AIG Korea has announced on Monday that Douglas Min has taken office as its new president and chief executive.

The insurer, a wholly owned unit of AIG Asia Pacific Insurance, appointed Min to a one-year term at a shareholders meeting two weeks ago, reported the Korea Herald.

Min succeeded Steve Barnett, who served as CEO of AIG Korea since 2011.

In 2014, Min joined AIG as head of commercial and client and broker engagement. He led the insurer’s blockchain-related projects. It was also during his tenure when AIG Korea became the first foreign-owned insurer to participate in a government-led initiative to develop an environmental damage insurance product.

He previously held management roles at Meritz Fire & Marine Insurance and Gen Re in his insurance career that spans over two decades.

Min was born in 1961 and graduated with a Bachelor of Arts in Mathematics from Amherst College, Massachusetts. He is also a member of the Casualty Actuarial Society and Society of Actuaries.