American International Group, Inc. (AIG) has announced that Chris Schaper, its Chief Executive Officer of reinsurance units AIG Re and Validus Re, is set to also take on CEO responsibilities for its insurance-linked securities (ILS) unit AlphaCat Managers.
The reason for the additional responsibilities for Schaper is that current AlphaCat Managers CEO Paschal Brooks is to depart the company in early 2022.
AlphaCat sits under AIG Re in the corporate structure, so this move now aligns all reinsurance and ILS operations under a single leader at AIG.
Brooks joined AlphaCat when it was a Validus unit a decade ago in 2011, taking on the role of portfolio manager at the ILS specialist investment manager.
Before that he was a VP in structured finance at investment bank Goldman Sachs.
Brooks then became the CEO of AlphaCat in June 2020 and reported directly to Schaper.
AIG said that Brooks will depart the company to pursue other opportunities, but is set to remain with the company into early 2022 in a non-executive capacity.
New AlphaCat CEO Chris Schaper has more than three decades of experience in the insurance and reinsurance sector.
He first joined AIG from Marsh, where he had been the CEO of its managing general agent businesses.
Before that Schaper served as President of Montpelier Re Ltd. and also held the role of Underwriting Chairman of Blue Capital, Montpelier’s ILS and capital markets focused entity.
“AIG Re’s success is based on the seamless strategies and execution we provide our clients, from reinsurance capacity through Validus to capital market access through AlphaCat,” explained Schaper.
Adding, “We look to further align and focus all aspects of our reinsurance business to effectively deliver all our capabilities to the market.”
AIG’s AlphaCat unit had $3.8 billion of ILS assets under management as of the end of March 2021.