chief executive officer. Prior to Green Mex, she was head of treaty for Mexico at Willis Towers Watson.

Flores reports to José Ernesto Ospina, Latam regional manager in Colombia, and will work closely with the underwriting team in Europe and Colombia.

Investors Heritage Appoints
Chief Executive Officer and Co-Presidents

Investors Heritage Life Insurance Co. has named Robert Hardy as chief executive officer, as well as Raymond Carr and John Frye as co-presidents.

Hardy joined Investors Heritage in 1987 and has had responsibility for a number of the company's operations, including corporate strategy, legal and regulatory affairs. He takes the post of Harry Lee Waterfield II, who was to become vice chairman on June 1.

Carr and Frye as co-presidents are responsible for overseeing the growth of the company. Carr previously served as chief financial officer and vice president of administrative operations and computer services at Investors. Frye, an operating partner at Aquarian Holdings, previously served as chief strategy officer at Advisors Excel and as CFO, chief investment officer and chief risk officer at Security Benefit Life Insurance Company of Topeka, Kansas.

Edward L. Rand Jr.

Edward L. Rand Jr.

ProAssurance Promotes COO to Chief Executive

Specialty insurer ProAssurance Corp. has promoted Edward L. Rand Jr., president and chief operating officer, to the chief executive officer post.

Rand, who was to take up his duties on July 1, succeeds W. Stancil Starnes, who becomes executive chairman after 12 years as CEO.

The company said its announcement was the culmination of a transition process begun by Starnes and the board more than 18 months ago. The changes, it said in a statement, will involve “leaders across the organization.”

The group also appointed Thomas A.S. Wilson as the board's lead director.

Jon Ritchie

Jon Ritchie

American Integrity Appoints Chief Operating Officer

American Integrity has named Jon Ritchie as chief operating officer.

In his new position, Ritchie will work closely with Chief Executive Officer Bob Ritchie, and the board of directors on the company's overall strategy and execution.

As COO, Jon Ritchie will ensure proper operational controls and administrative and reporting procedures. Additionally, he will be responsible for ensuring the financial strength of the company and operating efficiency.

A former executive vice president, Jon Ritchie has been with the company for 10 years and in that time worked in many departments.

>Kelly Isikoff

Kelly Isikoff

Axis Capital Names Chief Information Security Officer

Axis Capital Holdings Ltd. has named Kelly Isikoff chief information security officer.

Isikoff will oversee enterprise-wide information security strategies and partner with the company's business segments and its global cyber and technology unit to provide strategic counsel to its clients and distribution partners.

She reports to Keith Schlosser, Axis Capital's global chief information officer, and will be based in the company's New York office.

Before joining Axis, Isikoff worked at RenaissanceRe, where she was chief information security officer. Previously, she was executive director, CISO, at JP Morgan Asset Management. Before that, she was with Citigroup for more than 10 years.

>Jason Storah

Jason Storah

Aviva Canada Names Chief Executive Officer

Jason Storah has been named chief executive officer of Aviva Canada.

Storah, who has been with Aviva Canada for more than 15 years, has most recently been chief distribution officer, with responsibility for such areas as partnerships, marketing and broker distribution.

Storah was to take up his post on July 1, succeeding Colm Holmes, who has been named CEO of general, or nonlife, insurance in the group's head office in London.

After Holmes' return to London, he will remain on the board of Aviva Canada. He became CEO of Aviva Canada in March of 2018.

Storah has also served as executive vice president for broker distribution for Aviva Canada, as chief risk officer and senior vice president for strategic development.

>Sharon French

Sharon French

AIG Names Life and Retirement Funds CEO

American International Group Inc. named Sharon French as president and chief executive officer, life & retirement funds.

She succeeds Peter Harbeck, who announced his intention to retire late last year.

She will lead the life &retirement funds business, which AIG said comprises both AIG's retail mutual funds operation and SunAmerica Asset Management LLC, which manages and administers more than $85 billion in assets across multiple life and retirement business lines.

Having held a variety of senior roles in a 30-year financial services career, French was most recently executive vice president and head of beta solutions for OppenheimerFunds.

Royal London Mutual Insurance Society Names CEO

U.K. insurance industry veteran Barry O'Dwyer has been appointed chief executive officer of U.K. mutual life insurer and pensions provider Royal London Mutual Insurance Society Ltd.

