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Gen Re And AIG Executives Plead Not Guilty, Plus Other People News
The four former executives of General Re and American International Group who were indicted earlier this month by the U.S. Department of Justice and Securities and Exchange Commission have reportedly pleaded not guilty to charges of fraud.
• The four former executives ofGeneral ReandAmerican International Groupwho were indicted earlier this month by the U.S. Department of Justice andSecurities and Exchange Commissionhave reportedly pleaded not guilty to charges of fraud. Each faces a maximum of 95 years in prison if convicted and more than $7 million in fines.
The charges laid against them in a district court for the eastern district of Virginia relate to a deal between AIG and General Re that increased AIG's loss reserves by $500 million, and cost former AIG chief executiveHank Greenberghis job last year.
The four charged were: General Re's ex-chief executiveRonald Ferguson, its ex-CFOElizabeth Monrad, its former senior v.p. and assistant general counselRobert Graham, and AIG's former v.p. of reinsuranceChristian Milton。
• South African insurance groupOld Mutualhas namedJulian Robertschief executive ofSkandia, the Swedish life and savings company is has recently bought. Roberts will also join Old Mutual's board of directors.
If Skandia's board approves the appointment at an extraordinary general meeting on Feb. 21, Roberts will succeedHans-Erik Anderssonas Skandia's chief executive the following day.
Roberts now serves as group finance director of Old Mutual. If appointed to lead Skandia, he will relinquish his duties as a non-executive director of Old Mutual's subsidiaries at their respective annual general meetings in May, but continue to act as an executive director on the Old Mutual board.
Richard Hoskins, deputy finance director of Old Mutual, will act as group finance director from March 1 until a replacement for Roberts has been found.
• U.S. property insurerVesta Insurance Grouphas appointedDavid Lacefieldas its new president and chief executive. He succeedsNorman Gayle。拉斯菲尔德也被当选的一员board of directors. Lacefield joined Vesta in 2001 from Southwest Actuarial Forum, where he served as vice-chairman of the board of theSouthwestern Insurance Information Service。
•American International Groupboard membersWilliam CohenandCarla Hillshave decided not to seek re-election to the firm's 17-member board of directors at the firm's 2006 shareholders' meeting.
Hills, a former U.S. trade representative and head of consultancy firmHills & Company, notified the company of her decision on Feb. 7. Cohen, a former U.S. defence secretary and U.S. senator, and present head of consultancy firmThe Cohen Group, notified AIG of his decision on Feb. 10.
• BrokerWillishas appointedDerek Smythas CFO of its North American operations. Smyth joins fromGeneral Electric, where he was v.p. for securitization, strategic pricing, and financial planning and analysis.
• BrokerAonhas appointedDoug Peraas managing director of the North and South Carolinas division ofAon Risk Services。
Before joining Aon, Pera held several positions atMarsh & McLennan, most recently client executive practice leader of the Memphis office, and industry practice leader for the south-east U.S.
• Reinsurance brokerBMS Grouphas hiredMichael Cahillas executive v.p. ofBMS Vision Reinsurance Intermediaries, the broker's North American operation. He joins fromREcentis Intermediaries。
•Christopher HeidrickandLori Dickerson Fouchehave joinedAllianzsubsidiaryFireman's Fund Insurance Companyas heads of marketing for the company's personal and speciality insurance divisions respectively.
Heidrick, who will serve as v.p. of personal lines insurance, joins from Marsh & McLennan, where he was senior v.p. and product manager for Marsh's consumer and small commercial practice.
Dickerson Fouche, who becomes senior vice-president of speciality lines insurance, joins fromChubb,where she served as v.p. forChubb Specialty Insurance。
• U.S. insurerThe Hartford Financial Services Grouphas namedAndrew Pinkesas president ofHeritage Holdings, a subsidiary that oversees the firm's property/casualty run-off operations. As of April 1, he will replaceDavid Robb, who is retiring after 30 years with the company. Pinkes is now senior v.p. and chief operating officer of Heritage Holdings.
Separately, the insurer has namedThomas Jonesv.p. of securities compliance forHartford Life, and chief compliance officer forThe Hartford Mutual Funds。Before joining The Hartford, Jones served as chief compliance officer for the mutual funds of investment advisory groupSEIand for SEIInvestments Management Corporation。
• Bermudian insurer and reinsurerXL Capitalhas promotedJohn Glancyto the role of chief underwriting officer for XL Insurance's global professional insurance unit. Glancy succeedsRich Banas, who is leaving the company to pursue other interests, but will remain at the firm until March 31 to assist in the handover.
