Industry veteran Charlie Fry has rejoined American International Group Inc, the global insurance organisation.

After departing AIG in 2020, Mr Fry served as chief executive officer of Acacia Holdings Ltd, the Bermudian-based capital investment company.

He rejoins AIG as executive vice-president, reinsurance purchasing and risk capital optimisation, effective July 31.

Mr Fry will report to Peter Zaffino, AIG’s chairman and chief executive officer, and will assume responsibility for AIG’s reinsurance purchasing strategy and placement execution, as well as optimising capital allocation in AIG’s property casualty business.

In this role, he will work closely with Shane Fitzsimons, AIG’s executive vice-president and chief financial officer, and Mark Lyons, AIG’s executive vice-president, global chief actuary and head of portfolio management.

Mr Zaffino said: “The continued execution of our reinsurance strategy is essential to our progress towards becoming a top-performing company.

“During Charlie’s previous tenure at AIG, he played a key role in AIG’s underwriting turnaround and established a framework for reinsurance purchasing and risk and volatility mitigation efforts across our global portfolio.

“I have worked with Charlie for many years and am confident he will make significant contributions to AIG as we progress our deployment of capital and continue to improve our risk-adjusted returns.”

Mr Fry first joined AIG in 2017 as global head of reinsurance strategy and head of global portfolio management for general insurance.

He previously served as group chief financial officer at Novae Group plc, a UK-listed specialty insurer, and, before that, was global chief operating officer at Guy Carpenter.

In addition, he previously worked with Apax Partners on its investment in Travelex Group and, from 1999 to 2006, Mr Fry was a member of the senior management team of Benfield Group.

He said: “AIG is a global leader in risk management, and I look forward to working with Peter and the broader AIG team at this exciting stage of the company’s transformation.”