Tse to replace Martin as head of AIG Life International Oper

 

Friday, Mar 27,2009, 1:57:13 PM   Click:

NEW YORK, March 26, 2009 (AM Best via COMTEX) - AIG | Quote | Chart | News | PowerRating - American International Group Inc has named Rodney O. Martin Jr. to replace to replace Edmund Tse as chairman of international life and pensions businesses.

Martin, an Executive Vice President, will assume the responsibilities of the AIG of international life and pensions businesses, which include the American International Assurance Co. Ltd (AIA), American Life Insurance Co. (ALICO), AIG Star Life Insurance Co., AIG Edison Life and Nan Shan Life It will also serve as chairman of ALICO and AIA.

He will report directly to CEO Edward M. Liddy.

Tse, 71, recently announced his retirement as senior vice president of AIG and a member of the Board, after 48 years with the group. He was the chief architect of AIG on a global platform for life insurance, according to AIG.

It goes down to the AIG Annual Meeting, scheduled for May 13 Tse will continue as honorary president of the AIA and non-executive chairman of Taiwan-based Nan Shan and Philippine American Life and General Insurance Co.

AIG, recently restructured, based in Hong Kong American International Assurance credit as American International Group in trouble finding buyers for some of its Asia-Pacific insurance. Under the restructuring, the Philippine American Life and General Insurance Co. was incorporated and made part of newly formed AIA (BestWire, March 6, 2009).

According to the AIA, it is appropriate at this stage to include in the new AIA Philamlife structure as the rest of the AIA is separated from the AIG and positioned as an independent transaction.

Also as part of the restructuring of AIG, the group said it would do an insurance holding company, commercial insurance, including his group, the general unit and other assets / losses from trading to be called AIU Holdings Inc, with a board of directors, management team and a brand separate from AIG.

According to AIG, the formation of the IAU will? AIG assist in preparing for the potential sale of a minority stake in the company, which ultimately May include a public offering of shares, depending on market conditions.

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