CHARTIS CEO REPLACED IN LEADERSHIP SHAKE-UP

AIG has announced a new management team for Chartis, as it reorganizes the global p/c operation that was forced to take a Q4 reserving charge of $4.2bn. The New York-based group named Peter Hancock, who was hired last year as AIG's executive vice-president of risk and investment, as chief executive of Chartis. He replaces Kristian Moor who was named Chartis vice-chairman. Mr Hancock has played a major role in AIG's recapitalization following its 2008 federal bailout and in devising plans for repaying obligations to the US Treasury and New York branch of the Federal Reserve. In addition to the leadership change, AIG has streamlined Chartis's structure by dividing it into two global divisions: commercial and consumer. John Doyle, previously chief executive of Chartis US, has been named head of the global commercial business, while Chartis chief administrative officer Jeffrey Hyman has been named head of the consumer business. AIG also named Nicholas Walsh, previously president and chief executive of Chartis International, as head of global distribution.