Duncan Ellis, a well-known U.S. property insurance market figure, is leaving broker Marsh to take on a leadership position in North American retail property risks at insurance giant AIG.
Ellis has a long career in both underwriting and originating property risks in the United States, with his work in recent years bringing him increasingly into contact with insurance-linked securities (ILS) and alternative reinsurance markets as well.
He joins AIG as Head of Retail Property, North America General Insurance, a role that will see him leading AIG General Insurance’s North American Retail Property business, with a focus on diversifying its Property portfolio and implementing consistent underwriting practices across the U.S., Bermuda and Canada, in alignment with AIG’s overall risk appetite.
Ellis will join AIG in late September and be based in New York and report to Ken Riegler, President of North America General Insurance, Product & Field Management.
“Positioning AIG’s North American Retail Property business for sustained profitable growth reflects our commitment to underwriting excellence,” David McElroy, President and Chief Executive Officer, North America General Insurance commented. “Duncan’s recognized industry leadership and technical expertise in commercial property insurance ideally qualify him to lead our Property business moving forward.”
Ellis added, “I look forward to working with David, Ken and colleagues across North America General Insurance to lead and strengthen AIG’s critically important Retail Property team and portfolio.”
Ellis began his career underwriting at insurer Chubb in the late 1980’s, before moving to join Marsh in 1992. He worked his way up at the broker to become the managing director lead for its U.S. Property practice.
In that role Ellis managed 300 brokers who between them served a portfolio of over 3,500 clients.
As the senior executive for Marsh’s Property practice in the U.S. for over a decade, he oversaw a risk portfolio that consisted of large global risk management clients and middle market accounts.
Ellis also led on property alternative risk transfer as well, which resulted in interaction with alternative markets for reinsurance, including ILS funds.
“Duncan’s vast industry relationships and significant executive leadership experience will enhance our commercial property insurance business,” added Riegler. “I look forward to welcoming Duncan to AIG and working with him to deliver value, service and innovation to our clients.”
Marsh has replaced Ellis by appointing long-term employee Michael Rouse to lead the firm’s US Property Practice.
Rouse has over 20 years of property insurance experience, most recently as Marsh’s US Property Placement Leader. In the role, he will report to Martin South, President, US and Canada, Marsh.