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  • AIG Names Head of Field Operations for North America General Insurance

    January 26, 2018 by David Pilla

    NEW YORK – American International Group, Inc. named a head of field operations, North America general insurance, as the group continues to revamp its general insurance business.

    The group said in a statement it named Timothy DeSett to the post beginning in February. He will report to Ken Riegler, chief operating officer, North America general insurance.

    DeSett “will lead the development and implementation of key strategic and operational plans for products, segments and geographical markets in North America,” AIG said. “He will also oversee AIG industry segment leaders, broker and client engagement, branch managers and North America zonal leaders to drive business objectives and deliver tailored solutions for clients and distribution partners.”

    Riegler said in a statement DeSett’s “background in distribution and underwriting, together with his proven ability to lead, will be great assets to AIG in support of our clients and business partners and as we move the company forward.”

    Lex Baugh, chief executive officer, North America general insurance, said in a statement DeSett “will be instrumental in ensuring that AIG is working closely with our clients and distribution partners to deliver specialized support and solutions.”

    According to AIG, DeSett has more than 25 years of experience in the insurance industry. He joins AIG from Lockton Cos., where he was executive vice president, risk practices, with responsibility for overseeing Lockton’s national practice teams.

    Prior to joining Lockton in 2002, DeSett was a vice president for CNA Insurance, where he oversaw the structuring and distribution of alternative risk products to Fortune 1000 companies in the United States, AIG said.

    AIG recently said it will acquire reinsurer Validus Holdings Ltd. for $5.56 billion as AIG President and Chief Executive Officer Brian Duperreault said the deal will give the group a leading reinsurance underwriter while enhancing its general insurance capability (Best’s News Service, Jan. 22, 2018). He said in a conference call Validus will give AIG’s general insurance business diversification across products, distribution and geography, “and this diversification should lead to capital efficiencies.”

    Underwriting entities of American International Group Inc. have current Best’s Financial Strength Ratings of A (Excellent).

    Shares of American International Group Inc. (NYSE: AIG) were trading at $64.26 on the afternoon of Jan. 24, up 3.08% from the previous close.

    (By David Pilla, news editor, BestWeek: David.Pilla@ambest.com)

    BN-NJ-1-24-2018 1532 ET #

    Originally Posted at AM Best on January 24, 2018 by David Pilla.

    Categories: Industry Articles
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