Maurice ‘Hank’ Greenberg found
himself the focus of praise at the St John’s University School of
Risk Management Insurance and Actuarial Science’s 15th ‘Insurance
Leader of the Year’ award dinner held in New York last month.
Praise for the former head of
American International Group came from Lloyd’s chairman Lord Peter
Levene during a speech in which he accepted the school’s 2009
‘Insurance Leader of the Year’ award.
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“Greenberg built the largest and most
successful insurance business in the world. He was then forced out
of that business,” said Levene who stressed his personal view was
that Greenberg’s ousting “was a huge mistake”.
Levene added: “Throughout that very sorry
saga, Hank has maintained enormous dignity and has now been totally
vindicated.”
The Lloyd’s chairman, who received his award
for his role in restoring the British insurance marketplace
operator to robust financial health, also requested that Greenberg
co-chair the awards ceremony.
In his speech Levene explained: “When I was
told of this wonderful award and was asked whom from the insurance
industry I would like to present it to me, I said to St John’s
University that I would like Hank to present it – was that
alright?
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By GlobalData“And I was delighted, but not surprised, to
receive the response: ‘There is no one we would rather see as
co-chairman of this event than Hank Greenberg’.”
Levene also focused attention on the global
financial crisis’ impact on the insurance industry.
“I spent much of last year reminding
regulators and the media that insurance did not create this
crisis,” he said.
He continued that, although the insurance
industry has weathered 2009’s economic storm with a low casualty
rate, it cannot be complacent.
“We have come out of the crisis and entered
the unknown,” Levene emphasised. “There is confusion about the
intention of regulators on both side of the Atlantic, and there are
continued question marks on the performance of investment
portfolios.”
He advised the insurance industry to address
these issues promptly and to demonstrate to regulators that it is
capable of the highest levels of risk management.
