American International Group has combined its various reinsurance divisions into a single global entity dubbed AIG Re. The consolidated operation includes Validus Re, AlphaCat and Talbot Treaty, which AIG acquired in 2018 as part of its $5.6 billion purchase of Validus Holdings.
AIG named a former Marsh executive to lead the new unit: Christopher Schaper, who will be CEO of AIG Re effective July 1, 2019. He joins AIG from Marsh, where he was CEO of the managing general agent businesses going back to 2016.
Schaper will be based in Bermuda and report to Peter Zaffino, president and CEO of AIG General Insurance and the insurer’s global chief operating officer. Zaffino said in prepared remarks that Schaper, an industry veteran, will help grow AIG Re into new areas, “through the creation of new pools of risk and the deployment of alternative capital.”
He added that Schaper’s “deep reinsurance expertise and industry relationships will accelerate the execution of our strategy for AIG Re.”
According to AIG, Schaper’s job will include overseeing implementation of AIG’s assumed reinsurance strategy with a focus on continuing to develop, market and deliver innovative reinsurance and capital market products and services to clients globally.
Schaper has more than 30 years of insurance and reinsurance experience. Before Marsh, he was president of Montpelier Re Ltd. and underwriting chairman of Blue Capital, Montpelier’s capital markets entity. Previous to that, Schaper held several leadership positions at Endurance Specialty Insurance Ltd., including chief underwriting officer and head of Reinsurance, and head of Casualty Treaty Reinsurance. Earlier in his career, Schaper held roles at Gerling Global Financial Products, Employers Reinsurance Corporation (a division of GE Capital), CIGNA and USF&G.