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Market News
ACADIA Offers new range of
bundled products for agribusiness industry in the Northeast.
Michael Hrabovsky heads the program, which targets horse,
dairy, cattle, sheep, grain, hay, wheat, vegetable, tree and
turf farms, aquaculture, estate farms, vineyards and
owner-operated farms that include packing.
www.acadiainsurance.com
ACE Promotes Paul
O’Neill to SVP and chief underwriting officer for North
America Property & Specialty, based in Atlanta. >>
Doug Poetzsch moved to EVP for ACE USA Claims, replacing Paul
Ramsey, who was named EVP of Claims for ACE Commercial Risk
Services. >> Bruce Jervis promoted to EVP of Commercial
and Inland Marine in the U.S.-based retail division. >>
ACE forms ACE Commercial Risk Services, providing specialty
products and solutions for small business in North America.
Dennis Crosby is chairman, and David Lupica is president.
>> John Lupica named COO of Insurance for North America.
>> Consolidates commercial marine and inland marine
business units in ACE USA. Bruce Jervis appointed EVP for new
Commercial & Inland Marine. Bob Gallozzi continues as SVP
for commercial marine.
www.acelimited.com
AIG Gives Lehman ex-general
counsel, Thomas Russo, same job at AIG. >> Hires Michael
Cowan as chief administrative officer, replacing Jeff Hurd, who
moves to head of human resources. Cowan was at Merrill Lynch.
>> Christina Pretto takes over as SVP for communications,
replacing Nick Ashooh, who was hired at Alcoa. >>
Paulette Mullings Bradnock promoted to SVP and director of
internal audit. >> AIG bailout paid 100 cents on the
dollar for collateralized debt obligations (mostly filled with
subprime mortgage-backed securities) to 16 banks. Fed wanted
the details kept secret, and the SEC agreed to oblige until
2018, obscuring actual bank debt/asset scores. >> AIG
changes plans on Chartis. Won’t sell 20% stake after all.
Sees it as core business. >> Chartis names Thomas Scherer
as its SVP and general counsel. He moves from Swiss Re. Also
hires Samir Shah as SVP and chief risk officer. He was with
Validus Holdings. >> Chartis expands commercial umbrella
to include retail industry.
www.aig.com
ARGO GROUP Michael Denton
hired as SVP of E&S Lines specialty property department. He
moves from General Star Management Company.
www.argolimited.com
ASPEN INSURANCE HOLDINGS
Restructures, splitting insurance and reinsurance under
separate brands: Aspen Insurance and Aspen Reinsurance. Rupert
Villers is new CEO of Aspen Insurance. Brian Boornazian is new
CEO of Aspen Reinsurance, and James Few is new president of
that unit. As part of the reorganization, Julian Cusack will be
group chief risk officer and will remain chairman and CEO of
Aspen Insurance (Bermuda). He will also continue to chair
Aspen’s Reserving Committee. The COO post he previously
held will not be filled.
www.aspen.bm
CATLIN Martin Zingg
appointed chief investment officer. He was with Swiss Re.
www.catlin.com
CIGNA David Guilmette named
president of national segment and will be based in New York. He
moves from the old Towers Perrin. >> David Cordani
promoted to president and CEO (from COO), and Isaiah Harris,
Jr. moves from vice chairman to chairman.
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