6 People on the Move

In this edition of People on the Move, EPIC, AIG, Ascinsure and more see people moving in their ranks.
By: | February 22, 2019 • 5 min read

Carla Ferrara to Head Investment Communications for AIG

AIG announced that Carla Ferrara has been appointed as head of communications for AIG’s Investments organization. Ferrara will be based in New York and report to Elaine Rocha, chief operating officer, AIG Investments.

Carla Ferrara, head of communications, AIG Investments

“As a strategic and collaborative leader, Carla’s record of success and extensive experience in developing and executing national and global strategic communications, media relations and marketing strategies will serve us well,” said Rocha. “Her strong vision and ability to effectively communicate an organization’s strategy means she will be an ideal leader as we position AIG Investments for the future.”

Ferrara brings more than 25 years of extensive branding and communications strategy, internal engagement, media relations and thought leadership experience in the global insurance and financial services industry to this key role. She joined AIG in 2018, serving as director, internal communications, for AIG’s Finance, Internal Audit, Enterprise Risk Management and Global Legal Compliance & Regulatory (GLCR) functions.

Prior to her tenure with AIG, Ferrara served as director of data communications for XL Catlin (now AXA Catlin), where she served as a strategic communications business partner for the company’s chief data officer and its enterprise business data solutions team. Prior to that, she was vice president, corporate communications & branding, for QBE North America. She also previously was assistant vice president, media relations, for Chubb North America (formerly ACE Group), where she developed and executed strategic communications and media plans while counseling product experts and senior management on their communication techniques.

Thai Hong Hired as CBIZ’s National Claim Advocacy Leader

CBIZ announced the hiring of Thai Hong as national claim advocacy leader for its property and casualty group. He will also serve as its international business and global accounts practice leader.

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“I’m thrilled to have Thai join our property and casualty business and believe he will excel at leading our claims area, as well as expanding our international practice,” said Mike Gill, president, CBIZ Insurance Services, Inc. “His experience and influence will help our teams resolve complex and difficult claim situations in our clients’ favor.”

Hong comes to CBIZ with over 28 years of experience in the property and casualty industry, including claim leader, senior account executive, global accounts underwriter, multi-national accounts client executive and practice leader. He has considerable experience in placing, servicing and managing the claim process for international and multi-national insurance programs.

Hong is a chartered property casualty underwriter and, in addition to holding property and casualty and life and health insurance licenses in most states, he also holds Series 6 and 63 Securities licenses. He earned a degree in international business from Hamline University in St. Paul, Minnesota and a degree in Japanese Studies from Waseda University in Tokyo, Japan.

TT Club Appoints New Senior Underwriter

TT Club, the international transport and logistics industry’s leading provider of insurance and related risk management services, has appointed Andrew Peers as the senior underwriter for its UK, Benelux and Nordic underwriting team.

Andrew Peers, senior underwriter, TT Club

Peers joins the Club from RSA, where he spent 17 years and led a team of 12 marine liability and marine property insurance underwriters, delivering value to his clients and London market brokers. Andrew has also held senior positions at GE Frankona and Willis.

Reporting to the Club’s EMEA regional director Mark Argentieri, Peers will head up an underwriting team focused on driving forward and providing continued support to TT Club’s core transport, logistics and ports business in the North European market. He will be working closely with the Club’s regional broker partners and industry contacts, whilst bringing key London market brokers to the Club.

Mark Argentieri says: “Andrew is a highly respected, well experienced marine insurance professional and his appointment further reinforces TT Club as the center of expertise for the global container transport insurance industry. His skills and contacts will undoubtedly be a great asset to the EMEA region and the Club as a whole in delivering real value to our membership.”

JAMS’ Peter Rosen Receives Leadership Award

Peter Rosen of JAMS has been awarded the first Transactional Liability Leadership Award at Advisen’s annual Transaction Insurance Insights Conference.

This award recognizes an outstanding individual who is a transaction liability coverage expert, an innovator and a mentor. The recipient was determined by the 10 industry thought leaders who comprise the Conference Advisory Board.

Matthew Heinz, senior managing director, Aon, and this year’s Transactional Insurance Conference Chair, explained why Rosen deserved to be the first recipient of this award: “Peter has been a mainstay of the transaction liability space since inception, and his professionalism, intellect, and innovative approach are a boon to his clients and the industry in general,” he said.

