May the speculation cease: American International Group Inc. (AIG) has appointed P&C insurance maven Brian Duperreault its new president, CEO and director.
Duperreault, 70, has resigned as chairman and CEO of Hamilton Insurance Group. He succeeds Peter D. Hancock, who recently resigned.
Additionally, AIG has agreed in principle to acquire Hamilton USA, the U.S. platform of Hamilton Insurance Group, to continue accelerating its application of data science and analytics to its underwriting. Hamilton Re and AIG will enter into a reinsurance strategic partnership in which Hamilton Re will have the opportunity to participate on market terms in an increased volume of AIG's ceded reinsurance.
"It is a privilege to return and lead AIG," Duperreault in a statement. "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," he added.
Duperreault, who was honored as one of National Underwriter Property & Casualty's "Living Legends of Insurance," previously served as chairman and CEO of Hamilton Insurance Group, a Bermuda-based holding company, with P&C insurance and reinsurance operations in Bermuda, the U.S. and the UK. Before that he served as president and CEO of Marsh & McLennan Companies from 2008 to 2012.
Before joining Marsh, Duperreault served for two years as non-executive chairman of ACE Limited and served as CEO of ACE Limited from October 1994 through May 2004.
Duperreault also serves as chairman of Attune, a data-enabled company established by Hamilton Insurance Group, AIG and Two Sigma, and Chairman of the Board of Directors of Blue Marble Microinsurance.
|'Uniquely qualified'
"Brian is uniquely qualified to lead AIG at this important time," Douglas M. Steenland, AIG's Chairman of the Board, said in a statement. "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," Steenland continued. "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."
Duperreault is the former chairman of the Board of Overseers of the School of Risk Management of St. John's University in New York. Additionally, he is a member of the Boards of the International Insurance Society, the Insurance Information Institute and the Bermuda Institute of Ocean Studies (BIOS), and is a former Member of the Association of The Metropolitan Opera, New York. He serves on Johnson Controls' Board of Directors.
AIG's shares were up 1.7 percent at $62.01 in premarket trading on Monday.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
