AIG lures top reinsurance leader back to support transformation

American International Group (AIG) has lured back its former global head of reinsurance less than two years after he left the group to become chief executive of a Bermuda-based specialist reinsurance and retrocession investment company.

Charlie Fry (pictured) is rejoining  AIG as executive vice president, reinsurance purchasing and risk capital optimisation at the end of July.

Fry will report to Peter Zaffino,  AIG's chairman & chief executive officer and will assume responsibility for  AIG's reinsurance purchasing strategy and placement execution, as well as optimising capital allocation in  AIG's property casualty business.

In his new role, Fry will work closely with Shane Fitzsimons,  AIG's executive vice president & chief financial officer, and Mark Lyons,  AIG's executive vice president, global chief actuary and head of portfolio management.

Fry first joined  AIG in 2017 as global head of reinsurance strategy and head of global portfolio management for general insurance. After departing  AIG in 2020, he served as chief executive officer of Acacia Holdings, a Bermuda-based capital investment company.

Fry previously served as group chief financial officer at Novae Group, a UK-listed specialty insurer, and, prior to that, was global chief operating officer at Guy Carpenter. In addition, he previously worked with Apax Partners on its investment in Travelex Group and, from 1999 to 2006, Fry was a member of the senior management team of Benfield Group.

“I am very pleased to welcome Charlie back to  AIG,” said Zaffino. “The continued execution of our reinsurance strategy is essential to our progress toward becoming a top performing company.

“During Charlie’s previous tenure at  AIG, he played a key role in  AIG's underwriting turnaround and established a framework for reinsurance purchasing and risk and volatility mitigation efforts across our global portfolio. I have worked with Charlie for many years and am confident he will make significant contributions to  AIG as we progress our deployment of capital and continue to improve our risk adjusted returns.”

Fry commented: “I am delighted to be rejoining  AIG and it is a privilege to work once again with Peter Zaffino.  AIG is a global leader in risk management, and I look forward to working with Peter and the broader AIG team at this exciting stage of the company’s transformation.”

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