John Doyle, head of AIG's global commercial business, will assume Eastwood's responsibilities until a permanent replacement is named, said Matt Gallagher, a spokesman for New York-based AIG. Warren Buffett's Berkshire Hathaway Inc hired Eastwood and three other executives, Insurance Insider reported.
The departures add to vacancies that Peter Hancock, CEO of AIG's property-casualty unit, needs to fill as he seeks to scale back from some capital-intensive lines of coverage and target increased sales of consumer insurance. Jeffrey Hayman, who led global consumer coverage at AIG's property-casualty unit, left in January for Starr International Co.
The insurer dropped $1.61, or 3.8 per cent, to $40.47 at 11:52 am in New York and has gained 15 per cent this year. Omaha, Nebraska-based Berkshire slipped 0.5 per cent, and is up 20 per cent since December 31.
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