American International Group Inc. added John Doyle and Sid Sankaran to the insurer’s executive group as Chief Executive Office Robert Benmosche narrows the company’s focus after repaying a U.S. bailout.
Doyle is CEO of AIG’s commercial property/casualty business, and Sankaran is chief risk officer. Their appointments expand the executive group, which takes “deep dives” evaluating the insurers’ challenges and opportunities, to 10 members, Benmosche said in a memo today obtained by Bloomberg News. Others include AIG’s chief financial officer and the heads of the life insurance and property/casualty units.
“John and Sid are proven leaders, and their appointments reflect the importance of their roles to the future of AIG and their individual contributions,” Benmosche said in the memo.
Benmosche is expanding the panel as he focuses on improving results at the property/casualty division. AIG increasingly relies on that operation after divesting non-U.S. life businesses, and Benmosche has struck a deal to sell a plane leasing unit.
“Sid and John have continuously provided strong, complementary leadership and global perspectives on a wide range of decisions involving all aspects of AIG,” Benmosche said in the memo. Jon Diat, a spokesman for New York-based AIG, confirmed the memo’s authenticity.
Doyle joined AIG in 1986 and ran units including National Union Fire Insurance Co. and American Home Assurance Co.
Sankaran was a partner in the finance and risk practice at Oliver Wyman, the management consulting arm of March & McLennan Cos., before coming to AIG in 2010. He replaced Robert Lewis who told the Financial Crisis Inquiry Commission earlier that year that AIG underestimated the danger of subprime loans.
Editors: Dan Kraut, Dan Reichl