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Erik Nikodem, previously a senior executive at American International Group Inc., will lead a newly formed U.S. property insurance division at Everest Insurance Group.
Everest, a unit of Hamilton, Bermuda-based Everest Re Group Ltd., said in a statement Tuesday the formed division brings together key property underwriting groups, including the company's excess & surplus lines property, retail property and inland marine businesses under one unit.
At AIG, Mr. Nikodem led the insurer's commercial and energy property businesses in the United States, Canada, Latin America and the Caribbean.
Everest, a well-established reinsurer, has made a significant push into the insurance market over the past year as reinsurance rates have plummeted. Everest said forming the property division will “promote a more efficient and coordinated effort among these business units and within the distribution community.”
Commenting on the appointment, Jonathan Zaffino, president of Everest Insurance North America, said in the statement, “With more than 25 years of industry experience, Erik is a proven leader and outstanding technician within the property market. He is well regarded by client and industry colleagues, and brings to us deep relationships within the U.S. retail and wholesale communities.”
An Everest spokeswoman could not immediately be reached for comment regarding where Mr. Nikodem will be based.
Several former AIG executives have landed new roles within the insurance industry since the financially challenged insurer announced a management shake-up in December. Click here for more information on the comings and goings of former AIG executives to date.
American International Group Inc.'s announcement that four senior executives would be leaving the company only days after it announced the sale of a portion of its holdings in Chinese insurer PICC Property & Casualty Co. Ltd. may not get to the root of some of the insurer's core problems, say some analysts.