(By Balaseshan) American International Group Inc. (NYSE: AIG) said it has re-appointed Joseph Trotti as President and Chief Executive Officer of its Aerospace division, part of its Global Specialty business.
Trotti is responsible for all aspects of AIG's market-leading Aerospace business and will be instrumental in driving the division's growth in the Asia Pacific region, Canada, Continental Europe, and Latin America.
The New-York-based insurer said Trotti was Executive Vice President of AIG's Aerospace business, before leaving the company in 2002. He has more than 27 years of experience in the industry. Trotti will remain in London for AIG.
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Most recently, Trotti served as CEO of Global Specialties at Willis, the global insurance broker, where he was based in London and responsible for the Aerospace, Marine, Energy, Finex, Construction, and Financial Solutions businesses.
Earlier for Willis in New York, Trotti was National Partner of North American-based Global Specialties, and CEO of the North American Aerospace business. He also served as Senior Vice President in the Aerospace operations of the ACE Group.
On January 28, AIG said it has entered into 10-year bancassurance agreements with HSBC Group companies under which AIG will become the exclusive provider of non-life insurance products to HSBC Group customers in Turkey and France, as well as in other countries in Continental Europe as may be agreed.
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AIG expects to pay a total consideration of about $55 million for the exclusive distribution access in Turkey and France, and expects to launch the partnerships in the first half of 2013. The relationship also includes the acquisition of HSBC's French non-life subsidiary, HSBC Assurances IARD, for total consideration of $14.5 million.
AIG is trading down 1.47% at $38.29 on Monday. The stock has been trading between $26.24 and $39.13 for the past 52 weeks.