AIG Names New President for International Life Insurance Business
January 14, 2015 by Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com
NEW YORK – American International Group has named SV Rangan as president of its international life business as part of its consumer insurance operations.
Most recently, Rangan served as founder and director of IFG Worldwide Ltd., a strategy advisory firm that serves clients in the financial services and technology sectors. Before that, he was associated with MetLife, joining the life insurer in 2005 as senior vice president and group managing director for EMEA/India.
He served in several senior roles at MetLife, including senior vice president and head of marketing, distribution, institutional relationships and business development for its international business.
In his new position at AIG, Rangan will be responsible for designing and implementing underwriting and product management strategy for AIG’s life insurance internationally. He also will drive the strategy for the global life business outside the United States, including expanding AIG’s international life operations.
“As we build off our strong position in the United States, the potential to bring innovative, differentiated life insurance solutions to select global markets continues to grow,” Kevin Hogan, president and chief executive officer, consumer insurance at AIG, said in a statement.
In the United States, AIG Life & Retirement Group is the fourth-largest U.S. life/health insurer based on 2013 admitted assets of $263.52 billion, according to A.M. Best Co.
In September, after more than 25 years with AIG, Jay S. Wintrob, president and CEO of AIG Life & Retirement, said he was leaving “to pursue other opportunities.” Two weeks later, investment manager Oaktree Capital Group said it appointed him as CEO (Best’s News Service, Oct. 6, 2014).
Rangan will report to James A. Mallon, president of life insurance for AIG’s consumer insurance operations until March. Then, Rangan will report to Charles Shamieh, currently corporate chief actuary but who will become CEO of life, health and disability insurance at that time.
In November, AIG tapped Shamieh as the CEO of its life, health and disability insurance operations. (Best’s News Service, Nov. 14, 2014). Soon after, AIG said Mallon, president of life insurance with AIG Global Consumer Insurance, would retire effective March (Best’s News Service, Nov. 17, 2014).
AIG recently completed its acquisition of a provider of term life, critical illness and income-protection insurance to about 350,000 people in the United Kingdom, the Channel Islands and Isle of Man. When the deal was announced last August, AIG said it would buy Ageas Protect Ltd., the U.K. life insurer, from Ageas Group, for £181 million (US$304.7 million) (Best’s News Service, Aug. 6, 2014). The acquisition is to boost its consumer insurance business in the United Kingdom, where it sells personal accident, health and travel insurance, and insurance geared to high net-worth individuals.
On the afternoon of Jan. 13, American International Group’s (NYSE: AIG) stock was trading at $51.88 a share, down 0.92% from the previous close.