United Guaranty, the mortgage insurance unit of American International Group ($28.99 -0.42%) is feeling the impact of executive restructuring, with the firm naming United Guaranty CEO Eric Martinez leader of a new AIG unit.
At the same time, United Guaranty Chief Operating Officer Kim Garland is stepping into the mortgage insurer's lead spot by assuming the duties of president and CEO, while a search kicks off for a new COO.
AIG said its Chartis property casualty business is moving its claims and operations and systems groups into one unit to improve initiatives and customer service. Martinez, who steered United Guaranty in the wake of the housing crisis as the mortgage insurance landscape changed, will lead this new unit as executive vice president of global claims, operations and systems.
He succeeds Charles Schader who is moving to the position of senior vice president of applied research, where he'll report to AIG's chief actuarial officer.
"I expect these three executives to be instrumental in allowing AIG to deliver on its 2015 goals," said AIG CEO and President Robert Benmosche. "Eric Martinez has done a superb job restoring United Guaranty to a position of market leadership and we are fortunate to be able to bring his strong management skills to Chartis. Kim Garland was a key part of United Guaranty’s success while working with Eric as the chief operating officer and I am confident he will continue to build on Eric’s record at United Guaranty."
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