Insurer Applied Underwriters has appointed three executives from AIG & # 39; s Private Client Group to develop its new Applied Fine Art and Collectibles business unit based in New York.
Ronald Fiamma will serve as president of Applied Fine Art and Collectibles, with Christopher Walsh as senior vice president of Underwriting and Rand Silver as senior vice president of Risk Management.
The executive team comes to Applied from AIG Private Client Group, one of the largest high net worth divisions in the personal line industry.
“We gave them a blank canvas to create the industry's leading organization. With the full breadth of Applied's resources, they will target multiple segments that provide solutions for customers and partners in insurance, reinsurance and program options for personal, institutional and commercial risk & # 39; & # 39 ;, said Steve Menzies, CEO of Applied Underwriters.
Fiamma has overseen the Private Collections portfolio at AIG Private Client Group for the past 13 years, after five years as underwriting professional liability manager for hedge funds and broker / dealers in AIG's Financial Institutions division.
Walsh is a 25-year industry veteran who has held underwriting roles with high net worth insurance companies and spent another decade in brokerage.
Prior to his 15 years as global director of the art loss prevention program at AIG, Silver spent a decade in Christie's New York, including as vice president and department head.
This move continues the recent expansion by Applied Underwriters that focused on employee compensation. The Omaha-based insurer announced earlier this month that it was Applied Financial Lines Ltd. has established a new European subsidiary that will operate from Paris and Cologne. The new company will underwrite several specialist lines, including professional liability and directors and officers, in the European Union and in the Middle East.
In June, the company said it had acquired Greenfield, South Carolina's Blue Ridge Specialty Group, a general manager specializing in transportation-related risks.
Applied Underwriters is in the process of acquiring Centauri Specialty Managers from its majority shareholder AXA / XL and external manager Siebels-Bruce.
Menzies acquired Applied Underwriters from Berkshire Hathaway in 2019, 25 years after he founded it. In 2005 Berkshire Hathaway acquired an 81% share.
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