American International Group announced the reorganization of Chartis, its global property casualty business, and has appointed Peter Hancock as its chief executive officer. He will succeed Kristian Moor, who will assume the office of vice chairman of Chartis.
Hancock joined the company in February 2010, has been serving as AIG executive vice president, finance, risk and investments. He has been the principal designer of the company’s recapitalization plan, which led to repaying its outstanding obligations to the Federal Reserve Bank of New York and becoming poised to exit government ownership in its entirety.
Under a new structure, Chartis will now consist of two major global groups: commercial, which will be run by John Doyle, previously chief executive officer of Chartis U.S.; and consumer, which will be lead by Jeffrey Hayman, currently Chartis’ chief administrative officer, with the supporting claims, actuarial, and underwriting disciplines will be integrated into these two business operations.
The unit will include four principal regions: U.S./Canada, which will be led by Peter Eastwood, currently president of Lexington Insurance Co.; Europe, which will continue to be led by Alexander Baugh, current president and chief executive officer of Chartis Europe Holdings; Far East, which will be led by Jose Hernandez; and growth economies (formerly emerging markets), which will continue to be led by Julio Portalatin.
All the newly appointed executives will report directly to Hancock.