Everest picks up AIG veteran to help launch new specialty line

Everest picks up AIG veteran to help launch new specialty line | Insurance Business America

Everest picks up AIG veteran to help launch new specialty line
A Bermuda-based reinsurance group has tapped an AIG veteran to lead its newly launched life sciences practice.

Everest Re Group has announced that former AIG executive Andy Faber will come on board to head its life sciences line, which will operate under the specialty casualty group.

Business Wire reported that in his new capacity, Faber will establish a life sciences team dedicated to the US marketplace, which will develop and bring to market solutions tailored to meet the specific requirements of the sector. He will report directly to Connie Germano, head of the Everest Specialty Casualty Group.

Prior to joining Everest, Faber served as vice president and global sciences product line manager at Lexington Insurance, an AIG subsidiary. He first joined the firm in 1998 having eearned his bachelor’s degree in Economics from Hofstra University. Faber is also a Chartered Property Casualty Underwriter (CPCU).

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“Andy’s knowledge of the life sciences space, his industry and client relationships, and his marketplace reputation, will be an asset to Everest as we launch our new Life Sciences Practice,” Germano said in the same report.

Meanwhile, consultancy firm Deloitte said in a separate report that “managing costs, innovative partnerships, customer engagement, and a changing regulatory environment are all part of the shifting landscape facing life sciences companies in 2017.”

Greg Reh, US and global life sciences sector leader at Deloitte, observed, “Many of the pressures that life sciences companies are under - whether they (be) cost or regulatory or operational - in (whatever) shape or form, can be de-risked by creating a platform for information and idea exchange.”

“The overall increase in collaboration between the life sciences industry, the payers, and providers will certainly have a positive impact both on outcomes as well as costs,” he added.

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