Ascinsure Specialty Promotes Steve Keinard

Ascinsure Specialty Risk LLC has promoted Steve Keinard to the role of assistant vice president and underwriting manager. He’ll be leaving the role of senior underwriter, which he held since January 2018.

Steve Keinard, assistant vice president & underwriting manager, Ascinsure Specialty Risk

“With the ability to offer industry-specific and customized programs that were built for our niche markets, Ascinsure is growing at an exciting pace,” said Mike Goff,  senior vice president.

“Steve’s depth of knowledge, underwriting experience and ability to manage a winning team are exactly what Ascinsure needs at this critical time. He was a great addition to the Ascinsure family and made it a short search filling this extremely important position,” Goff added.

Keinard has more than 30 years of insurance and underwriting experience. He will spearhead efforts to ensure his department achieves goals and objectives vital to the organization’s success.

Ascinsure is an operating company of Allied Insurance Brokers, Inc.

Jose Palmer Joins EPIC 

EPIC Insurance Brokers and Consultants welcomed Jose Palmer to its energy and marine practice, which is part of its property and casualty operations.

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Palmer received the role of principal, for which he will be responsible for new business development and the design, placement and management of property/casualty insurance programs, providing risk management strategies and solutions for mid-market large clients.

He will report to KJ Wagner, EPIC’s managing principal and director of the Southwest region.

“We are thrilled to continue the growth of our Property & Casualty team in the Southwest region with Jose’s addition,” said Wagner. “He brings a strong risk management background that adds tremendous value to our clients and our organization as a whole. Jose will be a terrific addition to EPIC.” &

The R&I Editorial Team can be reached at [email protected]

Exclusive | Hank Greenberg on China Trade, Starr’s Rapid Growth and 100th, Spitzer, Schneiderman and More

In a robust and frank conversation, the insurance legend provides unique insights into global trade, his past battles and what the future holds for the industry and his company.
By: | October 12, 2018 • 12 min read

In 1960, Maurice “Hank” Greenberg was hired as a vice president of C.V. Starr & Co. At age 35, he had already accomplished a great deal.

He served his country as part of the Allied Forces that stormed the beaches at Normandy and liberated the Nazi death camps. He fought again during the Korean War, earning a Bronze Star. He held a law degree from New York Law School.

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Now he was ready to make his mark on the business world.

Even C.V. Starr himself — who hired Mr. Greenberg and later hand-picked him as the successor to the company he founded in Shanghai in 1919 — could not have imagined what a mark it would be.

Mr. Greenberg began to build AIG as a Starr subsidiary, then in 1969, he took it public. The company would, at its peak, achieve a market cap of some $180 billion and cement its place as the largest insurance and financial services company in history.

This month, Mr. Greenberg travels to China to celebrate the 100th anniversary of C.V. Starr & Co. That visit occurs at a prickly time in U.S.-Sino relations, as the Trump administration levies tariffs on hundreds of billions of dollars in Chinese goods and China retaliates.

In September, Risk & Insurance® sat down with Mr. Greenberg in his Park Avenue office to hear his thoughts on the centennial of C.V. Starr, the dynamics of U.S. trade relationships with China and the future of the U.S. insurance industry as it faces the challenges of technology development and talent recruitment and retention, among many others. What follows is an edited transcript of that discussion.


R&I: One hundred years is quite an impressive milestone for any company. Celebrating the anniversary in China signifies the importance and longevity of that relationship. Can you tell us more about C.V. Starr’s history with China?

Hank Greenberg: We have a long history in China. I first went there in 1975. There was little there, but I had business throughout Asia, and I stopped there all the time. I’d stop there a couple of times a year and build relationships.

When I first started visiting China, there was only one state-owned insurance company there, PICC (the People’s Insurance Company of China); it was tiny at the time. We helped them to grow.

I also received the first foreign life insurance license in China, for AIA (The American International Assurance Co.). To date, there has been no other foreign life insurance company in China. It took me 20 years of hard work to get that license.

We also introduced an agency system in China. They had none. Their life company employees would get a salary whether they sold something or not. With the agency system of course you get paid a commission if you sell something. Once that agency system was installed, it went on to create more than a million jobs.

R&I: So Starr’s success has meant success for the Chinese insurance industry as well.

Hank Greenberg: That’s partly why we’re going to be celebrating that anniversary there next month. That celebration will occur alongside that of IBLAC (International Business Leaders’ Advisory Council), an international business advisory group that was put together when Zhu Rongji was the mayor of Shanghai [Zhu is since retired from public life]. He asked me to start that to attract foreign companies to invest in Shanghai.

