Zurich Financial Services hired former American International Group executive, Philip Wilson, to oversee global life-insurance underwriting for the Swiss insurer, according to The Wall Street Journal.
The 56-year-old Australian citizen as chief underwriting officer for the unit is accompanied by expectations that big insurers such as Zurich Financial, France’s Axa SA, and Italy’s Assicurazioni Generali SpA could bid for AIG’s life-insurance business.
AIG’s life-insurance business is on the chopping block as the U.S. insurer is attempting to generate cash to pay back an $85 billion government bailout, according to WSJ.