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AIG executive Kelley named Ironshore CEO

Posted On: Dec. 10, 2008 12:00 AM CST

HAMILTON, Bermuda—Longtime American International Group Inc. executive Kevin Kelley has been named chief executive officer of Ironshore Inc.

Mr. Kelley was formerly chairman and chief executive of AIG's Lexington Insurance Co., the world's largest excess and surplus lines insurer. Bob Deutsch, Bermuda-based Ironshore's founding CEO, was named the its president.

Ironshore also announced that it has hired Shaun Kelly, Lexington's former president and chief operating officer, to serve as CEO of Ironshore's U.S. operations.

"Attracting Kevin Kelley, one of the most talented insurance executives in the last two decades, significantly increases our ability to take advantage of the changing insurance marketplace," Mr. Deutsch said in a statement.

AIG announced Tuesday that Peter Eastwood, Boston-based Lexington's executive vp, would become president and CEO of the unit.

Meanwhile, AIG is facing $10 billion in payments to Wall Street firms for "speculative bets" on the performance of bundles of derivative securities tied to subprime loans, the Wall Street Journal reported. The bets were separate from the credit default swap contracts the produced billions of dollars of collateral demands from AIG counterparties, and are not covered by the terms of federal government's $150 billion bailout plan for the insurer, the Journal reported.