AIG names ex-Criterion CEO as Asia head of marineMay 5 2020 by Yvonne Lau
American insurer AIG has appointed Jonathan Ranger to be their new Asia Pacific head of marine, general insurance. Ranger will remain based in Singapore.
In his new role with AIG, Ranger (pictured) will be “responsible for optimising and executing the marine strategy across the region. [Ranger] has over 30 years of experience working across multiple markets,” says an official company statement.
Ranger prior to AIG most recently served as chief executive of Criterion Underwriting (Criterion) from April 2018 to May 2020.
Independent MGA Criterion launched in Singapore in October 2018, at the 15th annual Singapore International Reinsurance Conference (SIRC) backed by Asia Reinsurance Brokers and B.P. Marsh of the UK. Criterion’s website shows marine, cyber and financial lines product offerings.
At the time of launch, Ranger said: “We see [Criterion] becoming a model for how to create a successful independent MGA — strong financial backing combined with underwriting experience and respect for the regulatory and compliance environment. [The] decision to adopt the MGA model in Singapore is based on the fact that [Criterion can] offer a broad line of products to market segments less well-served by the established insurance industry.”
Prior to Criterion, Ranger was a long-serving executive at Munich Re Syndicate from 2002 to 2018. He most recently served as the syndicate’s Singapore chief executive.
He has also held marine underwriting and management roles at Swiss Re, AIG Singapore and AIG Europe in London. Ranger first arrived in Asia (and Singapore) from London back in 1997 — at the height of the Asian financial crisis — to take on the role of marine manager for AIG in the Lion City.
AIG’s Asia arm has seen a spate of people moves as of late. John Hancock, Lloyd’s director of performance management, is set to join the insurer in the spring as chief executive of international general insurance; he replaces Chris Townsend who left earlier in the year.
Steven Barnett was recently promoted to chief executive, general insurance Asia Pacific.
The insurer recently released their first quarter results, recording US$419 million in pre-tax catastrophe losses and US$272 million of estimated Covid-19 losses; with US$574 million in pre-tax income for life and retirement.
Net income was US$1.7 billion, compared to US$654 million for the first quarter of 2019.
Brian Duperreault, chief executive of the group, noted: “AIG was in a strong financial position before this crisis began and remains in a strong financial position today. While we believe Covid-19 will be the single largest cat loss the industry has ever seen… [we are] well-positioned, with significant financial flexibility.”
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