Insurer American International Group (AIG) has made several changes in its general and international insurance senior management, as it reorganises to position itself for further growth.
The current Chief Executive Officer, of General Insurance, David McElroy, will assume the newly created role of Chairman, General Insurance.
Don Bailey, who currently serves as the Global Head of Distribution and Field Operations, will assume the role of CEO, of North America Insurance.
Lastly, Jon Hancock, currently Chief Executive Officer of International General Insurance, will assume the role of CEO, of International Insurance, effective January 1, 2024.
All of them will report to Peter Zaffino, Chairman and Chief Executive Officer of AIG, and will serve on AIG’s Executive Leadership Team.
In his new role, McElroy’s remit will include a focus on advancing client development, building distribution partner relationships, and continuing to support the company’s focus on underwriting.
Zaffino commented, “I am grateful to Dave for his leadership and significant contributions over the past five years, as we built out an industry-leading global team and underwriting culture. I am confident that over the next few years, he will continue to drive significant value for our stakeholders in this new role, which will leverage his deep industry expertise, his exceptional underwriting experience, and his significant capabilities in the market.”
McElroy added, “It has been a great honour to be a part of AIG’s historic turnaround. By working in one of the most important parts of our business, focused on strengthening broker and client relationships, I see our commitment to underwriting excellence and enhanced focus on our clients in action every day. I’m excited by the opportunities ahead for us to continue to serve our clients, distribution partners, investors, and colleagues, and to continue to elevate our position in the industry.”
In their new roles, Bailey and Hancock will lead the underwriting, distribution and business teams in North America and internationally, respectively.
Bailey has 30 years of insurance experience in underwriting and brokerage leadership roles.
Hancock is also an industry veteran with 30 years of industry experience.
Zaffino commented on the appointments, “Don and Jon’s appointments align with our plans to create a leaner operating model, while remaining extremely focused on advancing our underwriting performance, continuing to enhance our operational excellence, and achieving double-digit returns.
“These changes reflect the significant progress we have made over the last several years and will accelerate the implementation of our business strategy going forward.”
