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AIG hires Charles Fry, ex-Novae CFO, to head up reinsurance buying


American International Group (AIG) has named Charles Fry, most recently the CFO of Lloyd’s specialty player Novae Group, to a role that will see him take responsibility for buying reinsurance for the new General Insurance unit of the insurer.

Fry comes with a Guy Carpenter pedigree, having worked as Chief Operating Officer there at a time when the recently appointed CEO of General Insurance at AIG Peter Zaffino was also at the reinsurance broker and AIG CEO Brian Duperreault was CEO of Marsh.

Recently, Duperreault put in place a reorganisation of AIG into three divisions; General Insurance, led by Peter Zaffino, as CEO; Life & Retirement, led by Kevin Hogan, CEO; and a stand-alone, technology-enabled platform, led by Seraina Macia, CEO.

The Marsh / Guy Carpenter heritage is strong in the senior leadership at AIG’s new General Insurance division, with the influence cascading down from Duperreault, to Zaffino, and now to Fry.

Charles Fry takes on the role of Head of Reinsurance, Operations and Transformation, in the General Insurance unit, making him responsible for buying reinsurance for one of the largest portfolios of general insurance business in the world.

Fry will report direct to Zaffino and takes a place in the General Insurance Exec leadership team.

“Having worked with Charlie in the past, I am confident he brings a valued skill set to these important responsibilities. Charlie has a proven track record of running complex operations, change management projects and profit improvement in the insurance and reinsurance industry,” commented Zaffino on the hire. “We are very pleased to have Charlie join our team as we continue to grow and transform our business.”

Fry added; “I feel privileged to be joining AIG at such an exciting time and look forward to working alongside a group of talented colleagues and contributing to the profitable growth of the business.”

As well as his time at Novae as CFO and Guy Carpenter as COO, Fry has worked at reinsurance broker Benfield Group, as CFO of subsidiary Benfield Limited. He began his career at PwC.

It’s safe to assume that with all the changes at AIG the reinsurance buying strategy could look very different in the next year, as the impacts of the new divisional split feed into the insurers protection buying and the influence of new leadership drive decisions.

It will be interesting to see whether this could drive AIG back to the catastrophe bond market or increase its use of collateralized reinsurance protection and the capital markets in years to come.

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