“It turns out that it is harder [for China] to change, because they have one leader. My guess is that we’ll work it out sooner or later. Trump and Xi have to meet. That will result in some agreement that will get to them and they will have to finish the rest of the negotiations. I believe that will happen.” — Maurice “Hank” Greenberg, chairman and CEO, C.V. Starr & Co. Inc.

Shanghai and China in general were just coming out of the doldrums then; there was a lack of foreign investment. Zhu asked me to chair IBLAC and to help get it started, which I did. I served as chairman of that group for a couple of terms. I am still a part of that board, and it will be celebrating its 30th anniversary along with our 100th anniversary.

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We have a good relationship with China, and we’re candid as you can tell from the op-ed I published in the Wall Street Journal. I’m told that my op-ed was received quite well in China, by both Chinese companies and foreign companies doing business there.

On August 29, Mr. Greenberg published an opinion piece in the WSJ reminding Chinese leaders of the productive history of U.S.-Sino relations and suggesting that Chinese leaders take pragmatic steps to ease trade tensions with the U.S.

R&I: What’s your outlook on current trade relations between the U.S. and China?

Hank Greenberg: As to the current environment, when you are in negotiations, every leader negotiates differently.

President Trump is negotiating based on his well-known approach. What’s different now is that President Xi (Jinping, General Secretary of the Communist Party of China) made himself the emperor. All the past presidents in China before the revolution had two terms. He’s there for life, which makes things much more difficult.

R&I: Sure does. You’ve got a one- or two-term president talking to somebody who can wait it out. It’s definitely unique.

Hank Greenberg: So, clearly a lot of change is going on in China. Some of it is good. But as I said in the op-ed, China needs to be treated like the second largest economy in the world, which it is. And it will be the number one economy in the world in not too many years. That means that you can’t use the same terms of trade that you did 25 or 30 years ago.

They want to have access to our market and other markets. Fine, but you have to have reciprocity, and they have not been very good at that.

R&I: What stands in the way of that happening?

Hank Greenberg: I think there are several substantial challenges. One, their structure makes it very difficult. They have a senior official, a regulator, who runs a division within the government for insurance. He keeps that job as long as he does what leadership wants him to do. He may not be sure what they want him to do.

For example, the president made a speech many months ago saying they are going to open up banking, insurance and a couple of additional sectors to foreign investment; nothing happened.

The reason was that the head of that division got changed. A new administrator came in who was not sure what the president wanted so he did nothing. Time went on and the international community said, “Wait a minute, you promised that you were going to do that and you didn’t do that.”

So the structure is such that it is very difficult. China can’t react as fast as it should. That will change, but it is going to take time.

R&I: That’s interesting, because during the financial crisis in 2008 there was talk that China, given their more centralized authority, could react more quickly, not less quickly.

Hank Greenberg: It turns out that it is harder to change, because they have one leader. My guess is that we’ll work it out sooner or later. Trump and Xi have to meet. That will result in some agreement that will get to them and they will have to finish the rest of the negotiations. I believe that will happen.

R&I: Obviously, you have a very unique perspective and experience in China. For American companies coming to China, what are some of the current challenges?

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Hank Greenberg: Well, they very much want to do business in China. That’s due to the sheer size of the country, at 1.4 billion people. It’s a very big market and not just for insurance companies. It’s a whole range of companies that would like to have access to China as easily as Chinese companies have access to the United States. As I said previously, that has to be resolved.

It’s not going to be easy, because China has a history of not being treated well by other countries. The U.S. has been pretty good in that way. We haven’t taken advantage of China.

R&I: Your op-ed was very enlightening on that topic.

Hank Greenberg: President Xi wants to rebuild the “middle kingdom,” to what China was, a great country. Part of that was his takeover of the South China Sea rock islands during the Obama Administration; we did nothing. It’s a little late now to try and do something. They promised they would never militarize those islands. Then they did. That’s a real problem in Southern Asia. The other countries in that region are not happy about that.

R&I: One thing that has differentiated your company is that it is not a public company, and it is not a mutual company. We think you’re the only large insurance company with that structure at that scale. What advantages does that give you?

Hank Greenberg: Two things. First of all, we’re more than an insurance company. We have the traditional investment unit with the insurance company. Then we have a separate investment unit that we started, which is very successful. So we have a source of income that is diverse. We don’t have to underwrite business that is going to lose a lot of money. Not knowingly anyway.

