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

Chartis has reassigned some of its top executives—the second such shakeup for the American International Group (AIG) subsidiary in less than a year—in conjunction with a geographic restructuring to hone in on growing economies.

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

The executive announcements were made in conjunction with the departure 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 vice president at AIG. He was responsible for operations in Asia Pacific, South Asia, Latin America, Africa, the Middle East andCentral Europe.

Peter Hancock, Chartis CEO, says in a statement that the geographic and executive realignments were made to “create a more efficient regional framework to improve delivery of our insurance solutions and add value for our customers.”

He adds, “Profitable growth in developing countries is an essential component of our strategic plans to create greater value for 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 been named president and CEO of Europe, the Middle East andAfrica.

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

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

Special Reports /

After Departure, Chartis Shuffles Executives Again

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