Pru poaches AIG man for Asia post

Britain's second-largest life insurer, Prudential, poached one of AIG's top directors to head its Asian operations yesterday, replacing Mark Norbom, who left the company unexpectedly earlier this week.

Barry Stowe, 48, currently head of AIG Life's accident and health worldwide division, will take up his new post on 1 November, and will be based in Hong Kong.

AIG is the world's largest insurer, with a market value of $180bn (£95bn).

Mr Norbom left his position on Thursday, after two and a half years in the post.

Although Pru's Asian business has become the engine for the group's growth in recent years, Pru's chief executive, Mark Tucker, is understood to believe it can achieve even better results than it has since Mr Norbom took the reins in January 2004.

Mr Stowe has worked for AIG for 11 years, mostly in Asia. Previously, he worked in the US as head of Nisus, the health insurance arm of the Pan American Life Insurance Company.