People – East

American International Group (AIG) has named Peter D. Hancock as president and chief executive officer, effective Sept. 1. Hancock, who currently serves as executive vice president, AIG, and chief executive officer of AIG Property Casualty, will succeed Robert H. Benmosche, who currently is AIG president and chief executive officer and has been since 2009.

Also effective Sept. 1, Hancock will join AIG’s board of directors, and Benmosche is expected to resign from the board, assuming an advisory role at AIG. In his new capacity, Benmosche will advise the CEO and continue to be involved in AIG’s internal leadership development programs, as well as mentor and coach AIG managers.

Hancock, 55, joined AIG in 2010 and was named CEO of AIG Property Casualty in March 2011, when the division was reorganized into two major global groups: Commercial and Consumer, and was called Chartis. He joined AIG from KeyCorp, where he was vice chairman, responsible for Key National Banking.

Hancock previously spent 20 years at J.P. Morgan, where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm’s chief financial officer and chief risk officer. He also co-founded and served as president of Integrated Finance Ltd., an advisory firm offering risk management, asset management and pension solutions.

The Travelers Companies Inc. has promoted Alan Schnitzer to vice chairman and chief executive officer of Business and International Insurance.

Schnitzer has been serving as vice chairman, overseeing the Financial, Professional & International Insurance business segment and the company’s U.S. Field Management organization. He will maintain oversight of Field Management, Corporate Communications and Public Policy.

Travelers also promoted Doreen Spadorcia to vice chairman and chief executive officer of Personal Insurance and Bond & Financial Products.

Spadorcia has been serving as vice chairman and chief executive officer of Claim and Personal Insurance, and she has been overseeing Risk Control, Analytics, Marketing, and Operations & Systems. In her new post, Spadorcia will maintain oversight of Claim, Risk Control, Analytics, Marketing, Operations, eBusiness, Technology and Special Liability Group.

Both executives will report to Brian MacLean, Travelers president and chief operating officer.

In connection with these promotions, the company said it will report its results through the following three business segments: Business and International Insurance, Personal Insurance and Bond & Financial Products.

Travelers also announced that Bill Cunningham, who has been serving as executive vice president, Business Insurance, has decided to leave the company to pursue other opportunities.

XL Group’s Global Professional unit said it has established a North America Cyber & Technology Risk business unit. The new business is being led by John Coletti in New York.

Previously Cyber & Technology underwriting manager within XL Group’s Select Professional business, Coletti is being promoted to chief underwriting officer of the new business unit. XL Group previously provided cyber and technology error and omissions insurance coverage through its Select Professional business unit, which provides miscellaneous professional liability insurance.

Farmers Mutual Fire Insurance Company of Salem County (Farmers of Salem) in Salem, N.J., appointed James R. Doherty to succeed Kent W. Jones as president and chief executive officer. This change comes as a result of the retirement of Jones effective July 7, 2014 after serving as president and CEO for 22 of his 25-year tenure with the insurer.

Doherty joined Farmers of Salem as controller/assistant treasurer in 1992. He was appointed vice president/treasurer in 1995 and was named to his most recent role as senior vice president/treasurer in 2008.

Coverys, a Boston-based medical professional liability insurer, has appointed Erin Brennan Bagley as vice president and general counsel. Bagley will be responsible for overseeing Coverys’ legal department and advising the company on all corporate legal matters.

Bagley brings over 10 years of experience, most recently serving as regulatory counsel at the Beazley Group. Prior to her career at Beazley, Bagley served as healthcare counsel to the commissioner for the Commonwealth of Massachusetts Division of Insurance.

Underwriting manager Victor O. Schinnerer & Company Inc. has hired John Wallace as its chief underwriting officer, a newly created position within the firm. Wallace will be based in Schinnerer’s Chevy Chase, Md., headquarters and will report to Jonathan Zaffino, president of Victor O. Schinnerer & Company.

Most recently, Wallace served as vice president of commercial products for CUNA Mutual Group. Prior to that, he held various underwriting and management roles at Travelers and Zurich North America.

Topics AIG