Four of the top property and casualty insurance executives at AIG defected to Berkshire Hathaway on Friday, April 26 in order to launch a top-flight competitor to AIG's market-leading surplus lines unit.
However, analysts and a top surplus lines industry lawyer in San Francisco discounted the impact the departures will have on AIG, which is currently the largest player in the U.S. surplus lines market.
"They can hire whomever they want to fill these spots," said Richard A. Brown, a top surplus lines lawyer and consultant, based in San Francisco. "AIG has survived the resignation of Maurice "Hank" Greenberg, its former chairman, chairman, chief executive and guiding spirit. They will certainly be able to survive this."
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