AIG has recruited former Munich Re head of protection marketing Will Adler as the US insurance giant turns its focus on the UK protection market.
Adler has taken on the role of protection product and planning actuary, indicatinga move into the individual protection intermediary market for the first time.
AIG has a small presence in the group life insurance market in the UK and offers individual life cover, critical-illness cover and income protection through direct distribution channels but has no presence in the intermediary market.
AIG has recruited Paul Carson from the firm’s Melbourne office to work alongside Adler.
An AIG spokesman says: “We want to increase our market share and a quality individual like Will fits in the picture.”
Le Beau Visage managing director Peter Le Beau says: “AIG has always been an opportunistic office in global markets. It looks like it may be assessing the UK protection market but I doubt it would go in without a thoroughfeasibility study. Perhaps this is why it has brought Willon board.”
Le Beau says that, in other markets, AIG has tended to identify niches, indicating it may enter the sector with just one or two products rather than a full suite.
CBK principal Peter Chadborn says: “This would be great news. All new entrants are to be welcomed, provided they offer something different to what is already available. We have seen it already with Prudential and Discovery and Fortis’s entry is eagerly antici-pated. If someone else comes in with new ideas, it can only be healthy for the market.”
Belgian insurer Fortis is expected to enter the UK protection market next month, with Martin Werth at the helm. Werth worked alongside Adler at Munich Re.