American International Group has formed AIG Re to consolidate the company’s global reinsurance operations.

The new global business will be led by chief executive officer Christopher Schaper, who will be based in Bermuda, AIG said.

The businesses to be grouped together under the AIG Re banner are Validus Re, AlphaCat and Talbot Treaty.

Mr Schaper, whose appointment is effective July 1, will oversee implementation of AIG’s assumed reinsurance strategy with a focus on continuing to develop, market and deliver innovative reinsurance and capital market solutions to clients on a global basis, AIG said tonight.

The new CEO will report to Peter Zaffino, president and CEO, AIG General Insurance, and global chief operating officer of AIG.

Mr Zaffino said: “Building on our efforts to position AIG as an industry leader, Chris will lead AIG Re’s delivery of differentiated value to our clients through the creation of new pools of risk and the deployment of alternative capital.

“Chris’s deep reinsurance expertise and industry relationships will accelerate the execution of our strategy for AIG Re. I look forward to welcoming Chris to AIG.”

Mr Schaper brings more than three decades of experience in the insurance and reinsurance industries to AIG. He joins AIG from Marsh, where he was CEO of the managing general agent businesses since 2016.

Before that Mr Schaper served as president of Montpelier Re Ltd and underwriting chairman of Blue Capital, Montpelier’s capital markets entity.

Mr Schaper held several leadership positions at Bermudian-based reinsurer Endurance Specialty Insurance Ltd, including chief underwriting officer and head of reinsurance, and head of casualty treaty reinsurance.

“I am pleased to join AIG as the company focuses on enhanced opportunities, underwriting excellence and differentiating its capabilities in the global market,” Mr Schaper said.

“I look forward to working closely with the Validus Re, AlphaCat and Talbot teams as we position AIG Re to deliver current and innovative products to clients and partners as well as engage in new initiatives as we further develop our global business.”

AIG is led by Brian Duperreault, its Bermudian CEO.