Insurance Execs on the Move

Change is in the wind at insurance company across the country, and with that breeze comes a spate of new executive hires, many of which seem to be focused around American International Group Inc. (AIG).

AIG, which has been in the news often in recent weeks given its recent game of executive musical chairs at Chartis and changes in executive compensation at the hands of the Treasury Department, today announced that Peter Juhas has been named its head of strategic planning.

In this role, Juhas will report to EVP, Treasury and Capital Markets Brian Schreiber, and be responsible for working with AIG's businesses to develop plans to capitalize on global growth opportunities, and ensure that the company's resources are focused on the most attractive activities.

"Few people understand AIG's challenges and opportunities as well as Pete," Schreiber says. "As we intensify our focus on growth and sustainable returns, Pete will play a key role in our identifying and capitalizing on the best opportunities available to our industry-leading franchises. These efforts will be critical as we move toward independence while ensuring that the U.S. government recoups its entire investment in AIG."

Juhas comes to AIG from Morgan Stanley, where he was a managing director in the investment banking division, specializing in insurance and diversified financial companies. Over the last three years, he served as lead adviser to the Federal Reserve Bank of New York and the United States Department of the Treasury on AIG-related issues. Juhas also worked as the lead advisor to the U.S. Treasury regarding the conservatorship of Freddie Mac and Fannie Mae.

While AIG gained an employee in Juhas, it lost another, as Alain Karaoglan jumped ship to head to ING Insurance U.S. as its new EVP, finance and strategy. Karaoglan's appointment is another step in preparing the U.S. insurance and investment management organization for a U.S.-focused IPO, ING says.

A few weeks prior, ING Insurance U.S. had announced the appointment of Rodney Martin, Jr. as its new CEO, whom they also lured over from AIG.

In his new role, Karaoglan will help to develop and implement ING Insurance U.S.'s overall strategic direction and IPO readiness, and be responsible for capital management activities as well as the development of an investor relations function. He will closely coordinate with CFO Ewout Steenbergen, and report to Martin Jr.

"Alain has vast experience and expertise with IPOs and other public and private market transactions, and he is widely respected for his comprehensive knowledge of the insurance industry and the global investment community," Martin says. "His skill set complements the strong leadership that is already in place at ING Insurance U.S. As we continue down this path, the senior management team—and all our employees—are concentrating on three key priorities: delivering strong operating results, focusing on the needs of our customers and our distribution partners and preparing for our IPO."

Karaoglan was most recently was head of divestitures at AIG, and was involved in many transactions, including the IPO of AIA and the sale of ALICO to MetLife.

"I am honored to be joining one of the leading retirement, insurance and investment management companies in the U.S. at this pivotal time in its history," Karaoglan says. "I look forward to working with my new colleagues as we prepare for a U.S.-focused IPO."

Conversely, XL Insurance went outside the industry and today announced the appointment of former private practice lawyer Martha Gaines as VP, Surety. She will report to David Hewett, head of North American Surety.

"Today, contractors must carefully protect their balance sheets and profit margins," Hewett says. "To help, we are taking a very different team approach enlisting industry expertise like Martha to help our clients effectively address changing surety needs in today's project environment. Martha adds significant expertise and experience in conducting financial and operational analysis of construction contractors to provide strategic counsel on organizational and operational risks."

Gaines' previous law firm specialized in surety and construction law with a focus on complex construction. She also has extensive experience in client enterprise risk management review, contesting contractor default and termination claims, as well as preparing and analyzing delay and suspension claims, and claims for extra work on public construction projects.

Prior to her tenure in private practice, she was a director with The St. Paul Travelers Cos. Inc., handling the largest and most complex surety matters for the company.

 

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