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Former Hartford Financial Services Group Inc. (HIG) Chief Executive Ramani Ayer has joined property-and-casualty insurer XL Group PLC's (XL) board of directors.
Ayer's "vast knowledge and industry experience complement the existing expertise of the board and will benefit the company," XL's Chairman Robert Glauber said in a statement.
Ayer retired from Hartford in October 2009, after spending more than 12 years as the insurer's chairman and chief executive, during which he built Hartford's property/casualty and life insurance businesses. Ayer departed during one of Hartford's most tumultuous periods. Hartford was one of the life insurers most seriously affected by the market's decline in late 2008 and early 2009, taking huge hits because of its variable-annuity products. It was one of a handful of large insurers that got government bailout money during the financial crisis.
Ayer is also a former chairman of the American Insurance Association, the Property & Casualty CEO Roundtable and the Insurance Services Office. He was chairman and is currently a member of Hartford Hospital.
XL Group provides property, casualty and specialty products to industrial, commercial and professional firms and insurance companies.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; email@example.com