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Jim Vendetti has been named senior vice president and chief underwriting officer. Vendetti, former senior vice president for AIU, an insurance subsidiary of AIG, will be responsible for building and managing all underwriting units, which will include property/casualty, financial lines, environmental, crisis management and programs business. At AIU, he was responsible for all international casualty, crisis management and environmental business. From 2002 to 2006, he was executive vice president and then president of AIG Global Energy Casualty.
Alex Pittignano, who was named vice president of the crisis management and environmental divisions, was global leader for crisis management with AIU. He will be responsible for growing and managing this portfolio. He has 10 years experience in the insurance industry. Most recently, he was vice president of environmental liabilities for Rockhill Underwriting Management.
Ian Davey has been named chief underwriting officer of the program division. He most recently served as senior vice president for QBE for all U.S. entities.
Several former AIG executives have landed at various companies in the past year, including at Iron-Starr Excess Agency Ltd., the joint venture between C.V. Starr & Co. Inc. and specialty commercial property/casualty insurer Ironshore. In May, Michael Warwicker was named chief operating officer of Iron-Starr Excess. He'll report to Geoff Smith, chief executive officer of Iron-Starr, who was hired from AIG in December (BestWire, May 4, 2009).
In January, commercial insurer Ironshore teamed up with Maurice "Hank" Greenberg's C.V. Starr & Co. Inc. to form Iron-Starr Excess Agency Ltd., a Bermuda-domiciled specialty lines insurance and reinsurance managing general agency (BestWire, Jan. 27, 2009). Greenberg ran AIG for nearly four decades before being forced out in an accounting scandal in 2005. Defections by senior executives from AIG (NYSE: AIG | Quote | Chart | News | PowerRating) have continued as it tries to reorganize itself under a $182.5 billion federal rescue plan. Ironshore has hired away about nine top-level AIG executives, since December ? including Kevin Kelley, its CEO (BestWire, May 4, 2009).
Starr Indemnity & Liability Co. is an indirectly wholly owned subsidiary of Starr International Co. Inc., a private investment holding company. It provides property/casualty insurance products and accompanying loss control, claims management, administrative and reinsurance services.
Starr Indemnity & Liability Co. has a current Best's Financial Strength Rating of A (Excellent).
(By Caroline Saucer, editor, BestWeek: Caroline.Saucer@ambest.com)
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