Reinsurance News

Peter Zaffino named Global Chief Operating Officer of AIG

6th July 2017 - Author: Steve Evans

American International Group (AIG) has named Peter Zaffino, previously of CEO of brokerage and risk management firm Marsh LLC, as its new Global Chief Operating Officer, effective August 1st 2017.

Peter Zaffino, AIGThe rumours that Zaffino would be following his ex-colleague and new AIG President and Chief Executive Officer Brian Duperreault have been rife and now the insurer has confirmed the appointment.

Bringing Zaffino on board is a clear sign that Duperreault intends to run the AIG business his way, which should please shareholders of the insurer that have been clamouring for change.

At AIG, Zaffino will lead the day-to-day business of all of the insurers’ country operations, including its U.S. Commercial insurance field operations and AIG’s Multinational organization, as well as its Global Business Services, Administration and Communications.

He will work closely with Duperreault and the AIG Executive Leadership Team to develop the insurer’s long-term strategy and operating plan, and will be responsible for delivering on Commercial and Consumer strategies targeting growth and profitability.

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Duperreault commented on the news; “Peter is one of the most talented executives operating in the insurance industry. AIG’s field operations will benefit from Peter’s experience across all aspects of the business, most recently with one of the world’s largest brokers. Adding his deep insurance knowledge and expertise to the leadership team at AIG will accelerate our efforts to build and expand on this great franchise.”

Zaffino added; “I worked closely with Brian during his tenure at MMC. We are both driven to help our organizations achieve their greatest potential. This comes with a dedication to operational excellence and empowering those closest to our clients to create valuable risk solutions for customers wherever they are in the world. I look forward to joining the talented team at AIG and contributing to the success of the company’s next chapter.”

Zaffino has more than 25 years of insurance and reinsurance experience industry. Before he became Marsh CEO in 2011, he was the President and CEO of reinsurance broker Guy Carpenter & Company, LLC, a subsidiary of MMC. He previously held a number of senior roles at Guy Carpenter, having joined the broker in 2001, before which he held several senior positions with a GE Capital portfolio company.

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