Competitors Snap Up Two More AIG Execs
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Copyright 2009 A.M. Best Company, Inc.All Rights Reserved BestWire
February 24, 2009 Tuesday 12:31 PM EST
405 words
Competitors Snap Up Two More AIG Execs
Meg Green
OLDWICK, N.J.
American International Group is losing two more key executives to the competition.
Hiscox (LSE: HSX), a specialty insurer, said it's tapped Steve Silverman, assistant vice president and product line manager for AIG's Lexington Insurance's inland marine and specialty property business in the United States and Canada, to lead Hiscox's newly created U.S. inland marine business.
Also, Torus Insurance Ltd. said it's hired John J. Williams as global head of business operations. Williams had been the senior vice president of operations of AIG's small business division, which was one of the company's fastest-growing commercial units in the United States.
Since AIG (NYSE: AIG) requested aid from the federal government to stay afloat last fall, many executives have been lured to join competing companies.
Recently, former AIG executive Robert G. Purdy joined Ace USA Inc. as its senior vice president for workers' compensation. Purdy had been the head of AIG's specialty workers' compensation office (BestWire, Feb. 18, 2009).
Earlier in February, Paul C. Blume Jr., an assistant general counsel with AIG, said he would leave to join the Property Casualty Insurers Association of America as its senior vice president of state government relations (BestWire, Feb. 11, 2009).
In December, Kevin Kelley, long-time chairman and chief executive of AIG powerhouse Lexington Insurance Co., left to become chief executive at Ironshore Inc., taking with him Shaun Kelly, Lexington's president and chief operating officer, to head Ironshore's U.S. operations. Within weeks they were joined by six other top executives from AIG commercial businesses (BestWire, Jan. 22, 2009).
AIG was saved from bankruptcy in September by a federal rescue plan that has since grown to more than $150 billion. It is using "retention payment" programs to hold onto key executives 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 AIG insurance companies currently have a Best's Financial Strength Rating of A (Excellent) with a negative outlook. AIG's stock was trading at 40 cents a share midday Feb. 24, down 25% from the previous close.
(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)
February 25, 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.
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February 24, 2009 Tuesday 12:31 PM EST
405 words
Competitors Snap Up Two More AIG Execs
Meg Green
OLDWICK, N.J.
American International Group is losing two more key executives to the competition.
Hiscox (LSE: HSX), a specialty insurer, said it's tapped Steve Silverman, assistant vice president and product line manager for AIG's Lexington Insurance's inland marine and specialty property business in the United States and Canada, to lead Hiscox's newly created U.S. inland marine business.
Also, Torus Insurance Ltd. said it's hired John J. Williams as global head of business operations. Williams had been the senior vice president of operations of AIG's small business division, which was one of the company's fastest-growing commercial units in the United States.
Since AIG (NYSE: AIG) requested aid from the federal government to stay afloat last fall, many executives have been lured to join competing companies.
Recently, former AIG executive Robert G. Purdy joined Ace USA Inc. as its senior vice president for workers' compensation. Purdy had been the head of AIG's specialty workers' compensation office (BestWire, Feb. 18, 2009).
Earlier in February, Paul C. Blume Jr., an assistant general counsel with AIG, said he would leave to join the Property Casualty Insurers Association of America as its senior vice president of state government relations (BestWire, Feb. 11, 2009).
In December, Kevin Kelley, long-time chairman and chief executive of AIG powerhouse Lexington Insurance Co., left to become chief executive at Ironshore Inc., taking with him Shaun Kelly, Lexington's president and chief operating officer, to head Ironshore's U.S. operations. Within weeks they were joined by six other top executives from AIG commercial businesses (BestWire, Jan. 22, 2009).
AIG was saved from bankruptcy in September by a federal rescue plan that has since grown to more than $150 billion. It is using "retention payment" programs to hold onto key executives 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 AIG insurance companies currently have a Best's Financial Strength Rating of A (Excellent) with a negative outlook. AIG's stock was trading at 40 cents a share midday Feb. 24, down 25% from the previous close.
(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)
February 25, 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.
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