AIG Consolidates Reinsurance into New AIG Re; Taps Marsh’s Schaper as CEO

American International Group announced the formation of AIG Re, which consolidates the company’s assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty, into one global business.

AIG completed its acquisition of Bermuda reinsurer and specialist insurer Validus Holdings last July. The $5.56 billion transaction added Validus Re, a reinsurance platform; AlphaCat, an insurance-linked securities asset manager; and Talbot, a Lloyd’s syndicate along with other entities.

To head the new consolidated reinsurance operation AIG Re, the company has appointed Christopher Schaper as CEO. Schaper will oversee implementation of AIG’s assumed reinsurance strategy while continuing to develop, market and deliver reinsurance and capital market solutions to clients on a global basis.

Schaper brings three decades of experience in the insurance and reinsurance industries to AIG. He joins AIG from Marsh, where he was CEO of the managing general agent businesses since 2016. Prior to that, Schaper served as president of Montpelier Re Ltd. and underwriting chairman of Blue Capital, Montpelier’s capital markets entity.

Previously, 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 Corp., Cigna and USF&G.

Schaper will be based in Bermuda and report to Peter Zaffino, president and CEO, AIG General Insurance, and global chief operating officer, AIG.