American International Group Inc. announced on Monday that Peter Zaffino will become CEO of the insurer from March 1, 2021, replacing Brian Duperreault, who will become CEO.
In addition, the insurer said that it will separate his life and pension business from his property / accident business.
Mr. Zaffino, who previously worked with Mr. Duperreault on Marsh & McLennan Cos. Inc., joined AIG about a year after Duperreault was brought in to turn the insurer in 2016. He was promoted to president of the insurer earlier this year.
"Peter has contributed to the significant turnaround and transformation within AIG, and his vision, determination and pursuit of excellence will help ensure the company's future success," Duperreault said in a statement.
Separately, AIG said it had decided to separate its life and pension business after a review of its structure.
Douglas M. Steenland, Chairman of AIG, who will become CEO when Duperreault changes roles, said: "AIG's board members are convinced that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders. "
According to AIG's statement:" No assurance can be given as to the form in which a separation transaction may take or specific terms or timing, or that a difference will actually occur.
AIG's life and pension business comprises its individual pension, group pension, life insurance and institutional market business and accounted for approximately 34% of the company's $ 49.7 billion Revenue from 201
Meanwhile, even on Monday, AIG announced its third-quarter catastrophe losses before tax, including $ 185 million in COVID-19-related receivables. $ 605 million in other disaster claims were from windstorm and wildfire losses, the statement said.