Insurer AIG has now announced the appointment of Brian Duperreault as its new President, Chief Executive Officer (CEO) and Director, signalling his resignation as Chairman and CEO of Hamilton Insurance Group.
Rumours suggesting the appointment of Duperreault as the new CEO of AIG had been circulating the insurance and reinsurance industry for the past week, and now the insurer has confirmed the appointment, effective May 14th, 2017.
Concurrent with Duperreault’s appointment, Peter D. Hancock resigned as President, CEO and Director of AIG, and Duperreault has left Hamilton Insurance Group to takeover at AIG.
Prior to Hamilton Insurance Group Duperreault was President and CEO of Marsh & McLennan Companies, and prior to this served as non-executive Chairman of ACE Limited for two years, and was also CEO of ACE for ten years, ending May 2004. Between 1973 and 1994 Duperreault held several senior executive positions with AIG and its affiliates.
AIG’s Chairman of the Board, Douglas M. Steenland, said; “Brian is uniquely qualified to lead AIG at this important time. Brian has spent his entire career in insurance. He worked for AIG for 21 years at the start of his career, so he knows this company well. He was the CEO of ACE, one of our main competitors. He ran Marsh & McLennan Companies, one of AIG’s largest broker partners.
“At Hamilton, he introduced cutting edge data science and analytics into the insurance business. He is a hands-on leader who has consistently delivered strong bottom-line results. He has demonstrated a passion for deploying new and innovative ways to serve clients. All of this will enable Brian to help AIG achieve its full potential to be the leading insurance company.”
Commenting on his new position, Duperreault said; “It is a privilege to return and lead AIG. I look forward to building on AIG’s nearly 100-year heritage as one of the world’s leading insurers for its next century.
“In my discussions with the Board and management team, I have been impressed with the progress made. I look forward to working with AIG’s global team to build on this momentum to grow the business, and continue delivering innovative solutions and extraordinary service to clients. I also welcome the opportunity to continue AIG’s work with Hamilton and Two Sigma to become the most technology-enabled and capital-efficient carrier in the industry.”
Duperreault is currently Chairman of Attune, a data-enabled firm launched by Hamilton Insurance Group, AIG and Two Sigma, and also Chairman of the Board of Directors of Blue Marble Microinsurance. He is also a member of the Boards of the International Insurance Society (IIS), the Insurance Information Institute and the Bermuda Institute of Ocean Studies (BIOS).
“The Board and I want to thank Peter Hancock for his leadership in positioning AIG for the future. During his tenure, Peter set the course for the company to deliver higher quality, more sustainable earnings and dramatically reduced reserve risk. We are grateful for his leadership over the past seven years,” added Steenland.