Zurich Financial Taps Former AIG Executive as CEO of Its Farmers Life Subsidiary

Fran Lysiak
LOS ANGELES, Nov 11, 2009 (A. M. Best via COMTEX) --

Thomas J. White, a former top executive with American International Group Inc.'s operations in Asia, has been named president and chief executive officer of Farmers Life, a U.S. subsidiary of Zurich Financial Services.

White succeeds Paul Patsis, who recently took over as president of market management and executive vice president of Farmers Group Inc. White also was named executive vice president at Farmers Group.

Previously, White worked for AIG in Asia, where he was president and CEO of AIA Thailand, and senior regional life division executive responsible for Vietnam and Indonesia, Farmers Group and Zurich said. In that role, he oversaw some of AIG's most extensive agency operations, including 85,000 agents in Thailand, with more than 8 million in-force policies.

Jerry Davies, a spokesman for Farmers Group, declined to comment beyond the company's statement.

AIG has lost a number of executives during the year since the company required a U.S. government bailout to stay afloat (BestWire, Sept. 8, 2009). Since September 2008, more than a half dozen executives left for Ironshore Inc. -- a company that seems to have benefited the most from the AIG exodus. This includes Kevin Kelley, chairman and chief executive of AIG subsidiary Lexington Insurance Co. Following that was Shaun Kelly, formerly president and chief operating officer at Lexington.

Three former AIG executives found new homes with units of Zurich and another three left for Allied World Assurance Co. Holdings. Two each landed with Ace Group and Starr Idemnity & Liability Co. (BestWire, Sept. 8, 2009).

White started his career in the United States at Allstate in 1982, where he held several field management positions and worked his way up to executive management positions.

He joined AIG's international property/casualty business in 1993. From then until 2000, White set up several captive agency operations and cross-sell-based platforms in Asia and Japan. He then left AIG to become CEO of Prudential plc's Japan operations in 2001 and returned to AIG in 2003.

According to a BestLink AMB Credit Report, Farmers New World Life Insurance Co. concentrates its activities as a middle market, property/casualty accommodation company in the individual life insurance and annuity markets. Principal lines of business include traditional and universal whole life and term life products. Distribution is conducted mainly through its multiline exclusive agents consisting of approximately 20,000 agents and district managers.

Zurich U.S., a member of Switzerland's Zurich Financial Services, currently has a Best's Financial Strength Rating of A (Excellent). Farmers New World Life also currently has a Best's Financial Strength Rating of A (Excellent).