American International Group said it plans to hire a veteran Arch Capital Group executive to lead its Lexington Insurance Company unit.
David McElroy will become Lexington Insurance Co.’s new chief executive officer “at a date to be determined,” AIG said in its announcement. He’ll report to Peter Zaffino, CEO General Insurance.
The former chairman and CEO of Arch Worldwide Insurance Group is replacing George Stratts, who served as CEO of Lexington Insurance Co. – AIG’s excess and surplus lines unit –from November 2017 to June 2018. Prior to that, Jeremy Johnson was president and CEO of Lexington Insurance Co. from February 2013 to December 2017, and president, U.S. commercial from February 2016 to December 2017. Both Stratts and Johnson appear to have left AIG, according to their respective LinkedIn pages.
AIG makes no mention in its release about why Stratts is leaving. The carrier hinted at a change in strategy in its announcement. Zaffino, in prepared remarks, said he looks forward to working with McElroy “as we transform Lexington and General Insurance to be industry leaders for our clients and distribution partners.” McElroy offered similar comments, saying he was eager to work with Zaffino “and his leadership team to restore Lexington to its industry leadership position in excess and surplus lines underwriting.”
AIG could not be reached for comment.
McElroy, in his new role, will also serve as a member of the General Insurance Executive Leadership Team. He’ll be tasked with overseeing all aspects of Lexington’s business, and the General Insurance’s U.S. program business will also be McElroy’s responsibility – a segment that includes a number of niche markets written on admitted and non-admitted bases supported by program administrators with infrastructure and underwriting expertise.
Beyond leading Arch Worldwide Insurance Group, McElroy’s career has included positions such as executive chairman of Arch Insurance Group and vice chairman of Arch Worldwide Insurance Group. All are companies within Arch Capital Group. McElroy has also held leadership roles at The Hartford, Reliance National and Chubb.