American International Group awarded Peter Zaffino a promotion, making him president of the insurance giant.
Zaffino takes on the new role as of Jan. 1, 2020, though he’ll still serve as Global Chief Operating Officer of AIG and Chief Executive Officer of General Insurance.
Zaffino, an old colleague of AIG CEO Brian Duperreault from their days at Marsh & McLennan Cos., joined AIG in July 2017, recruited by Duperreault to help revive AIG’s fortunes. At the time, Duperreault described Zaffino as “one of the most talented executives operating in the insurance industry” and someone who was key to helping AIG build and expand its operations more quickly. Duperreault was no less effusive about Zaffino’s latest promotion.
“Today’s announcement recognizes the value that Zaffino has brought to AIG over the last couple of years,” Duperreault said in prepared remarks. “His strategic approach to our General Insurance business, particularly with respect to the foundational changes we have made in the areas of underwriting and reinsurance, has been critical to the significant turnaround taking hold in that business.”
AIG says its General Insurance, or property/casualty business is on track to produce an underwriting profit for all of 2019 after years of losses.
Duperreault noted that Zaffino is also overseeing the insurer’s new AIG 200 initiative, a multi-year, companywide initiative “designed to position AIG as a top performing company.”
Zaffino, also in prepared remarks, said he was “honored” to take on the new position and committed to efforts to help AIG continue its improvement and expansion efforts.
Before coming to AIG, Zaffino was chief executive officer of Marsh LLC from 2011 to 2017 and was Chairman of the Risk and Insurance Services segment of MMC from 2015 to 2017.
Both men worked closely together at Marsh & McLennan Cos. When Duperreault ran the operation from 2008 through 2012.
Zaffino is a 25-year insurance and reinsurance industry veteran, with previous experience also 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.