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Berkshire Hathaway Hires Four Senior AIG Executives

Source: WSJ

Posted on 29 Apr 2013 by Neilson

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Berkshire HathawayWarren Buffett's Berkshire Hathaway Inc. has hired four senior executives from American International Group Inc., attracting people with experience insuring large and unusual risks to help it expand its commercial-insurance operations.

The defectors include Peter Eastwood, the head of AIG's U.S. property-casualty operations; David Bresnahan, president of AIG's Lexington unit; Sanjay Godhwani, president for Latin America and the Caribbean for AIG's property-casualty operations; and David Fields, another top property-casualty executive.

"We start on Monday," Mr. Eastwood, who had worked for AIG for 22 years, said in an interview Friday. "We start with a clean slate, with the objective of building a large, diverse, profitable commercial property-casualty insurance business with a long-term focus."

The initial emphasis for the executives will be the U.S. "excess and surplus" market, which typically involves selling specialized coverage to large clients, including large corporations.

An AIG spokesman, in a statement, said the company has "a seasoned and very deep bench of talented property and casualty executives ready to assume broader responsibilities."

Mr. Buffett, Berkshire's chairman and chief executive, didn't respond to a request for comment. Attempts to reach Messrs. Godhwani and Bresnahan weren't immediately successful. Mr. Fields confirmed his move to Berkshire in a brief phone conversation. The departures were reported by The Insurance Insider, a trade publication.