Ironshore announced today that the latest executive defectors from AIG Environmental, Joe Boren and John O'Brien, have joined the company as leaders of a newly established Ironshore environmental insurance facility.
American International Group has been struggling to keep staff amid its efforts to sell off various units to pay off billions in government loans.
Mr. Boren, who was chief executive officer at AIG Environmental, will become CEO of the new Ironshore unit, which is to be based in New York. Mr. O'Brien, previously president and chief operating officer of AIG, will be president.
The move comes just two weeks after three other environmental experts from AIG Environmental in Chicago–Adrien Robinson, Gregory Heidemann and Patrick Crotty–defected to join Navigators Environmental, a Chicago-based specialty unit of New York-based Navigators.
Early last month, Ironshore also announced that it snagged two other senior management leaders from financially troubled AIG–Kevin Kelley, the former CEO of AIG's specialty insurer, Lexington Insurance, and Shaun Kelly, who had been Lexington's president and COO.
Kevin Kelley became Ironshore's new CEO, replacing founding CEO Robert Deutsch, who is now president.
Shaun Kelly took on the role of CEO of Ironshore's U.S. Operations.
Yesterday, AIG said Russell Johnston had been appointed to fill the CEO slot vacated by Mr. Boren.
Mr. Boren had worked at AIG Environmental for the last 13 years. Mr. O'Brien had been with AIG for the last 17 years.
Ironshore said its new unit will write a wide variety of environmental and casualty products with focus on middle market commercial risks. The products will serve wholesale and retail markets and will include products for contractors, fixed facilities including real estate, professional service companies and manufacturing operations.
Mr. Boren will report to Shaun Kelly.
Ironshore, which started its life as a Bermuda-based commercial property insurer in late 2007, has since formed IronPro to enter the management liability arena; IronBuilt to serve the construction market; IronHealth, specializing in health care liability; and IronSelect, an excess casualty division.
The company also entered the Lloyd's market, buying Pembroke Managing Agency and Syndicate 4000 in a deal that closed in early September of last year.
In addition, in mid-December, Ironshore acquired the assets of Marine Re, a reinsurance specialist in hull and cargo for commercial and pleasure craft.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.