Peter Zaffino

New American International Group CEO Brian Duperreault turned to an old colleague as his first big executive hire, appointing Marsh LLC CEO Peter Zaffino as executive vice president and global chief operating officer.

Marsh, in turn, is naming former AIG executive John Doyle to replace Zaffino as CEO. Doyle became Marsh’s president in April 2016 and will retain that title as well.

Duperreault and Zaffino worked closely together at Marsh parent Marsh & McLennan Cos. when Duperreault ran the operation from 2008 through 2012. Zaffino had been part of MMC’s Executive Committee since 2008 and was Marsh CEO and chairman of MMC’s Risk and Insurance Services segment since 2015.

Zaffino is a 25-year insurance and reinsurance industry veteran, with previous experience running MMC division Guy Carpenter & Co., and he has held a number of leadership positions in other companies, including an executive role with a GE Capital portfolio company.

Brian Duperreault

Duperreault said that Zaffino is “one of the most talented executives operating in the insurance industry” and key to helping AIG build and expand its operations more quickly.

“AIG’s field operations will benefit from [Zaffino’s] experience across all aspects of the business, most recently with one of the world’s largest brokers,” Duperreault said in prepared remarks. “Adding his deep insurance knowledge and expertise to the leadership team at AIG will accelerate our efforts to build and expand on this great franchise.”

Zaffino, who’s appointment is official as of August 1, stressed that both men had much in common.

“We are both driven to help our organizations achieve their greatest potential,” Zaffino said in prepared remarks. “This comes with a dedication to operational excellence and empowering those closest to our clients to create valuable risk [products and services] for customers wherever they are in the world.”

Duperreault, himself an AIG veteran, became its latest president and CEO in mid-May. He replaced Peter Hancock, who announced his intention to resign after facing pressure from activist shareholders including Carl Icahn to split AIG up into three separate units. Hancock focused instead on streamlining, selling off assets and returning $25 billion to shareholders over two years. Duperreault has rejected the idea of splitting up AIG and wants to focus instead on growing it organically and with acquisitions.

John Doyle

New Marsh CEO Doyle had been executive vice president and chief executive officer of Commercial Insurance for previous CEO Hancock at AIG when he left the company in December 2015 as part of Hancock’s ongoing move to streamline. At AIG, Doyle oversaw its property, casualty financial lines, specialty lines, institutional markets and mortgage guaranty products and services.

Sources: AIG, Marsh