AIG’s Bermuda ILS unit AlphaCat appoints new CEO amid reshuffle

Bermuda ILS firm AlphaCat has appointed a new CEO, replacing its long-time leader Lixin Zeng.

Paschal Brooks, the company’s former COO, has taken the reins of the AIG subsidiary that provides investment advisory services to the ILS space.

Brooks will report to Chris Schaper, CEO of AIG Re, the reinsurance business division of AIG.

Brooks joined AlphaCat in 2011 and has held numerous roles including portfolio manager, managing director and head of non-investment.

He previously served as vice president in the structured finance group at Goldman Sachs and was also a research analyst in the executive office of Alleghany Corporation.