Peter Lies - Executive Vice President
Mr. Lies has been an insurance professional for over 25 years, serving as a top corporate officer and operational leader with a proven record of accomplishment in Ceded Reinsurance , P&C and Life run-off. Mr. Lies was a Senior Vice President with CNA from 2005 to 2014, serving as a member of the Operating Committee, which is responsible for implementation and execution of CNA's corporate strategy.
While at CNA, Mr. Lies was responsible for fixing troubled operations, including Ceded Reinsurance, P&C run-off, Life and Long-Term Care. Mr. Lies developed and implemented strategic and operational plans to allow the company to recognize the embedded value within these operations. As a result, he successfully managed a reduction in CNA's reinsurance recoverables from $16 billion to $5 billion.
Through aggressive commutation strategies, CNA monetized reinsurance recoverables and achieved a one-time profit contribution of $300 million. Mr. Lies took a leadership role in the sale of asbestos and environmental exposures to Berkshire Hathaway. He oversaw the sale of CNA's payout annuity business to Wilton Reassurance Co. and completed the orderly run-off of CNA, reducing CNA's liabilities from $1.7 billion to $200 million. Previously, Mr. Lies served as a Vice President at CNA, responsible for the company's Life and Health Reinsurance Operation where he turned around an unprofitable business within a year.