NU Online News Service, Jan. 18, 12:09 p.m.EDT

Chartis has reassigned some of its top executives—the secondsuch shakeup for the American International Group (AIG) subsidiaryin less than a year—in conjunction with a geographic restructuringto hone in on growing economies.

AIG's property and casualty unit says it has aligned itsgeographic structure under three areas: theAmericas, Asia andanother area that includes Europe, Africa and theMiddle East.

The executive announcements were made in conjunction with thedeparture of Julio A. Portalatin, who was named president and chief executive officer of Mercer, Marsh &McLennan Cos.' human resource consulting subsidiary.

Portalatin was CEO of Chartis growth economies, and senior vicepresident at AIG. He was responsible for operations in AsiaPacific, South Asia, Latin America, Africa, the Middle EastandCentral Europe.

Peter Hancock, Chartis CEO, says in a statement that thegeographic and executive realignments were made to “create a moreefficient regional framework to improve delivery of our insurancesolutions and add value for our customers.”

He adds, “Profitable growth in developing countries is anessential component of our strategic plans to create greater valuefor all of Chartis' stakeholders.”

Peter Eastwood, president and CEO of U.S. andCanadafor Chartis,will now add Latin America andBermuda.

Jose Hernandez, president and CEO of the Far East Region,will takeJapanand Chartis' Asia Pacific region.

Robert Schimek, the company's chief financial officer, has beennamed president and CEO of Europe, the Middle East andAfrica.

Additionally, Chartis appoints James Bracken Chartis' CFO toreplace Schimek. Bracken was deputy CFO.

Continuing with the executive realignment, Alexander Baugh, whohad been president and CEO of Europe since Chartis' restructuring a year ago, is now be Chartis' chief risk officerand head of strategic planning.