Seraina (Maag) Macia, chief executive officer of Hamilton USA, which AIG is acquiring, is returning to American International Group (AIG) under its new CEO, Brian Duperreault.
Macia has been named executive vice president and CEO of a new planned subsidiary that will include the Hamilton USA platform along with Attune, the digital joint venture formed by AIG, Hamilton and Two Sigma Investments to focus on the small commercial insurance segment.
Macia will serve on the AIG’s Executive Leadership Team and report to Duperreault, the former chairman and CEO of Hamilton who brought Macia onboard there in 2016.
Prior to her role at Hamilton, Macia held executive positions at AIG, including CEO and executive vice president of Regional Management and Operations. She was named to that post in December, 2015 by AIG CEO Peter Hancock in a management shake-up, only to be cut along with another senior executive two months later in another overhaul by Hancock.
Prior to December 2015, Macia was CEO and president of AIG Europe, Middle East for AIG with responsibility for 47 countries across Europe, Middle East and Africa. She was hired for that post in 2013.
Macia’s other senior roles in the industry have included CEO of XL Insurance North America, president of Zurich North America Commercial Specialties business, and head of Investor Relations and Rating Agency Management of Zurich Insurance Group. She was also a founding partner and financial analyst for NZB NeueZuercher Bank in Switzerland. Between 1990 and 2000, she held various management positions within underwriting and finance at SwissRe in Switzerland and Austral
On May 15, in coordination with its hiring of Duperreault as CEO, AIG announced its intention to acquire Hamilton USA for about $110 million to further AIG’s application of emerging technology and data science.
When the acquisition announcement was made, AIG, Hamilton and Two Sigma said they had signed a memorandum of understanding on how Hamilton USA and Attune will be managed after AIG acquires them. Hamilton USA is to become a stand-alone unit of AIG that will be used to develop a technology and data analytics platform to transform underwriting. During the transition period Macia is continuing as CEO of Hamilton USA.
Also, under the terms of the memorandum, Attune’s target market will be expanded to include companies with annual revenues of up to $35 million, a target market segment of up to $150 billion in annual gross written premiums. Hamilton will retain its one-third ownership of Attune.
Duperreault welcomed Macia to AIG, commenting that she brings to AIG a “rare combination of deep insurance expertise and an acute understanding of the role that technology and data analytics are playing in the ongoing evolution of our industry.”
Macia said she is looking forward to returning to AIG and “building on the progress we made at Hamilton USA in bringing technology and data analytics to risk selection, pricing and claims-handling processes.”
Related:
- AIG’s High Cost of Hiring Duperreault
- AIG Agrees to Acquire Hamilton USA, Partner with Two Sigma, Grow Insurtech Attune
- XL’s Seraina Maag Talks about Business Strategy Tools at XL: Work-Outs and Rapid Results Initiatives
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