Frank Schmid new chairman of AIG Global Benefits Network
Frank A. Schmid is the new Head of AIG’s Group Benefits business and of the Disability Product Center of Excellence, GBV learned in December 2015. Frank holds a PhD in economics and a post-doc in finance from the University of Lüneburg, Germany. Dr. Schmid published numerous scholarly papers in finance and economics and was affiliated with the University of Pennsylvania, the University of Vienna, Free University of Berlin, CERGE-EI Prague, Goethe University Frankfurt, Auckland University of Technology, and the University of Osnabrück. In 2006, the European Economic Association awarded Dr. Schmid the Hicks-Tinbergen Medal.
From 1997 to 2004 Dr. Schmid served as a Senior Economist in the Research Department of the Federal Reserve Bank of St. Louis. From 2004 to 2012, Dr. Schmid was affiliated with the National Council on Compensation Insurance in Boca Raton, Florida, where he developed econometric and actuarial models in workers’ compensation. In 2012, Dr. Schmid joined AIG to lead a team in developing the economic-scenario based CCAR stress test for the AIG P&C business. In 2014, Frank assumed the position of Head of Actuarial Econometrics in the Global Asset and Valuation Management unit before joining the Life, Health, and Disability product tower in March 2015.
At AIG Benefits, Dr. Schmid succeeds Curt Olson who left AIG in June 2015. As part of his new role, he will oversee the recently acquired AIG Global Benefits Network. He reports to Kevin Hogan, Executive Vice President and CEO Consumer; AIG’s Consumer division includes retirement and life products. Mr. Hogan in turn reports to AIG President and CEO Peter Hancock.