American International Group, Inc. (AIG) has announced the appointment of Peter S. Zaffino as President of the company, effective from January 1, 2020.
Zaffino currently serves as Global Chief Operating Officer (COO) of AIG and as Chief Executive Officer (CEO) of General Insurance.
AIG explained that he will continue to serve in both these roles upon taking up his new position.
Zaffino joined AIG from Marsh & McLennan Companies, Inc. (MMC) in 2017, where he previously served as CEO of Marsh LLC from 2011, and as Chairman of the Risk and Insurance Services segment of MMC from 2015 to 2017.
He took up the position of Executive Vice President – Global Chief Operating Officer at AIG in July 2017 and assumed the additional role of Chief Executive Officer of AIG’s General Insurance business in November 2017.
AIG’s CEO, Brian Duperreault, commented on the appointment: “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,” Duperreault continued. “I am confident that with Peter’s continued leadership AIG will realize sustainable improvements that will position us as a global market leader.”
Zaffino also stated: “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.”
He added: “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.”
