AIG Announces Changes in Senior Management; Readys for Life & Retirement Spinoff Unit

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

The insurer American International Group has announced changes to senior management that it says strengthen the organization to achieve its top priorities, including the separation of Life and Pensions.

AIG has announced that effective January 1, 2022, Mark Lyons, currently Executive Vice President and Chief Financial Officer of AIG, will assume the newly created role of Executive Vice President, Global Chief Actuary and Director of Portfolio Management, AIG. In this role, Lyons will oversee AIG’s global actuarial and ceded reinsurance functions, as well as lead the continuous improvements of AIG’s business and personal insurance portfolio.

When Lyons assumes his new role, Shane Fitzsimons will become Executive Vice President and Chief Financial Officer of AIG. Lyons and Fitzsimons will continue to report to Peter Zaffino, President and CEO of AIG and will remain on the management team of AIG.

“The leadership roles we are announcing today strengthen our leadership team and support the momentum we have on our highest strategic priorities: positioning AIG’s core businesses for long-term sustainable profitability, prepare our Life and Retirement activity to become an autonomous market. – Leading franchise and continued execution of AIG 200, ”Zaffino said.

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AIG also announced that Elias Habayeb, currently CFO, General Insurance, and Deputy CFO, AIG, has been appointed CFO of AIG’s Life and Pensions business, effective immediately. Habayeb replaces current CFO Life and Retirement Tom Diemer, who is leaving the company to pursue other opportunities.

As part of the ongoing work to separate the Life and Pensions businesses, including parts of AIG’s Investments unit, Elaine Rocha, currently Global COO, Reinsurance, has been promoted to Global Head of Investments, AIG, with immediate effect. She reports to Lyon and will move to Fitzsimons in January 2022. Rocha will lead the Investments unit which will remain at AIG.

AIG announced in 2020 that it will take steps to separate its life insurance and pension business from its property and casualty business. The insurer said it would use an initial public offering to sell nearly 20% of the business. Blackstone Group has also agreed to purchase a significant stake in the unit.

AIG also announced that Ted Devine has joined AIG as Global Head of AIG 200, reporting to Zaffino. Devine has been advising AIG in its AIG 200 effort since 2019, focusing on technology delivery and user experience. In this new role, he will be responsible for overseeing and driving continued momentum through AIG 200 as the company modernizes its infrastructure.

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Backgrounds

Lyons joined AIG in July 2018 as Chief Actuary, General Insurance, with over 40 years of experience in the insurance industry. He assumed the role of CFO of AIG in December 2018. Prior to joining AIG, he worked for Arch Capital Group. Prior to Arch, he held positions at Zurich US, Berkshire Hathaway and previously at AIG.

Fitzsimons joined AIG in July 2019 as Global Head of Shared Services. He has held positions of increasing responsibility, most recently as Executive Vice President and Chief Administrative Officer, which included the Chief Financial Planning and Analysis. Fitzsimons also oversaw the AIG 200 modernization initiative. Previously, he spent 23 years with GE.

Habayeb has worked at AIG for over 16 years, holding several senior finance positions, most recently as CFO of General Insurance. He was also Deputy Chief Financial Officer of AIG and will continue to serve as Chief Accounting Officer of AIG until February 2022. His previous role included Chief Financial Officer of International Lease Finance Corp., a subsidiary of AIG. Before AIG, Habayeb was a partner at Deloitte.

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During his more than 11-year tenure at AIG, Rocha has contributed to several activities and functions of AIG, including reinsurance; Investments; Legal and AIG 200. From 2015 to 2020, Rocha was the Global COO for the Investments unit of AIG. Prior to joining AIG, Rocha was a private practice lawyer for over a decade.

Prior to joining AIG, Devine was Founder and CEO of insurtech broker Insureon, President of Aon Global Retail Brokerage, CEO of Aon Reinsurance, President of Aon Americas, Senior Partner at McKinsey and Co. specializing in the retail industry. insurance and senior director of M&A practice at Deloitte.

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