American International Group (AIG) has welcomed Richard Olsen into the company, where he will serve as chief actuary, general insurance.
Olsen will be based in New York in his new role, and will report to AIG executive vice-president and chief financial officer Mark Lyons.
As chief actuary, Olsen will lead the general insurance global actuarial organisation. He will be responsible for aligning pricing, portfolio, and reserving practices with AIG’s objective of improving underwriting profitability, a release said. Olsen will also offer guidance on portfolio optimisation as part of his role, to help inform general insurance strategy.
Olsen has more than 30 years of industry experience, most recently serving as chief financial officer of Munich Re’s US P&C reinsurance subsidiary. Prior to that, he was head of central reserving at Munich Re, and spent 21 years with General Re Corporation as senior vice-president and actuary for Cologne Re.
“Richard’s successful career of leading inter-disciplinary teams and enhancing performance make him ideally qualified to advance our goal of building a highly effective and business-oriented actuarial function,” commented Lyons, who added that AIG is pleased to welcome Olsen into the team as it continues to position its business for “sustainable” underwriting profitability.