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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170515005699/en/
American International Group, Inc.Investors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorMedia:Jennifer Hendricks
Sullivan, 212-770-3141jennifer.sullivan@aig.com
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