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Chartis reorganization seeks to improve service, loss ratio

Chartis reorganization seeks to improve service, loss ratio

NEW YORK—American International Group Inc.'s Chartis Inc. unit has combined its claims, operations and systems organizations under a single management team, AIG said.

In a Tuesday statement announcing the move, AIG said it placed the property/casualty insurer's operations under a single management team to improve customer service, capitalize on the shared strategic initiatives of the two teams and to drive improvement in Chartis' loss ratio.

Eric Martinez was named to head the new unit as executive vp of global claims, operations and systems. Mr. Martinez, previously president and CEO of AIG's United Guaranty Corp. mortgage insurance unit, reported to Chartis CEO Peter Hancock.

Kim Garland, most recently United Guaranty's chief operating officer, will succeed Mr. Martinez as president and CEO of United Guaranty.

“Last May, we provided investors with a blueprint to achieve a double-digit return on equity and a combined ratio for Chartis in the low 90s by year-end 2015,” Mr. Hancock said in the statement. “The plan requires successful execution of initiatives in four key strategic areas: business mix shift, loss ratio improvement, expense discipline and risk selection. This unified management approach will help us achieve our goals.”

Mr. Martinez succeeds Charles Schader, who has been promoted to the new post of senior vp of applied research and reports to Charles Shamieh, AIG's chief actuarial officer.

Mr. Schader, who was AIG's and Chartis' chief claims officer for more than a decade, will “work closely with the AIG and Chartis actuarial, science and risk officers in the practical application of quantitative research to enhance reserving methodologies, claims outcomes and underwriting risk selection,” AIG said.

“I expect these three executives to be instrumental in allowing AIG to deliver on its 2015 goals," AIG President and CEO Robert H. Benmosche said in the statement.

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