Also leaving are Jose Hernandez, who led the Asia-Pacific region, and Eric Martinez, who was executive vice president of global claims and operations. AIG has taken longer than it previously planned to integrate the AIU unit with Fuji Fire & Marine in Japan and struggled with underwriting losses on property-casualty coverage.
“The operating performances of the key divisions has deteriorated,” John Heagerty, an analyst at Atlantic Equities, said in a note Thursday before the departures were announced. “We see considerable headwinds remaining - a deteriorating commercial insurance market, low interest rates and the strong U.S. dollar.”
Dachille, Maag
Icahn said in October that Hancock should break up AIG into three separate companies, one selling life insurance, a second offering property-casualty coverage and a third backing mortgages. The billionaire also mocked Hancock’s inability to generate a 10 percent return on equity.
Doug Dachille, a former colleague of Hancock at J.P. Morgan & Co. who was named in July as AIG’s chief investment officer, was given the additional duties of supervising Chief Science Officer Murli Buluswar. Hancock has highlighted the role that Buluswar’s operation can have analyzing trends in claims costs. AIG intends to continue to increase Dachille’s duties as the science group grows, according to the person familiar with the company’s plans.
Seraina Maag, who was head of the Europe, Middle East and Africa region, is also adding duties. She was named CEO of regional management and operations. The EMEA, Americas and Asia- Pacific CEO roles are being consolidated. Kevin Hogan, who runs consumer operations worldwide, will have increased oversight of Japan after Hernandez’s departure.
Alessa Quane will replace Sankaran as chief risk officer and retain the role of chief corporate actuary, reporting to the CFO and to the board’s risk and capital committee.