Lex Baugh gets top spot in preparation for new EU regulations

Chartis UK chief executive Lex Baugh is to lead the insurer's European preparations for Solvency II.

Baugh, who steered AIG UK through the 2008 crisis that led to a group US government bailout, will become chief executive of Chartis Europe Holdings.

He will oversee the firm’s regional operations in the UK and Ireland, continental Europe and the other EU countries in its central Europe region.

James Shea, currently regional president for Chartis CECIS, will become managing director of Chartis UK.

A Chartis spokesman said the move would facilitate a pan-European solution for Solvency II.

Julio Portalatin, regional president for Chartis Europe SA, will take up the new role of president of emerging markets in Latin America, the Middle East, Africa and South Asia.