• TheSurplus Line Association of Californiahas electedJames Pettipasas its new chairman. He is the v.p. ofECM Insurance Services。The association also electedCeil NortonofBurns & Wilcoxas vice-chairman, andJohn EdackofArch Specialty Insurance Agencyas secretary-treasurer.
• Reinsurance brokerCooper Gay & Cashmanhas appointedTeresa Finkesas v.p.. Before joining the reinsurance broker, she spent 15 years at EW漂白, now part ofBenfield, as v.p. in charge of multiline insurers and underwriting managers.
• Insurance brokerOxygenhas appointedCraig KingabyandSteve Carrto join the broking team atOxygen Insurance Brokers, the company'sLloyd's-accredited broking unit .Both men join from rival brokerAon。Kingaby was previously head of international property, energy and casualty atAon Global Client Solutions,and Carr was previously senior market strategist for worldwide placements at the same unit.
• U.S. insurerCNA Financial Corporationhas appointedAndrew Tisch其董事会。他女ill also serve on the board's executive and finance committees. Tisch was recently named co-chairman of the board of cinema groupLoews Corporation, which holds a 91% stake in CNA.
• U.S. health insurerCigna HealthCarehas appointed库尔特魏玛as president and general manager of its Arizona operations. He will be responsible for middle-market strategy, growth and client service, and will report toJeff Terrill, regional v.p. for Cigna HealthCare's Western region. Weimer has 24 years' experience in insurance sales and operations, all with Cigna.
• The Council of Lloyd's has appointedEwen Gilmouras a deputy chairman ofLloyd's。Gilmour is chief executive ofChaucer Syndicates。He replacesJohn Coldman, chairman of reinsurance brokerBenfield, whose term of office expired on Jan. 31.
• U.S. insurerSelective Insurance Grouphas appointedMarston Becker其董事会。他女ill stand for election by shareholders at the company's annual general meeting in April.
Becker now serves as chairman and chief executive of the run-off operations of Bermudian reinsurerLaSalle Re, and as chairman ofWest Virginia Media Holdings, which he co-founded in 2001.
• U.S. financial guarantee insurerFinancial Security Assurance Holdingshas electedAxel Miller其董事会。Miller is chairman and chief executive of the management board of FSA's parent companyDexia Group。
•Acordia, the insurance broking subsidiary of U.S. bankWells Fargo, has appointedGreg Van Nessas managing director of its insurance brokerage operations in northern and central California, including San Francisco. Before his promotion, Van Ness served as executive v.p. in charge of Acordia's northern Californian offices.
Separately, the broker has named Kristina Rickert managing director of the company's Michigan branch office. Rickert was previously the firm's senior v.p. and commercial services manager.
The charges laid against them in a district court for the eastern district of Virginia relate to a deal between AIG and General Re that increased AIG's loss reserves by $500 million, and cost former AIG chief executiveHank Greenberghis job last year.
The four charged were: General Re's ex-chief executiveRonald Ferguson, its ex-CFOElizabeth Monrad, its former senior v.p. and assistant general counselRobert Graham, and AIG's former v.p. of reinsuranceChristian Milton。
• South African insurance groupOld Mutualhas namedJulian Robertschief executive ofSkandia, the Swedish life and savings company is has recently bought. Roberts will also join Old Mutual's board of directors.
If Skandia's board approves the appointment at an extraordinary general meeting on Feb. 21, Roberts will succeedHans-Erik Anderssonas Skandia's chief executive the following day.
Roberts now serves as group finance director of Old Mutual. If appointed to lead Skandia, he will relinquish his duties as a non-executive director of Old Mutual's subsidiaries at their respective annual general meetings in May, but continue to act as an executive director on the Old Mutual board.
Richard Hoskins, deputy finance director of Old Mutual, will act as group finance director from March 1 until a replacement for Roberts has been found.
• U.S. property insurerVesta Insurance Grouphas appointedDavid Lacefieldas its new president and chief executive. He succeedsNorman Gayle。拉斯菲尔德也被当选的一员board of directors. Lacefield joined Vesta in 2001 from Southwest Actuarial Forum, where he served as vice-chairman of the board of theSouthwestern Insurance Information Service。
•American International Groupboard membersWilliam CohenandCarla Hillshave decided not to seek re-election to the firm's 17-member board of directors at the firm's 2006 shareholders' meeting.
Hills, a former U.S. trade representative and head of consultancy firmHills & Company, notified the company of her decision on Feb. 7. Cohen, a former U.S. defence secretary and U.S. senator, and present head of consultancy firmThe Cohen Group, notified AIG of his decision on Feb. 10.
• BrokerWillishas appointedDerek Smythas CFO of its North American operations. Smyth joins fromGeneral Electric, where he was v.p. for securitization, strategic pricing, and financial planning and analysis.
