AIG restructures reinsurance business under new leadership

American International Group (AIG) has consolidated its assumed reinsurance operations into a single entity called AIG Re.

It has also hired Christopher Schaper as chief executive officer (CEO), effective July 1, 2019, to lead the business. Schaper will be based in Bermuda and report to Peter Zaffino, president and CEO, AIG General Insurance, and global chief operating officer.

Schaper joins from Marsh, where he was CEO, managing the general agent businesses since 2016. Before that he served as president of Montpelier Re and underwriting chairman of Blue Capital, Montpelier’s capital markets entity.

At AIG Re, which encompasses Validus Re, AlphaCat and Talbot Treaty, Schaper will oversee implementation of the company’s assumed reinsurance strategy, with a focus on developing, marketing and delivering innovative reinsurance and capital market solutions, globally.

AIG Re will be positioned to “deliver current and innovative products to clients and partners, as well as engage in new initiatives as we further develop our global business,” said Schaper.

Zaffino added: “Building on our efforts to position AIG as an industry leader, Chris 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.”