NEW YORK ( TheStreet) -- American International Group ( AIG) appointed two executives to oversee its risk-forecasting on Thursday as the company moves toward independence from government support and into a competitive pricing environment. Charlie Shamieh has been promoted to the newly created role of senior vice president and chief actuary for the broad AIG franchise. The firm also hired Mark Scully to serve in a similar role for its property and casualty insurance unit, called Chartis. He replaces Frank Douglas, who will retire in the second quarter. "Actuarial oversight is critical to effective risk management and our ongoing success as the property and casualty industry faces increasingly new and complex risks," CFO and Executive Vice President David Herzog said in a statement. "This team's analytical strength and depth of experience provide the added perspective on reserving and pricing required to be vigilant in recognizing current and emerging risks -- and keeping our management teams regularly apprised of these issues both in the industry and specific to AIG." Shamieh joined AIG in 2007 to oversee enterprise risk management, which involves assessing risks from events that could hurt a corporation, establishing their likelihood and seizing on related opportunities. His new role involves similar responsibilities. Actuaries rely on mathematical equations to determine things like how long insurance clients will live, the likelihood of natural disasters and other catastrophies or the direction of interest rates to price insurance products and annuities competitively. In addition to overseeing AIG's actuarial issues, Shamieh will manage relationships with rating agencies, as well as capital management and intrinsic value management. Before joining AIG, he had served as chief risk officer for German reinsurance giant Munich Re. Scully has been hired away from Allianz SE ( AZ), where he had been global chief actuary and deputy chief risk officer. He will report to Shamieh, as well as Chartis CFO Robert Schimek. Douglas, who now serves as Chartis' chief actuary, has been with AIG for 31 years. -- Written by Lauren Tara LaCapra in New York. >To contact the writer of this article, click here: Lauren Tara LaCapra. >To follow the writer on Twitter, go to http://twitter.com/laurenlacapra.
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