American International Group (AIG) has formed its new reinsurance entity known as AIG Re after merging the operations of Validus Re, AlphaCat and Talbot Treaty.
The move follows the $5.6bn acquisition of re/insurance holding company Validus by AIG in July last year.
The takeover provided AIG with reinsurance firm Validus Re, AlphaCat – an asset manager that oversees insurance-linked securities – and Talbot Treaty, a Lloyd’s syndicate.
The consolidated business, according to AIG, will bolster its presence in the re/insurance market across the globe.
Christopher Schaper has been named CEO of AIG Re, who will assume his new role from 1 July this year. Schaper has been tasked to implement AIG’s assumed reinsurance strategy.
He will also be responsible for developing, marketing and delivering reinsurance and capital market solutions to clients worldwide.
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Based in Bermuda, Schaper will report to Peter Zaffino, president and CEO of AIG General Insurance, and global chief operating officer of AIG.
Zaffino said: “Building on our efforts to position AIG as an industry leader, Chris will lead AIG Re’s delivery of differentiated value to our clients through the creation of new pools of risk and the deployment of alternative capital.
“Chris’ deep reinsurance expertise and industry relationships will accelerate the execution of our strategy for AIG Re. I look forward to welcoming Chris to AIG.”
Schaper has more than thirty years of experience in the insurance and reinsurance industries. Most recently, he served as the CEO of Marsh’s managing general agent businesses.
Prior to that, he worked as president of Montpelier Re and underwriting chairman of Blue Capital, Montpelier’s capital markets entity.
Schaper also worked in management roles at Endurance Specialty Insurance. He also held roles at Gerling Global Financial Products, Employers Reinsurance Corporation (a division of GE Capital), CIGNA and USF&G.