Aspen’s Lillelund joins AIG as insurer reorganises to deliver post-Brexit

Thomas Lillelund will join AIG as chief executive officer of AIG Europe SA, from Aspen, as part of the US-based insurance group’s strategic response to Brexit.

AIG’s main European operations are based in London, so the group needed to create a new European Union base to continue to underwrite and service business across the bloc, as this will no longer be possible from London after the UK leaves the EU.

The location chosen was Luxembourg and thus, AIG Europe SA was born. AIG said this is the new legal entity for AIG’s business in the European Economic Area and Switzerland.

Mr Lillelund will report to Chris Townsend, chief executive officer, international general insurance. He joins from Aspen Re, where he was chief executive officer.

He will be responsible for continental Europe and Ireland. Anthony Baldwin, currently CEO of AIG Europe Limited, will become chief executive officer of AIG’s new UK entity, American International Group UK Limited, and will continue to report to Mr Townsend.

Mr Townsend said: “I’m delighted to welcome Thomas back to AIG as CEO of our European business. Thomas is a well-respected international insurance executive who is a strategic leader with experience growing and building teams.”

Mr Lillelund previously served as AIG’s regional vice-president in southeast Asia, and worked for various companies in Hong Kong, South Africa and the US.

AIG explained that it has established two new entities, one in the UK and one in Luxembourg, to enable “uninterrupted client service regardless of the future relationship between the UK and the EU”.

AIG will transfer existing business to the new UK and European entities and merge its existing carrier, AIG Europe Limited, into the new European company. The two new companies will begin writing business from 1 December 2018.