Best’s News & Research Service - May 15, 2013 04:47 PM (EDT)
AIG Promotes Bermudan to Lead Bermuda Operations
HAMILTON, Bermuda //BestWire// - American International Group Inc. said it's named Anthony Philip president and chief executive officer of American International Co. Ltd. in Bermuda.
Philip, a native of Bermuda, will assume his new position effective immediately. He succeeds David Valzania, who was recently named head of Global Risk Solutions for the U.S. and Canada.
In his new role, Philip will be responsible for leading AIG’s business strategies in Bermuda as part of AIG’s Americas Region. He will manage all of AIG’s daily operations in the country, including financial, general business and regulatory matters, acting as AIG’s principal liaison with the Bermuda Monetary Authority.
He will also serve on the boards of American International Reinsurance Co. Ltd. and American International Overseas Ltd.
Philip joined AIG in 2008 as senior vice president and general counsel for AIG in Bermuda, where he was responsible for advising on Bermuda law, regulation, and corporate governance, and managing corporate administration and compliance for the 35 AIG companies in Bermuda.
Philip also acted as company secretary for all AIG companies in Bermuda.
Before joining AIG, Philip was part of the senior management team of Flagstone Reinsurance and West End Capital Management. He has also served as a corporate attorney in two law firms in the country, and was a manager at the Bermuda Monetary Authority.
During a recent conference call, AIG's president and chief executive officer brushed off a question about losing four senior property/casualty executives to Berkshire Hathaway, focusing instead on the company's retention of an overwhelming percentage of its best-performing top executives, (Best's News Service, May 3, 2013).
Four executives from AIG's property/casualty operations resigned to form a new specialty insurance venture that will focus on U.S commercial property and casualty and lean toward excess and surplus lines (Best's News Service, May 2, 2013).
Most of AIG's subsidiaries currently have Best's Financial Strength Ratings of A (Excellent).
On the afternoon of May 15, shares of AIG (NYSE: AIG) were trading at $45.58, down 1.09% from the previous close.
(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)