American International Group (AIG) has announced the hiring of ex-Berkshire Hathaway and Lloyd’s of London executive Tom Bolt as the firms new Chief Underwriting Officer for its General Insurance unit.
Bolt’s hire is the latest since Brian Duperreault took over the helm at AIG, as the CEO puts his stamp on the business and continues to seek to turn its fortunes around.
In the CUO of General Insurance role, Tom Bolt will be tasked with developing a framework for AIG’s global underwriting standards, authority and structure, aligned with the insurers risk appetite.
Bolt was most recently President and CEO for U.K. and Southern Europe at Berkshire Hathaway Specialty Insurance, the specialty insurance unit of Warren Buffett’s reinsurance group. Before that he was Director of Performance Management at Lloyd’s of London and Managing Director of Marlborough Managing Agency at Lloyd’s. Prior to his time at Lloyd’s, Bolt had been at Berkshire Hathaway for 25 years in a range of executive positions.
“I am very pleased to welcome Tom to AIG,” Zaffino said. “He is an exceptionally talented leader with deep industry expertise and a proven track record of delivering outstanding financial and operational performance. Tom will bring strong discipline to our underwriting and pricing decisions and will play a key role in building AIG’s data and analytical capabilities to empower our underwriters. I look forward to working with Tom to drive General Insurance’s underwriting strategy and position it for profitable growth.”
Bolt added, “I am excited to be joining AIG at such a pivotal time in its history. I look forward to working with Peter and the General Insurance Executive Leadership Team to define consistent, global underwriting standards that achieve a well-balanced portfolio and deliver strong and sustainable financial performance.”
Bolt is expected to join AIG in January 2018 and will report to Peter Zaffino, Chief Executive Officer, General Insurance, taking a senior position in the General Insurance Executive Leadership Team. He is expected to join the company in January 2018.
As the lead underwriting officer in the general insurance division, Bolt will hold significant sway over and input to the insurers reinsurance strategy, including use of capital markets reinsurance alternatives.
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