NEW YORK--(BUSINESS WIRE)--May 15, 2017--
American International Group, Inc. (NYSE: AIG) announced today the
appointment of Brian Duperreault as President, Chief Executive Officer
and Director effective May 14, 2017. Mr. Duperreault has resigned as
Chairman and Chief Executive Officer of Hamilton Insurance Group
(Hamilton). Peter D. Hancock resigned as President, Chief Executive
Officer and Director concurrent with Mr. Duperreault’s appointment.
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Brian Duperreault,
AIG,
President and Chief Executive Officer
(Photo: Business Wire)
Douglas M. Steenland, AIG's Chairman of the Board, said: “Brian is
uniquely qualified to lead AIG at this important time. 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. 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.”
Mr. Steenland continued: “The Board and I want to thank Peter Hancock
for his leadership in positioning AIG for the future. During his tenure,
Peter set the course for the company to deliver higher quality, more
sustainable earnings and dramatically reduced reserve risk. We are
grateful for his leadership over the past seven years.”
Mr. Duperreault said: “It is a privilege to return and lead AIG. I look
forward to building on AIG’s nearly 100-year heritage as one of the
world’s leading insurers for its next century.”
He continued: “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.”
Mr. Duperreault’s compensation arrangements are described in AIG’s
Current Report on Form 8-K filed with the Securities and Exchange
Commission on the date of this Press Release. Pursuant to New York Stock
Exchange Rules, AIG notes that these arrangements include a grant, made
upon Mr. Duperreault’s commencement of service with AIG, of stock
options to purchase 500,000 shares of AIG common stock, which vest
subject to AIG’s stock price exceeding certain price targets and which
will be made outside of AIG’s equity incentive plans as an “employment
inducement grant” under NYSE Listing Rule 303A.08.
Mr. Duperreault previously served as Chairman and Chief Executive
Officer of Hamilton Insurance Group, a Bermuda-based holding company,
with property and casualty insurance and reinsurance operations in
Bermuda, the U.S. and the UK. Prior to this, Mr. Duperreault was
President and Chief Executive Officer of Marsh & McLennan Companies, a
global professional services firm offering clients advice and solutions
in risk, strategy and people, from 2008 to 2012. Before joining Marsh,
he served for two years as non-executive Chairman of ACE Limited, an
insurance and reinsurance company, and CEO of ACE Limited from October
1994 through May 2004. Prior to joining ACE, Mr. Duperreault served in
various senior executive positions with AIG and its affiliates from 1973
to 1994.
Mr. Duperreault is 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. He is the
former Chairman of the Board of Overseers of the School of Risk
Management of St. John's University, New York. Mr. Duperreault 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.
Mr. Duperreault will make introductory remarks at AIG’s Consumer
Investor Day on Monday, May 15, 2017, at 9:30 a.m. ET. The webcast is
open to the public and can be accessed via a live listen-only webcast in
the Investor Relations section of www.aig.com.
A replay will be available after the investor meeting at the same
location.
Certain statements in this press release constitute forward-looking
statements. These statements are not historical facts but instead
represent only AIG’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG’s control. It is
possible that actual results will differ, possibly materially, from the
anticipated results contemplated by these statements. Factors that could
cause actual results to differ, possibly materially, from those in the
forward-looking statements are discussed throughout AIG’s periodic
filings with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, and other financial services to customers in more than 80
countries and jurisdictions. These diverse offerings include products
and services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG's core businesses
include Commercial Insurance and Consumer Insurance, as well as Other
Operations. Commercial Insurance comprises two modules – Liability and
Financial Lines, and Property and Special Risks. Consumer Insurance
comprises four modules – Individual Retirement, Group Retirement, Life
Insurance and Personal Insurance. AIG common stock is listed on the New
York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170515005699/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors:
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media:
Jennifer
Hendricks Sullivan, 212-770-3141
jennifer.sullivan@aig.com