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American International Group Inc. on Tuesday named former Berkshire Hathaway Specialty Insurance Co. Europe chief and Lloyd’s of London executive Tom Bolt as chief underwriting officer, general insurance.
Prior to joining Berkshire Hathaway Inc.’s commercial insurance operation last year as president of the U.K. and southern Europe, Mr. Bolt was director of performance management at Lloyd’s of London.
He previously was managing director of Marlborough Managing Agency, and spent 25 years in various roles at Berkshire Hathaway.
Mr. Bolt, who will be based in New York, will take on responsibilities currently overseen by Madhu Tadikonda, chief underwriting officer, commercial.
According to an internal AIG memo obtained by Business Insurance, Mr. Tadikonda “will continue leading the CUO organization until Tom joins AIG and will work closely with Tom to allow for an effective transition. Madhu’s background and experience at AIG will be valued assets to the long-term success of the organization.”
Mr. Bolt is expected to join AIG in January and will report to Peter Zaffino, AIG’s CEO of general insurance.
“Tom will bring strong discipline to our underwriting and pricing decisions, and will play a key role in building AIG’s data and analytical capabilities to empower our underwriters,” Mr. Zaffino said in a statement.
Mr. Bolt is one of several senior insurance market figures to join AIG since Brian Duperreault took over as CEO of the insurer in May and implemented a turnaround strategy.
Berkshire Hathaway International Insurance Ltd. said Thursday it has named Lloyd's of London veteran Tom Bolt to head a specialty insurance operation in Europe.