AIG Creates Corporate Chief Actuary Position to Lead Its Revamped Worldwide Actuarial Organization

Demonstrating its recognition of the importance of the actuarial oversight function as key to AIG's re-emergence as a company independent of government support, American International Group, Inc. (AIG, New York) has elected Charlie Shamieh to the newly created role of AIG SVP - Corporate Chief Actuary. In addition, Chartis, AIG's property-and-casualty insurance unit, named Mark W. Scully SVP and Chartis Chief Actuary.

Shamieh joined AIG in 2007 as Executive Director of Enterprise Risk Management. In addition to serving as Corporate Chief Actuary, his new role includes responsibility for rating agency relations, statutory and rating agency capital management, and intrinsic value management. Prior to joining AIG, Shamieh was Group Chief Risk Officer for Munich Re Group and a Member of the Group Committee of Munich Re's Board of Management.

Scully joins Chartis from Allianz SE, where he held the position of Global Chief Actuary and Deputy Chief Risk Officer. He will have responsibility for Chartis' worldwide actuarial organization, reporting to Shamieh and to Robert Schimek, EVP and CFO of Chartis. Scully succeeds Frank Douglas, who will retire in the second quarter of 2011, after 31 years of service to AIG. Prior to serving at Allianz SE, Scully held positions with Tillinghast-Towers Perrin and Travelers.

"Actuarial oversight is critical to effective risk management and our ongoing success as the property-and-casualty industry faces increasingly new and complex risks," said David L. Herzog, AIG EVP and CFO, in a press release. "This team's analytical strength and depth of experience provide the added perspective on reserving and pricing required to be vigilant in recognizing current and emerging risks -- and keeping our management teams regularly apprised of these issues both in the industry and specific to AIG."

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio