American International (NYSE:AIG)
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2 Years : From Jun 2011 to Jun 2013
American International Group, Inc. (NYSE: AIG) today announced that
Chartis, its global property casualty business, has placed its Claims
and Operations and Systems (O&S) organizations under a single management
team to improve customer service, capitalize on the shared strategic
initiatives of the two teams, and to drive improvement in Chartis’ loss
ratio, a critical component of its five year plans.
“Last May, we provided investors with a blueprint to achieve a
double-digit return on equity and a combined ratio for Chartis in the
low 90’s by year-end 2015,” said Chartis Chief Executive Officer Peter
D. Hancock. “The plan requires successful execution of initiatives in
four key strategic areas: business mix shift, loss ratio improvement,
expense discipline and risk selection. This unified management approach
will help us achieve our goals.”
Eric Martinez, appointed Executive Vice President of Global Claims,
Operations and Systems, will lead the new unit, reporting to Mr.
Hancock. Mr. Martinez had previously served as the President and Chief
Executive Officer of United Guaranty Corp. (“United Guaranty”), AIG’s
mortgage insurance unit.
Mr. Martinez succeeds Charles Schader, who assumes the newly created
position of Senior Vice President, Applied Research, reporting to
Charles Shamieh, AIG’s Chief Actuarial Officer. Mr. Schader will work
closely with the AIG and Chartis Actuarial, Science and Risk Officers in
the practical application of quantitative research to enhance reserving
methodologies, claims outcomes and underwriting risk selection. Kim
Garland will succeed Mr. Martinez as Chief Executive Officer and
President of United Guaranty. Mr. Garland most recently was United
Guaranty’s Chief Operating Officer. A search is underway to find Mr.
“I expect these three executives to be instrumental in allowing AIG to
deliver on its 2015 goals,” said AIG Chief Executive Officer and
President Robert H. Benmosche. “Eric Martinez has done a superb job
restoring United Guaranty to a position of market leadership and we are
fortunate to be able to bring his strong management skills to Chartis.
Kim Garland was a key part of United Guaranty’s success while working
with Eric as the chief operating officer and I am confident he will
continue to build on Eric’s record at United Guaranty. I am pleased that
we will continue to benefit from Chuck Schader’s expertise at AIG.”
Mr. Schader has served as AIG’s and Chartis’ Chief Claims Officer for
the past eleven years and brings decades of practical insurance business
experience to his new role.
Before joining AIG, Mr. Garland served as President of Safeco’s Open
Seas Solutions group, the company’s innovation team, and prior to that
had responsibility for Safeco’s Personal Auto business.
Chartis is a world leading property-casualty and general insurance
organization serving more than 70 million clients around the world. With
one of the industry’s most extensive ranges of products and services,
deep claims expertise and excellent financial strength, Chartis enables
its commercial and personal insurance clients alike to manage virtually
any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and
general insurance operations of Chartis Inc. For additional information,
please visit our website at http://www.chartisinsurance.com.
All products are written by insurance company subsidiaries or affiliates
of Chartis Inc. Coverage may not be available in all jurisdictions and
is subject to actual policy language. Non-insurance products and
services may be provided by independent third parties. Certain coverage
may be provided by a surplus lines insurer. Surplus lines insurers do
not generally participate in state guaranty funds and insureds are
therefore not protected by such funds.
About United Guaranty
United Guaranty Corporation and its subsidiaries provide innovative,
quality risk solutions that help mortgage lenders remain competitive
while generating a profitable and responsible book of business for their
stakeholders. Products include first-lien private mortgage
insurance—most notably Performance Premium, an industry-leading
risk-based pricing option—and compliance review services. Among United
Guaranty’s suite of loan analysis and risk management tools are indices
that measure loan risk and geographic quality. United Guaranty was
established in Greensboro, North Carolina, in 1963 and has been a
company of American International Group, Inc. (AIG) since 1981. The
company’s international locations include operations in Hong Kong,
Seoul, Tokyo, Sydney, London, Madrid, Milan, Budapest, and Mexico City.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. AIG
companies serve commercial, institutional, and individual customers
through one of the most extensive worldwide property-casualty networks
of any insurer. In addition, AIG companies are leading providers of life
insurance and retirement services in the United States. AIG common stock
is listed on the New York Stock Exchange and the Tokyo Stock Exchange.