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Chartis announces company restructure

Chartis has announced a new restructure that will divide the company into three main geographic regions.

Under the new framework the insurer will be split into the Americas, Asia and EMEA (Europe, Middle East and Africa) to improve the execution of its commercial and consumer strategies and to focus more on its growth economies initiatives.

George Cubbon, president and CEO of Chartis Insurance said that the realignment would have no direct impact on the company’s Bermuda operations.

Peter Hancock, CEO of Chartis, said: “As Chartis continues to evolve as a company, we are deploying our global resources in a manner that will create a more efficient regional framework to improve delivery of our insurance solutions and add value for our customers.”

Peter Eastwood, president and CEO of the US and Canada, will assume responsibility for the Americas, which includes the US, Canada, Latin America and Bermuda.

Jose Hernandez, president and CEO of the Far East Region, will now have responsibility for Japan and Chartis’ Asia Pacific region.

Robert Schimek has been named president and CEO of EMEA, with responsibility for Europe, the Middle East and Africa. Mr. Schimek had been Chartis’ chief financial officer for the past six years. James Bracken, who has served as a deputy chief financial officer for Chartis, has been appointed chief financial officer for the company and will report to David Herzog, chief financial officer for American International Group (AIG).

In addition, Alexander Baugh will become Chartis’ chief risk officer and head of strategic planning, reporting to Sid Sankaran, AIG’s chief risk officer. In this capacity, Mr Baugh will lead Chartis’ efforts to improve its risk profile and to drive its strategic plans in line with AIG.

Mr Baugh had been president and CEO of Europe since Chartis’ restructuring last year.

Mr Hancock said: “This simplified structure will permit closer coordination of the regions with the commercial and consumer teams, and it will allow us to put greater emphasis on growth economy nations by aligning them under our top regional executives. Profitable growth in developing countries is an essential component of our strategic plans to create greater value for all of Chartis’ stakeholders.”

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Published January 18, 2012 at 1:00 am (Updated January 18, 2012 at 7:25 am)

Chartis announces company restructure

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