* Garland moves to property unit, DeMaio succeeds
* Second management shuffle for UGC this year
* Shares up 0.8 pct
Dec 4 American International Group Inc
shuffled the management of its mortgage insurance unit for the
second time this year, naming a new chief executive for United
Guaranty and moving the prior CEO to a senior underwriting
AIG said on Tuesday that Donna DeMaio would become CEO of
United Guaranty, which has become a core unit for the company in
the wake of its post-bailout restructuring.
DeMaio joined United Guaranty in May as chief operating
officer after seven years as chief executive of MetLife Bank, a
unit of MetLife Inc.
Kim Garland, who had run United Guaranty since last
February, will become chief underwriting officer for the global
consumer business in AIG's property insurance unit. Garland
spent most of his career working in personal insurance before
joining the mortgage insurer in 2009.
United Guaranty was once seen as a secondary business for
AIG, but as competitors faltered due to crisis-era losses, UGC
emerged as one of the strongest companies in the industry.
Senior AIG management have said owning UGC gives them an
advantage when investing in mortgage-backed securities because
of the market view they get from owning a mortgage insurer.
Garland became the head of UGC in February after his
predecessor, Eric Martinez, was named to a new role in the
property insurance business overseeing claims and operations.
AIG shares were up 0.8 percent in late trading to $33.38.