R&I: And that’s because you are a private company?

Hank Greenberg: Yes. We attract a different type of person in a private company.

R&I: Do you think that enables you to react more quickly?

Hank Greenberg: Absolutely. When we left AIG there were three of us. Myself, Howie Smith and Ed Matthews. Howie used to run the internal financials and Ed Matthews was the investment guy coming out of Morgan Stanley when I was putting AIG together. We started with three people and now we have 3,500 and growing.

“I think technology can play a role in reducing operating expenses. In the last 70 years, you have seen the expense ratio of the industry rise, and I’m not sure the industry can afford a 35 percent expense ratio. But while technology can help, some additional fundamental changes will also be required.” — Maurice “Hank” Greenberg, chairman and CEO, C.V. Starr & Co. Inc.

R&I:  You being forced to leave AIG in 2005 really was an injustice, by the way. AIG wouldn’t have been in the position it was in 2008 if you had still been there.

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Hank Greenberg: Absolutely not. We had all the right things in place. We met with the financial services division once a day every day to make sure they stuck to what they were supposed to do. Even Hank Paulson, the Secretary of Treasury, sat on the stand during my trial and said that if I’d been at the company, it would not have imploded the way it did.

R&I: And that fateful decision the AIG board made really affected the course of the country.

Hank Greenberg: So many people lost all of their net worth. The new management was taking on billions of dollars’ worth of risk with no collateral. They had decimated the internal risk management controls. And the government takeover of the company when the financial crisis blew up was grossly unfair.

From the time it went public, AIG’s value had increased from $300 million to $180 billion. Thanks to Eliot Spitzer, it’s now worth a fraction of that. His was a gross misuse of the Martin Act. It gives the Attorney General the power to investigate without probable cause and bring fraud charges without having to prove intent. Only in New York does the law grant the AG that much power.

R&I: It’s especially frustrating when you consider the quality of his own character, and the scandal he was involved in.

In early 2008, Spitzer was caught on a federal wiretap arranging a meeting with a prostitute at a Washington Hotel and resigned shortly thereafter.

Hank Greenberg: Yes. And it’s been successive. Look at Eric Schneiderman. He resigned earlier this year when it came out that he had abused several women. And this was after he came out so strongly against other men accused of the same thing. To me it demonstrates hypocrisy and abuse of power.

Schneiderman followed in Spitzer’s footsteps in leveraging the Martin Act against numerous corporations to generate multi-billion dollar settlements.

R&I: Starr, however, continues to thrive. You said you’re at 3,500 people and still growing. As you continue to expand, how do you deal with the challenge of attracting talent?

Hank Greenberg: We did something last week.

On September 16th, St. John’s University announced the largest gift in its 148-year history. The Starr Foundation donated $15 million to the school, establishing the Maurice R. Greenberg Leadership Initiative at St. John’s School of Risk Management, Insurance and Actuarial Science.

Hank Greenberg: We have recruited from St. John’s for many, many years. These are young people who want to be in the insurance industry. They don’t get into it by accident. They study to become proficient in this and we have recruited some very qualified individuals from that school. But we also recruit from many other universities. On the investment side, outside of the insurance industry, we also recruit from Wall Street.

R&I: We’re very interested in how you and other leaders in this industry view technology and how they’re going to use it.

Hank Greenberg: I think technology can play a role in reducing operating expenses. In the last 70 years, you have seen the expense ratio of the industry rise, and I’m not sure the industry can afford a 35 percent expense ratio. But while technology can help, some additional fundamental changes will also be required.

R&I: So as the pre-eminent leader of the insurance industry, what do you see in terms of where insurance is now and where it’s going?

Hank Greenberg: The country and the world will always need insurance. That doesn’t mean that what we have today is what we’re going to have 25 years from now.

How quickly the change comes and how far it will go will depend on individual companies and individual countries. Some will be more brave than others. But change will take place, there is no doubt about it.

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More will go on in space, there is no question about that. We’re involved in it right now as an insurance company, and it will get broader.

One of the things you have to worry about is it’s now a nuclear world. It’s a more dangerous world. And again, we have to find some way to deal with that.

So, change is inevitable. You need people who can deal with change.

R&I:  Is there anything else, Mr. Greenberg, you want to comment on?

Hank Greenberg: I think I’ve covered it. &

The R&I Editorial Team can be reached at [email protected]