Former AIG Executive Joins Starr International

Starr Indemnity & Liability Co. has named Charles H. Dangelo, the former president and chief reinsurance officer of AIG’s global risk management division, as its president and chief executive officer.

Dangelo will also serve as president and chief executive of Starr Excess Lines Insurance Co. and director and chairman of Starr Insurance & Reinsurance Ltd., the company said in a statement. The companies are subsidiaries of Starr International Co. Inc.

“We will look to take advantage of current market conditions to become an important force within the P/C industry in the coming years,” said Maurice “Hank” Greenberg, chairman of SICO.

Greenberg headed AIG for decades before being forced out in 2005 amid an accounting scandal and government investigations. He has been extremely critical of AIG(NYSE: AIG) management, and he and SICO are engaged in civil litigation with the company involving his departure from AIG and the collapse of the company’s finances (BestWire, March 6, 2009).

Retaining senior managers and top executives has become an issue for AIG as it uses a federal rescue plan of up to $180 billion to stay solvent and reorganize (BestWire, Feb. 26, 2009).

Shares of AIG were trading at $0.36 a share in late morning trading on March 9, up 2.46% from the previous close.

Most AIG insurance companies currently have a Best’s Financial Strength Rating of A (Excellent) with a negative outlook.

Starr Insurance & Reinsurance Ltd. currently has a Best's Financial Strength Rating of A (Excellent).

(By Alyn Ackermann, senior associate editor, BestWeek: [email protected])