Head of AIG's Singapore life insurance unit resigns
SINGAPORE (Reuters)—The Singapore head of AIA, the life insurance unit of American International Group, quit on Thursday, the city-state's central bank said.The resignation came after widespread customers' fears over AIG's financial health led hundreds of policy-holders throng AIA's office to redeem their policies this week.
The Monetary Authority of Singapore said in a statement late Thursday it was notified that AIA Singapore's executive vice-president and general manager Mark O'Dell resigned with immediate effect, and that there were no other changes to its management.
"We are satisfied with the ability of the company to carry on business as usual and to meet new demands even when there are any changes in management," said Low Kwok Mun, MAS' Executive Director for Insurance Supervision.The central bank has tried to calm fears of policy-holders this week.Singapore's Straits Times newspaper, without naming sources, said O'Dell is joining rival Canadian insurer Manulife Financial to be general manager of its Taiwan operations.
AIG said O'Dell's decision to leave not related to the recent events.
Copyright 2008 Reuters
posted by ME @ 5:27 AM
1 Comments:
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albertjames
SEO
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