(Bloomberg) -- Hamilton Insurance Group Ltd., the Bermuda-based insurer that's backed by principals of hedge fund firm Two Sigma Investments, hired former American International Group Inc. executive Seraina Maag to run its operation in the U.S.
Maag reports to Hamilton Chief Executive Officer Brian Duperreault, the company said Monday in a statement. She succeeds Bob Deutsch, the chief strategy officer who took the additional role of acting U.S. CEO when Conan Ward left the insurer last year.
Hamilton has expanded in the U.S. and abroad, seeking to underwrite more efficiently than its peers by using big data and technology. Duperreault, who is also an AIG alumnus, formed a partnership this year with his former firm and Two Sigma to expand service to small businesses. The firm hired Maag to focus on the rest of property-casualty operations in the U.S., according to the release.
With the new joint venture, “we can turn our attention to the rest of the US P&C market -- estimated at $420 billion -- as we work with Seraina to build out Hamilton's U.S. platform,” Duperreault said in the statement.
AIG announced Maag's departure in February. She joined the New York-based insurer in 2013 and rose to oversee regional operations and was a member of the firm's management team. She is a director at Credit Suisse Group AG and previously ran North America property & casualty at XL Group Plc.
To contact the reporter on this story: Sonali Basak in New York at sbasak7@bloomberg.net. To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net, Dan Reichl
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