American International Group has a new chief financial officer. Mark Lyons, a former Arch Capital executive, is taking on the position along with the title of executive vice president after joining the insurer earlier this year in another role. He is succeeding Sid Sankaran, who will remain at AIG as an adviser through the year-end reporting process for fiscal year 2018.
Lyons will serve on the AIG Executive Leadership Team and report directly to AIG President and CEO Brian Duperreault. Currently AIG’s chief actuary for General Insurance, Lyons will remain in that position until a successor is named.
Duperreault, in prepared remarks, said that he expects Lyons “will further strengthen our financial processes and forecasting capabilities, as well as build on the progress we have made to restore AIG’s position as a growing, profitable leader in the insurance industry.”
Duperreault said that Sankaran made “significant contributions” to AIG over the years and helped the struggling insurer “navigate many challenging issues over the last decade.”
Lyons joined AIG in 2018 from Arch Capital Group Ltd., where he served as executive vice president, chief financial officer and treasurer since 2012. He joined Arch in 2002 and worked in various capacities within Arch Insurance U.S. operations, eventually rising to chairman and chief executive officer of Arch Worldwide Insurance Group. Before Arch, Lyons held various positions at Zurich U.S., Berkshire Hathaway and AIG.
AIG has struggled to return to underwriting profit for its General Insurance division, but Duperreault insists it will happen for the insurer in early 2019.