American International Group brought on a former Novae group executive to lead its reinsurance and other divisions.
Charles Fry joined the company as head of Reinsurance, Operations and Transformation, General Insurance. He’ll oversee AIG’s global reinsurance, shared services, transformation and administration functions.
Fry most recently was group chief financial officer at Novae, and before that, chief operating officer at Guy Carpenter. Among other previous experience, he also once worked with Apax Partners on its investment in Travelex Group, where he was the executive who handled the group’s global reorganization.
At AIG, Fry will report to Peter Zaffino, new CEO of AIG’s newly-organized General Insurance division, and be part of the General Insurance executive leadership team.
Zaffino said in prepared remarks that he has worked with Fry in the past, adding that “he brings a valued skill set to these important responsibilities.”
In late September, AIG disclosed that it is reorganizing its underwriting businesses into three main segments – General Insurance, Life & Retirement and a standalone technology-enabled platform.
Gone are standalone commercial and consumer segments, and now General Insurance and Life & Retirement will each have distinct business units that reflect how business is marketed and underwritten.
General Insurance includes Commercial, Personal Insurance, and U.S./international field operations. Zaffino, the former Marsh LLC CEO, came to AIG initially in July as executive vice president and global chief operating officer.