Munich Re Specialty announced the upcoming retirements of Greg Barats, CEO and President of HSB, and Andreas Kleiner, CEO and President of American Modern Insurance Group, following long and distinguished careers. Both leaders will retire in the first quarter of 2026 and will remain in their current roles until that time to ensure a seamless transition.

Barats was named CEO of HSB in 2011. He serves on the Munich Re Global Specialty Insurance Executive Board, heads up Munich Re’s Global Internet of Things business, and is responsible for the global AI and Generative AI insurance initiatives of HSB and Munich Re. He has served on the Hartford HealthCare Board of Directors since 2019 and his commitment to the greater Hartford community has included support for many charitable organizations.

Kleiner has served as CEO and President of American Modern since 2016. Over his 30-year career with Munich Re, Kleiner has held senior leadership roles in the U.S., Europe, Asia, and Africa. He serves on the Munich Re Global Specialty Insurance Executive Board, and under his leadership, American Modern has been recognized as a “Cincinnati Top Workplace” for the past decade.

Jeffrey C. O’Shaughnessy has been appointed to succeed Barats as CEO and President of HSB, and Kathleen O. Zortman will assume the role of CEO and President of American Modern. The appointments are effective March 2, 2026. Both O’Shaughnessy and Zortman will work closely with their predecessors over the coming months to ensure continuity and the continued success of their respective businesses.

O’Shaughnessy, who joined HSB in 2002, is president of HSB Portfolio Risk Solutions, managing HSB’s assumed reinsurance business and overseeing the division’s products, underwriting, and relationships with client insurance companies and strategic partners. Previously, he served as global chief underwriting officer and has led the development of a number of HSB’s strategic products over the years.

Zortman brings more than 30 years of experience in property and casualty insurance, with a strong record of leading organizational transformation, optimizing portfolios for sustainable profitability, and building high-performance teams that deliver operational and underwriting excellence.

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American International Group announced that Adam Clifford has been appointed CEO, International Commercial Insurance, effective January 5, 2026.

In this role, Clifford will lead AIG’s International Commercial Insurance underwriting, distribution and business teams across the United Kingdom and Europe, Middle East and Africa, Japan, Asia Pacific and Latin America, including Talbot, Global Specialty and Multinational. Based in London, he will report to Jon Hancock, CEO, General Insurance and will serve on the AIG General Insurance Executive Leadership Team.

Clifford joins AIG from Everest Insurance, where he served as Senior Vice President, Head of International Retail Insurance overseeing the UK, Europe, and Asia Pacific retail insurance business. Prior to Everest, he held senior leadership positions at Chubb, including Managing Director of Chubb European Group. Earlier in his career, he led underwriting teams in London and Singapore at AIG.

“Adam is a highly respected insurance executive, recognized for his leadership and deep underwriting and technical expertise,” said Hancock. “With more than three decades of global operating experience with an exceptional track record, including seven years at AIG where he led underwriting teams, Adam brings deep insurance industry knowledge and global perspective to this role. I am looking forward to welcoming Adam back to AIG and working with him and the team to continue building on our strong momentum.”