American International Group said it is organizing into three segments and Jon Hancock will lead two of them.
Hancock will continue to lead AIG’s International Commercial Insurance business and will also take on leadership of the newly formed Global Personal Insurance segment, which includes AIG’s global accident & health, personal home and auto, global warranty, and high-net-worth businesses.
Hancock’s new title will be EVP, chief executive officer of International Commercial Insurance and Global Personal Insurance. He had been CEO of International Insurance following a series of executive appointments in October 2023.
Hancock has been with AIG since the start of 2020, when he joined from Lloyd’s.
Don Bailey will continue in his CEO role of the third segment – North America Commercial Insurance. He has held this position since October 2023.
“Our new structure simplifies our reporting segments while driving operational efficiency and enhanced value for all of our stakeholders,” said Peter Zaffino, chairman and CEO of AIG, in a statement.
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Chubb announced two leadership appointments within its Overseas General Insurance business (COG).
Tim Stapleton, EVP Financial Lines, Overseas General Insurance, has been appointed to the newly created role of chief underwriting officer, Overseas General Insurance. He will report to Paul McNamee, EVP Chubb Group and president, Overseas General Insurance.
Succeeding Stapleton is Jason Neu, EVP Financial Lines for Westchester, Chubb’s North American wholesale subsidiary. Neu will oversee Chubb’s international financial lines division, including directors’ and officers’ liability, financial institutions, and errors and omissions insurance.
Stapleton has been with COG since he joined Chubb in 2015 as product head for Cyber & Technology Industry Practices. Prior to Chubb, he held multiple leadership and underwriting roles at Zurich Insurance and American International Group.
Neu joined Chubb in 2004 as a Financial Lines underwriter. His responsibilities prior to Westchester included SVP, Financial Lines manager for Chubb Small Commercial and National Financial Lines manager for Australia & New Zealand.
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MGT Insurance announced the launch of its new surplus lines company, MGT Specialty.
MGT Specialty will deliver broader reach by addressing new markets and underserved customers. It will also provide enhanced flexibility through customized solutions for unique and hard-to-place risks, according to a statement.
MGT said that industry veteran Chad Nitschke will lead the new company as general manager. Nitschke was most recently SVP, Digital Strategy & Execution at Hiscox. Previous roles include president of Vouch Specialty and founder and CEO of Bunker. Earlier in his career, Nitschke held roles at Travelers, AXIS and CUNA Mutual.