Willis Group Holdings said it has named Gary Schmalzriedt chairman of Willis Re, the company's reinsurance arm, effective immediately.

Mr. Schmalzriedt, whose background includes 40 years of international insurance management experience, was chairman and chief executive officer of ACE Overseas General before becoming an industry consultant in 2006.

Commenting on Mr. Schmalzriedt's appointment, Joe Plumeri, chairman and chief executive officer of Willis, noted that under Willis Re CEO Peter Hearn the company's reinsurance business has grown significantly in recent years.

He said in a statement that he expected growth and development of enhanced service to clients will be continued by “leveraging” Mr. Schmalzriedt's “tremendous industry expertise and outstanding business relationships.”

Mr. Hearn said that Mr. Schmalzriedt will “draw upon his outstanding track record in the international arena as we continue to expand our network across the globe.”

Mr. Schmalzriedt was responsible for ACE's International operations from July 2003 to September 2006. He joined ACE in 1999 as part of the acquisition of CIGNA's International P&C Operations and was named president and CEO of ACE Bermuda before moving to ACE Overseas General in 2003.

Before joining ACE he was chairman and CEO of CIGNA of Europe S.A. N.V., and earlier was responsible for CIGNA's International P&C Operations. He began his career with American International Underwriters (AIU), a division of AIG, and over 18 years with the company was responsible for managing all of AIG's International P&C operations and AIU's operations in South Africa.

Mr. Schmalzriedt replaces Graham Millwater, who held the positions of chairman and CEO of Willis Re until his promotion to president of London-headquartered Willis Group this year.

Special Reports /

Schmalzriedt Named Willis Chairman

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