Two competitors Snap Up More AIG execs
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H Copyright 2009 Best Company, Inc.All rights reserved BestWire
24 February 2009 Tuesday 12:31 PM EST
405 words
Two competitors Snap Up More AIG execs
Meg Green
Oldwick, N.J.
American International Group is losing two more key executives of the competition.
Hiscox (LSE: HSX), a specialty insurer, said that listening to Steve Silverman, Assistant Vice President and Director of the range of products for the insurance AIG Lexington from inside the marine and specialist firms property in the United States and Canada, the head of newly established marine Hiscox Home Affairs of the United States.
Also, Torus Insurance Ltd said it has hired John J. Williams World chief operating officer. Williams was the Senior Vice President of Operations of AIG Small Business Division, which was one of the most dynamic units in the United States.
Since AIG (NYSE: AIG) has requested assistance from the federal government to stay afloat, last fall, several leaders have been attracted to join rival companies.
Recently, the former AIG executive Robert G. Purdy joined Ace USA as Senior Vice President for workers' compensation. Purdy was the head of AIG Specialty Workers' Compensation Office (BestWire, Feb. 18, 2009).
Earlier in February, Paul C. Blume Jr., an Assistant General Counsel at AIG, said he would leave to join the Property Casualty Insurers Association of America as Senior Vice President of the state of relations with the government (BestWire, Feb. 11, 2009) .
In December, Kevin Kelley, long-time president and CEO of AIG Central Lexington Insurance Co., left to become CEO of Ironshore Inc., taking with him Shaun Kelly, Lexington President and Chief Operating Officer at the head of Ironshore the United States. In a few weeks, they were joined by six other senior commercial enterprises AIG (BestWire, Jan. 22, 2009).
AIG was rescued from bankruptcy in September by a federal rescue plan which has since grown to over 150 billion dollars. It uses the "retention payment" to organize programs on senior leaders during its reorganization, and for which the company has been severely criticized (BestWire, Dec. 17, 2008).
Hiscox Insurance Co. (Bermuda) currently has a Best's financial strength rating of A (Excellent). Torus Insurance (Bermuda) currently has a Best's financial strength rating of A-(Excellent).
Most of the AIG insurance companies currently have a Best's financial strength rating of A (Excellent) with a negative outlook. AIG stock was trading at 40 cents per share at noon February 24, down 25% from the previous close.
(By Meg Green, senior editor, BestWeek: Meg.Green @ ambest.com)
25 February 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
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24 February 2009 Tuesday 12:31 PM EST
405 words
Two competitors Snap Up More AIG execs
Meg Green
Oldwick, N.J.
American International Group is losing two more key executives of the competition.
Hiscox (LSE: HSX), a specialty insurer, said that listening to Steve Silverman, Assistant Vice President and Director of the range of products for the insurance AIG Lexington from inside the marine and specialist firms property in the United States and Canada, the head of newly established marine Hiscox Home Affairs of the United States.
Also, Torus Insurance Ltd said it has hired John J. Williams World chief operating officer. Williams was the Senior Vice President of Operations of AIG Small Business Division, which was one of the most dynamic units in the United States.
Since AIG (NYSE: AIG) has requested assistance from the federal government to stay afloat, last fall, several leaders have been attracted to join rival companies.
Recently, the former AIG executive Robert G. Purdy joined Ace USA as Senior Vice President for workers' compensation. Purdy was the head of AIG Specialty Workers' Compensation Office (BestWire, Feb. 18, 2009).
Earlier in February, Paul C. Blume Jr., an Assistant General Counsel at AIG, said he would leave to join the Property Casualty Insurers Association of America as Senior Vice President of the state of relations with the government (BestWire, Feb. 11, 2009) .
In December, Kevin Kelley, long-time president and CEO of AIG Central Lexington Insurance Co., left to become CEO of Ironshore Inc., taking with him Shaun Kelly, Lexington President and Chief Operating Officer at the head of Ironshore the United States. In a few weeks, they were joined by six other senior commercial enterprises AIG (BestWire, Jan. 22, 2009).
AIG was rescued from bankruptcy in September by a federal rescue plan which has since grown to over 150 billion dollars. It uses the "retention payment" to organize programs on senior leaders during its reorganization, and for which the company has been severely criticized (BestWire, Dec. 17, 2008).
Hiscox Insurance Co. (Bermuda) currently has a Best's financial strength rating of A (Excellent). Torus Insurance (Bermuda) currently has a Best's financial strength rating of A-(Excellent).
Most of the AIG insurance companies currently have a Best's financial strength rating of A (Excellent) with a negative outlook. AIG stock was trading at 40 cents per share at noon February 24, down 25% from the previous close.
(By Meg Green, senior editor, BestWeek: Meg.Green @ ambest.com)
25 February 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
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