Christopher Flatt Appointed as AIG’s Global Chief Underwriting Officer, Strengthening Leadership Amid Industry Challenges
January 9, 2025 – American International Group, Inc. (AIG) has announced the appointment of Christopher Flatt as its new Global Chief Underwriting Officer, effective immediately. This strategic move marks a significant milestone in Flatt’s illustrious 30-year career in the insurance industry, positioning him to steer AIG’s underwriting excellence on a global scale.
What Happened
AIG, a global leader in insurance and financial services, has elevated Christopher Flatt to the role of Global Chief Underwriting Officer. Reporting directly to Peter Zaffino, Chairman and CEO of AIG, Flatt joins the Executive Leadership Team to lead AIG’s dedicated underwriting division. His appointment comes at a crucial time as the insurance giant navigates through a landscape marked by soft market conditions, operational efficiency challenges, and significant exposure to catastrophic losses.
Flatt’s career trajectory includes over 15 years at Marsh McLennan, senior underwriting roles at GE Capital and ITT Hartford, and leadership positions within AIG since 2017. Notably, he served as President and CEO of Glatfelter Insurance Group, an AIG subsidiary, and held the position of Executive Vice President of Field Operations for AIG Risk Management. His recent interim role as CEO for Private Client Services further underscores his comprehensive expertise in underwriting and risk management.
Key Takeaways
- Leadership Appointment: Christopher Flatt is the new Global Chief Underwriting Officer at AIG, bringing over three decades of industry experience.
- Extensive Experience: Flatt has held significant roles at Marsh McLennan, GE Capital, ITT Hartford, and various leadership positions within AIG.
- Strategic Role: In his new position, Flatt will lead AIG’s underwriting team, enhancing operational efficiency and advancing risk management strategies.
- Industry Recognition: Flatt is highly respected for his ability to deliver exceptional business and underwriting results, as praised by AIG’s CEO Peter Zaffino.
Deep Analysis
Christopher Flatt’s appointment as Global Chief Underwriting Officer is a strategic response to AIG’s current challenges and future aspirations. With approximately 72% of AIG’s premium mix concentrated in commercial lines, particularly within the large employer market, the company is navigating soft pricing conditions with limited pricing power. Flatt’s extensive background in underwriting and risk management positions him to implement disciplined risk selection and innovative pricing strategies to bolster profitability in this competitive segment.
AIG’s ongoing AIG Next initiative aims to enhance operational efficiency and reduce expenses, a process that has seen slower progress than anticipated. Flatt’s proven leadership in previous roles, including his tenure as President and CEO of Glatfelter Insurance Group, demonstrates his capability to drive operational improvements and accelerate efficiency initiatives. His experience in developing customized captive programs and collaborating across underwriting, claims, and actuarial teams will be invaluable in refining AIG’s expense management strategies.
Furthermore, the insurance industry’s exposure to catastrophic losses, which have exceeded $100 billion with projections to surpass $120 billion, underscores the need for robust risk management frameworks. Flatt’s expertise in reinsurance and his innovative approach to integrating technology, such as wearable devices for workers’ compensation programs, will enhance AIG’s ability to manage and mitigate these risks effectively.
In the face of legal disputes over aircraft stranded in Russia, totaling approximately $3 billion, Flatt’s comprehensive understanding of complex claims scenarios will be crucial. His ability to navigate intricate legal and geopolitical challenges ensures that AIG’s interests are protected while maintaining its reputation as a reliable insurer.
Did You Know?
- Early Beginnings: Christopher Flatt launched his insurance career in 1990 as a major account underwriter with The Hartford Financial Services Group, Inc.
- Marsh & McLennan Tenure: Flatt spent over 16 years at Marsh, Inc. and Guy Carpenter & Company, LLC, where he led the Workers’ Compensation Center of Excellence.
- Innovation Advocate: During his time at Marsh, Flatt championed the use of wearable devices to enhance workers’ compensation programs, showcasing his commitment to technological integration in insurance practices.
- Thought Leader: Flatt has contributed to industry discussions through various publications and interviews, advocating for formalized nurse case management in workers' compensation and exploring the impact of technology on insurance.
- Leadership Recognition: Peter Zaffino, AIG’s CEO, lauded Flatt as a highly respected executive with a remarkable ability to deliver exceptional business and underwriting outcomes.
Conclusion
Christopher Flatt’s appointment as Global Chief Underwriting Officer at AIG is a testament to his extensive experience and proven leadership in the insurance industry. As AIG faces significant market and operational challenges, Flatt’s strategic vision and expertise are poised to drive the company towards sustained profitability and growth. His role will be pivotal in enhancing underwriting discipline, advancing risk management strategies, and navigating complex claims scenarios, ensuring AIG remains a leader in the global insurance landscape.