• BrokerAonhas appointedDoug Peraas managing director of the North and South Carolinas division ofAon Risk Services。
Before joining Aon, Pera held several positions atMarsh & McLennan, most recently client executive practice leader of the Memphis office, and industry practice leader for the south-east U.S.
• Reinsurance brokerBMS Grouphas hiredMichael Cahillas executive v.p. ofBMS Vision Reinsurance Intermediaries, the broker's North American operation. He joins fromREcentis Intermediaries。
•Christopher HeidrickandLori Dickerson Fouchehave joinedAllianzsubsidiaryFireman's Fund Insurance Companyas heads of marketing for the company's personal and speciality insurance divisions respectively.
Heidrick, who will serve as v.p. of personal lines insurance, joins from Marsh & McLennan, where he was senior v.p. and product manager for Marsh's consumer and small commercial practice.
Dickerson Fouche, who becomes senior vice-president of speciality lines insurance, joins fromChubb,where she served as v.p. forChubb Specialty Insurance。
• U.S. insurerThe Hartford Financial Services Grouphas namedAndrew Pinkesas president ofHeritage Holdings, a subsidiary that oversees the firm's property/casualty run-off operations. As of April 1, he will replaceDavid Robb, who is retiring after 30 years with the company. Pinkes is now senior v.p. and chief operating officer of Heritage Holdings.
Separately, the insurer has namedThomas Jonesv.p. of securities compliance forHartford Life, and chief compliance officer forThe Hartford Mutual Funds。Before joining The Hartford, Jones served as chief compliance officer for the mutual funds of investment advisory groupSEIand for SEIInvestments Management Corporation。
• Bermudian insurer and reinsurerXL Capitalhas promotedJohn Glancyto the role of chief underwriting officer for XL Insurance's global professional insurance unit. Glancy succeedsRich Banas, who is leaving the company to pursue other interests, but will remain at the firm until March 31 to assist in the handover.
• TheSurplus Line Association of Californiahas electedJames Pettipasas its new chairman. He is the v.p. ofECM Insurance Services。The association also electedCeil NortonofBurns & Wilcoxas vice-chairman, andJohn EdackofArch Specialty Insurance Agencyas secretary-treasurer.
• Reinsurance brokerCooper Gay & Cashmanhas appointedTeresa Finkesas v.p.. Before joining the reinsurance broker, she spent 15 years at EW漂白, now part ofBenfield, as v.p. in charge of multiline insurers and underwriting managers.
• Insurance brokerOxygenhas appointedCraig KingabyandSteve Carrto join the broking team atOxygen Insurance Brokers, the company'sLloyd's-accredited broking unit .Both men join from rival brokerAon。Kingaby was previously head of international property, energy and casualty atAon Global Client Solutions,and Carr was previously senior market strategist for worldwide placements at the same unit.
• U.S. insurerCNA Financial Corporationhas appointedAndrew Tisch其董事会。他女ill also serve on the board's executive and finance committees. Tisch was recently named co-chairman of the board of cinema groupLoews Corporation, which holds a 91% stake in CNA.
• U.S. health insurerCigna HealthCarehas appointed库尔特魏玛as president and general manager of its Arizona operations. He will be responsible for middle-market strategy, growth and client service, and will report toJeff Terrill, regional v.p. for Cigna HealthCare's Western region. Weimer has 24 years' experience in insurance sales and operations, all with Cigna.
• The Council of Lloyd's has appointedEwen Gilmouras a deputy chairman ofLloyd's。Gilmour is chief executive ofChaucer Syndicates。He replacesJohn Coldman, chairman of reinsurance brokerBenfield, whose term of office expired on Jan. 31.
• U.S. insurerSelective Insurance Grouphas appointedMarston Becker其董事会。他女ill stand for election by shareholders at the company's annual general meeting in April.
Becker now serves as chairman and chief executive of the run-off operations of Bermudian reinsurerLaSalle Re, and as chairman ofWest Virginia Media Holdings, which he co-founded in 2001.
• U.S. financial guarantee insurerFinancial Security Assurance Holdingshas electedAxel Miller其董事会。Miller is chairman and chief executive of the management board of FSA's parent companyDexia Group。
•Acordia, the insurance broking subsidiary of U.S. bankWells Fargo, has appointedGreg Van Nessas managing director of its insurance brokerage operations in northern and central California, including San Francisco. Before his promotion, Van Ness served as executive v.p. in charge of Acordia's northern Californian offices.
Separately, the broker has named Kristina Rickert managing director of the company's Michigan branch office. Rickert was previously the firm's senior v.p. and commercial services manager.