AIG snags Munich Re's Richard Olsen for top chief actuary role

American International Group (AIG) has hired Munich Re's Richard Olsen as new chief actuary, general insurance, based in New York.

Olsen brings over 30 years of industry experience to AIG. Most recently, he was chief financial officer of Munich Re’s US P&C reinsurance subsidiary, where his responsibilities included financial management, information technology and enterprise risk management for US operations. Previously, he served as head of central reserving at Munich Re and spent 21 years with General Re Corporation, as senior vice president & actuary for Cologne Re.

Olsen will lead the general insurance global actuarial organisation at AIG, with responsibility for aligning pricing, portfolio and reserving practices with AIG’s business objective of improving underwriting profitability, as well as providing guidance on portfolio optimisation to help inform general insurance strategy.

He will report to Mark Lyons, executive vice president and chief financial offer, AIG.

“Richard’s successful career of leading inter-disciplinary teams and enhancing performance make him ideally qualified to advance our goal of building a highly effective and business-oriented actuarial function,” said Lyons. “I am pleased to welcome Richard to AIG, as we continue to position our business for sustainable underwriting profitability.”

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