Four AIG executives resign to join Berkshire Hathaway - Ouch
Four AIG executives resign to join Berkshire Hathaway
April 25, 2013 - 7:07 pm ET
Four senior executives from American International Group Inc., including Peter Eastwood, president and CEO of AIG Property/Casualty—The Americas, resigned Thursday to join rival insurer Berkshire Hathaway Inc.In addition to Mr. Eastwood, David J. Bresnahan, president of Lexington Insurance Co., David Fields, chief reinsurance officer of AIG, and Sanjay Godhwani, president of AIG’s property/casualty group—Latin America and the Caribbean all resigned from the insurer.
Messrs. Eastwood, Bresnahan and Godhwani had all spent significant portions of their career at Lexington, AIG’s Boston-based excess and surplus lines unit. Mr. Eastwood took over the leadership of Lexington, after its long-time CEO Kevin Kelley resigned in 2008 to join rival Ironshore Inc.
AIG released a statement Thursday in response to the resignations: “AIG has strong leadership in place. AIG has a seasoned and very deep bench of talented property and casualty executives ready to assume broader responsibilities. We have hired a number of strong industry leaders over the past few years, including in commercial underwriting, specialty and aerospace, and our executives have the hard-earned experience of leading our business through unprecedented times and circumstances. We continue to look to tomorrow and the opportunities ahead for AIG and our customers.”