Scott Carmilani, the founder and longtime CEO of Allied World, is moving up to corporate parent Fairfax Insurance Group in a newly created executive role.

With his promotion, the veteran president at Allied World, Lou Iglesias, will become Allied World’s new leader.

Carmilani’s new role at Fairfax is designed to promote organic growth and collaboration initiatives across Fairfax’s insurance and reinsurance operations globally. He’ll work with Andy Barnard, president of Fairfax Insurance Group, and Paul Rivett, president of Fairfax Financial. (Fairfax Financial Holdings Ltd. owns Allied World and the other Fairfax divisions.)

Iglesias, president of Allied World for more than seven years, will report to Barnard in his new role running the insurer.

Prem Watsa, Fairfax’s chairman and CEO, noted that his company will remain decentralized but benefit from Carmilani’s “guidance, energy and collaborative spirit.” He said Iglesias, as the new Allied World CEO, will be “a strong leader with the ability to continue to profitably grow the Allied business.”

Carmilani helped build up Allied World after its 2001 launch by AIG and other investors. Fairfax Financial Holdings closed its $4.9 billion acquisition of Allied World in July 2017.

Source: Fairfax Financial Holdings Ltd.