Revealing the latest executive defection from financially troubled American International Group, Zurich announced that Ty R. Sagalow, former president of AIG Product Development, has been named executive vice president and chief innovation officer for its North America Commercial Marketing unit.

The Schaumburg, Ill.-based insurer said in his new position, Mr. Sagalow will oversee all of North America Commercial’s strategic product development initiatives in the United States and Canada, and will have responsibility for the business division’s Proposition Development and Marketing Research departments.

Mr. Sagalow will be based in New York and will report to John Parker, chief marketing officer for North America Commercial.

The company noted that while at AIG Mr. Sagalow oversaw the development of numerous new insurance products, including directors and officers liability policies, cyber-risk insurance, identity theft, and various management and professional liability products.

Prior to his product development role, he was chief operating officer of AIG eBusiness Risk Solutions and was chief underwriting officer and general counsel of National Union Fire Insurance Company of Pittsburgh.

Mr. Sagalow has written on complex and emerging risks including “D&O Insurance: A Director’s Guide” (National Association of Corporate Directors) and “@Risk: The Definitive Guide to eCommerce Risk and Insurance.”

“Ty’s proven track record of bringing innovative insurance solutions to market quickly and efficiently fits perfectly with Zurich’s commitment to meeting the evolving needs of our customer base,” said Mr. Parker.

Zurich’s North America Commercial and Global Corporate in North America business divisions are part of Zurich Financial Services Group (Zurich), an insurance-based financial services provider with subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. The Zurich Group is headquartered in Zurich, Switzerland.