Aflac, the largest supplemental health insurer, hired Eric Kirsch as its new chief investment officer (CIO) to oversee its $93 billion portfolio after posting losses tied to investments in banks from Greece, Ireland, and Portugal.  He replaces Jeremy Jeffery, who will serve as SVP of fixed income. At Goldman Sachs, Mr. Kirsch had been global head of insurance asset management, where he oversaw about $75 billion for clients.  Here, among other things, Mr. Kirsch will look to bring in outside firms to manage as much as 10% of the company’s portfolio.  The insurer, which gets most of its revenue in Japan, was burned by investments in European banks that issue debt in yen. "Income-oriented investors face challenges in the current interest rate environment.  I believe that we can maintain a favorable risk profile to the portfolio, while improving returns by exploring new, yet appropriate asset classes." -- Mr. Kirsch, in a statement. [BusinessWeek, 9/19/11]