AIG snags chief actuary from Munich Re

Richard Olsen has joined American International Group Inc. from Munich Re as chief actuary, general insurance, effective immediately, the company said Wednesday.

AIG said he will lead the general insurance global actuarial organization, with responsibility for aligning pricing, portfolio and reserving practices as well as providing guidance on portfolio optimization to hep inform general insurance’s strategy.

Mr. Olsen will be based in New York and report to Mark Lyons, AIG’s executive vice president and chief financial officer, the insurer’s statement said.

Mr. Olsen was most recently chief financial officer of Munich Re’s U.S. property/casualty reinsurance subsidiaries, where his responsibilities included financial management, information technology and enterprise risk management for U.S. operations.

AIG named Mr. Lyons, who was previously senior vice president and chief actuary, to his post in December 2018.

AIG said when it announced Mr. Lyons’ promotion that he would remain as chief actuary, general insurance, until a successor was named.