Insurance giant American International Group, Inc. (AIG) has consolidated its assumed reinsurance business operations under a new combined entity named AIG Re and has hired Christopher Schaper to lead it, including the ILS fund operations of AlphaCat Managers.
AIG’s strategy here is to combined the acquired assumed reinsurance operations of Validus Re and Talbot Treaty, along with the insurance-linked securities (ILS) and collateralized reinsurance underwriting of AlphaCat Managers, under one new global unit called AIG Re.
Christopher Schaper has been hired to lead this charge, having been picked up from his most recent role at brokerage Marsh, where he was CEO of the managing general agent businesses including Victor since 2016.
In that role Schaper assisted with a number of initiatives that looked to take risk more directly to alternative sources of capital.
At AIG Re Schaper is set to be tasked with helping the insurance giant find the most effective uses of reinsurance capital for its clients.
“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,” commented Peter Zaffino, President and CEO, AIG General Insurance, and Global Chief Operating Officer, AIG. “Chris’ deep reinsurance expertise and industry relationships will accelerate the execution of our strategy for AIG Re. I look forward to welcoming Chris to AIG.”
Schaper will be based in Bermuda and takes on the role of CEO of AIG Re from July 1st.
Reporting to Zaffino, Schaper will lead assumed reinsurance for AIG, focusing on continuing to develop, market and deliver innovative reinsurance and capital market solutions to global clients.
“I am pleased to join AIG as the company focuses on enhanced opportunities, underwriting excellence and differentiating its capabilities in the global market,” Schaper commented. “I look forward to working closely with the Validus Re, AlphaCat and Talbot teams as we position AIG Re to deliver current and innovative products to clients and partners as well as engage in new initiatives as we further develop our global business.”
Schaper has over three decades of insurance and reinsurance experience. Prior to Marsh he was President of Bermuda reinsurer Montpelier Re Ltd. and Underwriting Chairman of Blue Capital, Montpelier’s capital markets entity.
Prior to that Schaper had worked in leadership positions at Endurance Specialty Insurance Ltd., including Chief Underwriting Officer and Head of Reinsurance, and Head of Casualty Treaty Reinsurance. Before that he held roles at Gerling Global Financial Products, Employers Reinsurance Corporation (a division of GE Capital), CIGNA and USF&G.
The consolidation of these units into a single AIG Re assumed reinsurance business will help AIG to identify efficiencies within the group and find new ways to make use of alternative capital, to the benefit of its clients.
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