(Bloomberg) -- Martin Sullivan, the former chief executive officer of American International Group Inc., was named to the board of the Lloyd’s of London subsidiary at Navigators Group Inc.

He will become chairman in the first quarter of next year, pending regulatory approval, and replace Alec Foster who will relinquish the role he has had since 2010, Stamford, Connecticut-based Navigators said today in a statement.

Sullivan rose to be CEO of New York-based AIG, then the world’s largest insurer, in 2005 and was ousted in 2008 after underestimating the company’s risk on mortgage-related investments. The executive, who was born in the U.K., has since taken roles for smaller companies, including London-based broker Willis Group Holdings Plc, where he was deputy chairman.

“His significant accomplishments and experiences as a global insurance leader will certainly bring enhanced vision to our ongoing initiative to expand our international specialty business and further strengthen our strong underwriting culture,” Navigators CEO Stanley Galanski said in the statement.

 

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