Insurance giant American International Group (AIG) has a new President, as its current Global Chief Operating Officer of and Chief Executive Officer of General Insurance Peter Zaffino takes on additional responsibilities.
Peter Zaffino joined AIG in 2017 when the insurer’s new CEO Brian Duperreault brought on-board one of his old colleagues to lead operations and the general insurance business, at a time when the firm was seeking to transform its fortunes under new leadership.
Zaffino has been integral to a raft of changes at AIG in the last few years.
From the complete restructuring and expansion of its reinsurance arrangements, to an elevation of its appetite for reinsurance protection and integration of third-party capital to them, to the culling of underperforming business and reduction of limits, as well as the redoubling of its focus on underwriting excellence and operational efficiency.
Because of the key role Zaffino has played he is being made President of AIG, effective January 1st 2020.
Brian Duperreault, AIG’s CEO, explained, “Today’s announcement recognizes the value that Peter has brought to AIG over the last couple of years. His strategic approach to our General Insurance business, particularly with respect to the foundational changes we have made in the areas of underwriting and reinsurance, has been critical to the significant turnaround taking hold in that business. Additionally, Peter is overseeing AIG 200, our multi-year, enterprise-wide transformation designed to position AIG as a top performing company. I am confident that with Peter’s continued leadership AIG will realize sustainable improvements that will position us as a global market leader.”
Zaffino added, “I am honored to take on the additional role of President of AIG and appreciate the confidence Brian and the AIG Board of Directors have in me. I look forward to continuing to work with our dedicated colleagues across the organization on our journey to become the leading insurance company in the world known for its strategic value, operational excellence and strong financial performance.”
Prior to joining AIG, Zaffino has worked as Chief Executive Officer of insurance and reinsurance broking group Marsh LLC from 2011 to 2017 and as Chairman of the Risk and Insurance Services segment of MMC from 2015 to 2017.
Duperreault and Zaffino had worked together at Marsh after Duperreault took over the broker and risk advisor firm in 2008, executing a turnaround in the fortunes of the insurance and reinsurance broking services it provided.