International Finance

AIG names head of restructured European subsidiary

CEO, AIG, Insurance
The company named Thomas Lillelund as CEO of AIG Europe SA, to handle the company’s business post-Brexit

Based in Luxembourg, AIG Europ SA ia a new legal entity for AIG’s business in the European Economic Area and Switzerland, established to provide business continuity for AIG’s European operations after the United Kingdom leaves the European Union, said the insurer in a statement.

Lillelund will be responsible for continental Europe and Ireland, and will report to Chris Townsend, CEO of international general insurance, according to the statement, which also added that the appointment is subject to the required regulatory approval. Lillelund joins AIG from Aspen Re, a unit of Bermuda-based Aspen Insurance Holdings Ltd., where he had been operating as CEO.

AIG Europe SA is one of two new AIG units, along with American International Group UK Ltd. in London. AIG will transfer existing business to the new UK and European entities and merge its existing division, AIG Europe Ltd., into the new European company. Both new companies will begin writing business starting Dec. 1, 2018, according to the statement.

Anthony Baldwin, currently CEO of AIG Europe Ltd., will now become CEO of American International Group UK Ltd. and will continue to report to Townsend, according to the statement.

AIG President and CEO Brian Duperreault, who rejoined AIG last May after more than 20 years running other insurance-sector companies, has sought to revamp its senior management– instituting a turnaround plan for the struggling insurer.

On Wednesday, Aspen Insurance Holdings Ltd. also named Emil Issavi, president and chief underwriting officer of Aspen Re, to replace Lillelund in leading the reinsurance business, effective immediately. Issavi will retain his current title, Aspen said in its statement.

Lillelund is expected to remain with Aspen for a period of time to ensure a smooth transition, added the statement.

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