Validus Re has a new Chief Executive Officer (CEO), as Jeff Clements has been promoted into the lead reinsurance role after parent company AIG promoted Kean Driscoll to a new position in its Global Chief Underwriting Office.
AIG has been adjusting its leadership ever since the acquisition of Bermuda headquartered reinsurance focused firm Validus, finding ways to bring the expertise from the Validus side more deeply within its corporate structure as the integration continues.
Of course, Validus and Validus Re are very closely aligned with the AlphaCat Managers insurance-linked securities (ILS) investment unit of AIG.
AIG announced yesterday that Kean Driscoll, previously the CEO of reinsurance unit Validus Re, has been named Global Chief Underwriting Officer for Property and Agriculture, General Insurance.
At the same time AIG also named Alexander Baugh Global Chief Underwriting Officer for Casualty and Financial Lines, General Insurance. Baugh has been at AIG for 35 years, most recently as President and CEO of North America General Insurance.
Both these roles sit in the AIG Global Chief Underwriting Office and are effective immediately, with both now set to report to Tom Bolt, Global Chief Underwriting Officer, AIG General Insurance, and continue serving on the General Insurance Executive Leadership Team.
“These leadership appointments strengthen our focus on underwriting excellence,” explained Peter Zaffino, President and CEO, AIG General Insurance, and Global Chief Operating Officer, AIG. “I look forward to continuing to work with Kean and Lex in their new roles as we expand our capabilities for our clients and partners.”
Both roles will see Driscoll and Baugh working with underwriting teams to align them with AIG’s overall risk appetite and engaging their clients and distribution partners on profitable growth opportunities.
Driscoll had been one of the founders of insurance and reinsurance group Validus and held the Validus Re CEO role for a number of years, having been CUO before.
With Driscoll’s move into the parent company, the Validus Re CEO role is now filled by Jeff Clements, who was most recent EVP and CUO of the reinsurance firm.
Clements has worked in Bermuda reinsurance for 18 years, at Endurance and XL before his move to Validus as part of the founding team.
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