Jeff Clements has been named the new chief executive officer of Validus Re, the Bermudian reinsurer owned by American International Group.

He takes over from Kean Driscoll, who has been appointed AIG’s global chief underwriting officer for property and agriculture, general insurance.

Mr Clements was previously chief underwriting officer at Validus.

Mr Driscoll was a founding member of Validus. Before becoming CEO at Validus Re, he was the company’s chief underwriting officer.

He has more than 20 years’ experience as a reinsurance underwriter, and was previously with Quanta Re and Zurich Re.

AIG acquired Validus Holdings a year ago in a deal worth about $5.5 billion deal.

AIG, the New York-based insurer headed by Brian Duperreault, also announced that Alexander Baugh has been appointed global chief underwriting officer for casualty and financial lines, general insurance.

“These leadership appointments strengthen our focus on underwriting excellence,” Peter Zaffino, president and CEO, AIG General Insurance, and global chief operating officer, AIG, said.

Mr Driscoll and Mr Baugh will report to Tom Bolt, global chief underwriting officer, AIG General Insurance.