Ritz exits as Western World comes under Lexington structure

Former Western World CEO Jonathan Ritz is leaving the specialty carrier as it is realigned to become part of AIG’s Lexington Insurance E&S platform, The Insurer can reveal.

Ritz was also previously Validus Specialty CEO and leaves nine months after the carrier’s Bermudian parent was bought by AIG last July in a $5.5bn deal.

Validus bought Western World in 2014 for $690mn.

According to a market communication seen by this publication, Western World will be rolled into Lexington Insurance and be structurally part of the AIG E&S platform.

Troy Santora, the current head of Western World, will report into Lexington’s head of casualty Lou Levinson.

In the note to distribution partners, Santora said that Lexington and Western World would maintain their respective market focus and identities.

“To your benefit, this organizational alignment brings us new expertise to grow our appetite and efficiency in creating vertical product solutions,” he said.

Western World will continue to provide solutions for main street to middle market accounts while Lexington focuses on larger middle market and complex accounts, said the statement.

“Together, we intend to be the market of choice for wholesalers,” Santora continued.

The executive highlighted Western World’s “comprehensive product offering”, and “unique wholesale relationships in contract bind”.

He said that he would continue to work in partnership with former Scottsdale Insurance Company executive Gary Tiepelman to build out the contract binder business.

Santora joined Western World in July 2016 from Companion P&C Insurance Group as head of contract binds and programs.

Ritz is a former COO of IFG Companies-Burlington Insurance Group and COO of specialty lines at ICAT Holdings.

He is also a former Guy Carpenter managing director, spending a decade at the MMC reinsurance broking arm.

He took the CEO role at Western World following the departure of Robert Livingston in the aftermath of Validus Holdings’ acquisition by AIG.

It is not known if the executive has a new role lined up. His former Validus CEO Ed Noonan reemerged earlier this month as chairman of Enstar’s StarStone, with former PartnerRe head of P&C North America Dick Sanford joining the carrier as president.

AIG did not immediately respond to a request for comment on this article.