{"id":5152,"date":"2011-03-31T00:00:00","date_gmt":"2011-03-31T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/03\/aig_reorganizes_property_and_c"},"modified":"2022-09-27T21:00:39","modified_gmt":"2022-09-28T02:00:39","slug":"aig-reorganizes-property-and-c","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/aig-reorganizes-property-and-c\/","title":{"rendered":"AIG Reorganizes Property and Casualty Insurer Chartis"},"content":{"rendered":"

American International Group Inc.<\/a> is reorganizing Chartis, its property and casual insurer, into two global groups\u2014one consumer and one commercial. AIG executive vice president, finance, risk and investments Peter D. Hancock has been named Chartis\u2019s chief executive officer, while current Chartis CEO Kristian P. Moor is to become vice chairman.<\/p>\n

John Q. Doyle, who was formerly Chartis US\u2019s CEO will head the global commercial business, while current chief administrative officer Jeffrey L. Hayman will be in charge of the global consumer business group. Both men will report to Hancock. The reorganization will section Chartis into four regions: U.S.\/Canada, Europe, Growth Economies, and Far East.<\/p>\n

It was just this February that Chartis had to put aside $4.2 billion for loss reserve increases. According to AIG CEO Robert Benmosche, strengthening claims management, underwriting, risk management, and reserving so that the right risk-adjusted returns are earned remain top priorities. Benmosche promised to rebuild businesses needed to pay back the firm\u2019s $182.3 billion government rescue. Benmosche, who is undergoing treatment for cancer, intends to step down in 2012.<\/p>\n

Chartis has over 45 million clients internationally located in over 160 nations. Last year, the insurer wrote $31.6 billion in net premiums. Meantime, AIG\u2019s stock performance has been less than stellar with a 26% drop since the start of the year.<\/p>\n

Related Web Resources: <\/strong>
\nAIG Revamps Chartis, Makes Hancock Head After Reserve Boost, Bloomberg, March 31, 2011<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

American International Group Inc. is reorganizing Chartis, its property and casual insurer, into two global groups\u2014one consumer and one commercial. AIG executive vice president, finance, risk and investments Peter D. Hancock has been named Chartis\u2019s chief executive officer, while current Chartis CEO Kristian P. Moor is to become vice chairman. John Q. Doyle, who was […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3987,3752,3740],"tags":[],"class_list":["post-5152","post","type-post","status-publish","format-standard","hentry","category-american-international-group","category-financial-firms","category-miscellaneous"],"yoast_head":"\nAIG Reorganizes Property and Casualty Insurer Chartis — Investor Lawyers Blog — March 31, 2011<\/title>\n<meta name=\"description\" content=\"American International Group (AIG) is reorganizing Chartis, its property and casual insurer, into two global groups\u2014one consumer and one commercial.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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