American International Group announced Monday that Mark D. Lyons, who is currently the former chief financial officer of Arch Capital Group, Ltd. (ACGL), will become AIG’s General Insurance chief actuary, effective June 1, 2018.
Separately, Arch Capital announced that its chief actuary, François Morin will take on the executive vice president and chief financial officer roles being vacated by Lyons.
As a senior vice president and lead actuary for General Insurance globally at AIG, Lyons, a member of the American Academy of Actuaries and is an Associate of the Casualty Actuarial Society, will report to Peter Zaffino, chief executive officer for General Insurance. Lyons will oversee actuarial strategy and provide input into key General Insurance strategic decisions, as well as pricing and reserving practices. The actuarial reserving unit will also report into the General Insurance chief financial officer.
In a media statement, Lyons noted that he had previously worked at AIG, more than three decades ago. “I am extremely pleased to be rejoining such an iconic brand after nearly 33 years,” he said, adding that he looks forward to joining an impressive leadership team being built by Zaffino and looks forward also “to Actuarial being intimately involved in all areas of the business.”
Morin, who has nearly 30 years of experience in the insurance industry and is a fellow of the Casualty Actuarial Society, a Chartered Financial Analyst and a member of the American Academy of Actuaries, currently serves as senior vice president, chief risk officer and chief actuary of ACGL. He will assume his new role on May 25. He will report to Marc Grandisson, president and chief executive officer of ACGL, who highlighted Arch’s “deep pool of talent” as one the company’s strengths in a media statement. “François’ extensive experience leading Arch’s actuarial and enterprise risk management practices gives him valuable perspective into all financial and capital aspects of our company,” Grandisson added.
Morin joined the company in 2011. Before that, he served in various roles for Towers Watson & Co. and its predecessor firm Towers, Perrin, Forster & Crosby, including its actuarial division, Tillinghast, where he led the firm’s engagement with ACGL.
Lyons joined Arch in 2002 and served in various capacities within Arch Insurance U.S. operations, eventually rising to chairman and chief executive officer of Arch Worldwide Insurance Group.
Since 2012, Lyons had served as executive vice president, chief financial officer and treasurer of ACGL. Prior to joining Arch, Lyons held various positions at Zurich U.S., Berkshire Hathaway and AIG.
During a 2015 video interview, Lyons discussed Arch’s competitors in specialty lines, including his former employers, Berkshire and AIG, as well as Arch’s playbook for successful results and business strategies for growth in a competitive commercial specialty market.