AIG Taps Its Corporate Chief Actuary to Be Life/Health CEO
November 15, 2014 by Fran Matso Lysiak
NEW YORK – American International Group Inc. has tapped Charlie Shamieh, its corporate chief actuary, as chief executive officer of its life, health and disability insurance operations. His appointment takes effect in March 2015.
Shamieh has more than 28 years of industry experience, having held senior insurance and reinsurance executive positions across three continents, AIG said in a statement.
Since joining AIG in 2007, his contributions have included building the risk functions in each of its insurance businesses and, in 2011, establishing the first integrated corporate actuarial function. In this position, Shamieh led AIG’s insurance company regulatory and rating agency capital and asset-liability management efforts and value-based management initiatives.
He will report to Kevin Hogan, CEO of consumer insurance.
Shamieh is a “seasoned executive who has broad international experience in both life and non-life insurance,” Hogan said in a statement. His role as corporate chief actuary “has provided him great insight into the structural drivers behind all of our products and businesses.”
AIG Life & Retirement Group is the fourth-largest U.S. life/health insurer based on 2013 admitted assets of $263.5 billion, according to A.M. Best Co.
In September, after more than 25 years with AIG, Jay S. Wintrob, president and CEO of AIG Life & Retirement, AIG said he was leaving “to pursue other opportunities (Best’s News Service, Sept. 19, 2014). Two weeks later, investment manager Oaktree Capital Group said it appointed him as CEO (Best’s News Service, Oct. 6, 2014).
Shamieh “will continue to enhance and further develop our businesses in the U.S., Japan, China, and UK, as well as explore additional opportunities to enter new products, services, and geographies,” Hogan said.
Before AIG, Shamieh held executive positions at Munich Re Group, Mercer, Deloitte, and Oliver, Wyman & Co.
Alessa Quane, currently chief risk officer for commercial insurance, will take over Shamieh’s responsibilities as corporate chief actuary in March 2015, overseeing global actuarial and value management. She will report to David Herzog, chief financial officer.
An 18-year veteran of AIG, Quane has served in several leadership roles at AIG in enterprise risk management and actuarial. Before becoming chief risk officer for commercial insurance, she supported the property/casualty business as chief risk officer and as head of enterprise risk strategy. Quane also served as chief risk officer for AIG’s international businesses and as chief actuary for the U.K./Ireland, and European regions.
On the morning of Nov. 14, American International Group’s (NYSE: AIG) stock was trading at $53.78 a share, down 1.32% from the previous close.
AIG’s AGC Life Insurance Co. currently has a Best’s Financial Strength Rating of A (Excellent).
