American International Group Inc. (AIG) property/casualty unit, Chartis Inc., has named Thomas Scherer senior vice president and general counsel.
AIG has reportedly asked Thomas Russo, the former general counsel at Lehman Brothers Inc., to be its next general counsel. AIG has given Russo a written offer and is discussing his proposed pay package with the office of U.S. pay czar Kenneth Feinberg.
Scherer, previously special litigation counsel and CCO at Swiss Reinsurance Co., will be responsible for New York-based Chartis' worldwide legal operations.
The executive-level appointment fills a new position at Chartis, formerly AIU Holdings, which was formed last year through the combination of AIG's domestic and foreign property/casualty insurance businesses.
Scherer also had served as Swiss Re's group deputy general counsel and as chief operating officer and general counsel for the reinsurer's financial markets division. He will be based in New York and will report directly to Chartis President and CEO Kristian P. Moor and to AIG's general counsel, who will be named later, a Chartis spokeswoman said.
Late last month, Anastasia Kelly, AIG's general counsel and vice chairman for legal, human resources and corporate affairs, resigned due to federal salary caps imposed on executives of companies that took government bailout funds.
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