High-profile departures at AIG Life

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High-profile departures at AIG Life

Darren Spriggs may return to general insurance after resigning as managing director of AIG Life, industry insiders have speculated.

Mr Spriggs joined Ageas Protect in 2011, becoming its managing director in March 2012. In August 2014 it was announced the company was being taken over by AIG, with this being finalised in January 2015.

Peter Le Beau, managing director of Le Beau Visage, said Mr Spriggs could return to general insurance because it potentially had more executive jobs than the protection sector.

He praised Mr Spriggs’ work at Ageas Protect, saying: “What was Ageas has come quite a long way under his leadership and established itself as quite an innovative provider.

“The company has moved on significantly - it could be a growing force.”

Phil Jeynes, head of sales and marketing for UnderwriteMe, said: “It is a shame to see someone go who is a bright thinker and has a positive attitude. But I am excited to see who AIG appoints as a replacement.”

One industry commentator, who wished not to be named, said: “Clearly AIG is a big global firm that presumably has its own senior people.

“There were questions about whether AIG would stick with the Ageas guys, so it is not the biggest of surprises that Mr Spriggs is going.

“He originally came from a general insurance background, so I wonder whether he will go back to that area.”

Career ladder
Served as chief operating officer for direct broking at Equity Insurance and head of customer services for Old Mutual
Later worked for over-50s insurance specialist RIAS, as part of the leadership team responsible for sales and servicing functions
Joined Ageas Protect in 2011 as operations director
Was promoted to managing director in March 2012

Source: AIG Life

Jane Dale, AIG Life’s finance director, also resigned at the same time. It is not known what she might do following her departure.

According to a company statement, the two joined Ageas Protect to steer the business from a start-up into a phase of development and growth.

The statement said: “Having successfully achieved this, and having overseen the sale of the company to AIG, they have concluded, for personal reasons, that the time is right for a new managing director and finance director to guide the business.”

Federico Spagnoli, EMEA consumer president for AIG, said the search for successors had begun.

Adviser view

Tom Conner, director of Bristol-based Drewberry Insurance, said: “It is very important for AIG to find a suitable replacement as soon as possible, especially after a period of such big change. If advisers are going to place business with an insurer, we need to be confident the company is being managed appropriately.”