O'Dwyer, most recently head of Standard Life Aberdeen's U.K. pensions and savings business, will assume his duties on June 28, subject to regulatory approval. He will succeed Phil Loney, who will remain available to the group for the rest of this year.

O'Dwyer has served in senior insurance industry posts in both the United Kingdom and Ireland. A trained actuary, he began his insurance career in 1988 at Standard Life when it was still a mutual. He has also been deputy chief executive for the U.K. and European business of Prudential plc.

>Kean Driscoll

Kean Driscoll

>Alexander Baugh

Alexander Baugh

>David McElroy

David McElroy

AIG Makes Global P/C Underwriting Executive Changes

American International Group Inc. said it has strengthened its global chief underwriting office with the appointment of two executives to new roles.

Kean Driscoll was named global chief underwriting officer for property and agriculture, general insurance, and Alexander Baugh was appointed global chief underwriting officer for casualty and financial lines, general insurance. In connection with Driscoll's new role, Jeff Clements was appointed chief executive officer of Validus Re. Clements was previously chief underwriting officer of Validus Re. Driscoll and Baugh will report to Tom Bolt, global chief underwriting officer, AIG General Insurance, and will continue to serve on the General Insurance Executive Leadership Team.

A founding member of Validus, Driscoll was most recently CEO of Validus Re.

Baugh, with a 35-year career at AIG, was most recently president and CEO of North America general insurance.

The moves come a day after AIG promoted David McElroy to president and CEO of North America general insurance operations. In connection with his new role, AIG also named Lou Levinson as president and CEO of Lexington.

McElroy, who has been president and CEO of AIG's Lexington affiliate, will continue to report to Peter Zaffino, CEO of general insurance and global chief operating officer at AIG, and will continue to serve as a member of the General Insurance Executive Leadership Team. McElroy's appointment is also effective immediately.

In this new role, McElroy will continue to oversee Lexington, as well as AIG Risk Management, financial lines, Validus Specialty, Western World, Glatfelter and programs. He will also oversee the U.S., Bermuda and Canada underwriting and field operations of general insurance.

>Sally Wan

Sally Wan

Axa Hong Kong Appoints CEO

Axa Hong Kong has appointed Sally Wan as the new chief executive officer to succeed Etienne Bouas-Laurent, according to a statement from the French insurer.

Bouas-Laurent will become group chief financial officer on Jan. 1, 2020, when Gerald Harlin, deputy CEO, CFO and a member of Axa's management committee will retire. Wan is currently strategy officer of Axa Hong Kong. She will report to Gordon Watson, CEO of Axa Asia and a member of Axa's management committee.

Prior to joining Axa Hong Kong in 2018 November, Wan was with AIA Group for more than 11 years in various positions including regional director in financial planning and management and regional business development director.

Bouas-Laurent was named CEO of Axa Hong Kong in 2017, replacing Stuart Harrison, who was retired. Prior to that, he was Axa Asia Life CEO, focusing on expanding life and health business in the region. Bouas-Laurent joined Axa in 1997. He was chief financial offer at Axa Germany and had also led the wealth management business in France.

>Melissa Gallaro

Melissa Gallaro

Geico Names GIA President, Adds Officers

Geico Insurance Agency has named Melissa Gallaro as president. She will succeed John Zinno, who will be retiring.

In addition, Denise O'Malley has been named GIA vice president and Pete Rizzo has been named assistant vice president. O'Malley will succeed Gallaro as she transitions into her role as GIA president. Rizzo is succeeding O'Malley as she transitions to her post of GIA vice president.

Currently, Gallaro is based at the company's Fredricksburg, Virginia, regional office. She first joined Geico in 2002 as a sales counselor and advanced through supervisory and management positions in several regional offices and was named Geico vice president in 2018.

O'Malley began her career with Geico in 2005 as a military sales associate at the Virginia Beach, Virginia, regional office. She held numerous positions in several offices and in 2015, returned to Virginia Beach as the service director and was later transferred to Buffalo a year later.

Rizzo's Geico career began as a customer service representative in Buffalo in 2005. Five years later, he was promoted to service manager. Since 2015, he has managed sales and service and directed operations at the North Liberty, Iowa, office.

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