American International Group announced that David McElroy, Don Bailey and Jon Hancock will be taking on different roles starting on Jan. 1, 2024—moves that AIG says will see them leading the company’s next phase of profitable growth.
McElroy, currently Chief Executive Officer, General Insurance, will assume the newly created role of Chairman, General Insurance.
Bailey, now Global Head of Distribution and Field Operations, will take the role of CEO, North America Insurance.
Hancock, now Chief Executive Officer of International General Insurance, will become CEO, International Insurance.
All three executives will report to Peter Zaffino, Chairman and Chief Executive Officer of AIG, who stated that Bailey and Hancock’s appointments align with AIG’s plans “to create a leaner operating model,” while staying focused on advancing the company’s “underwriting performance, continuing to enhance…operational excellence, and achieving double-digit returns.”
“These changes reflect the significant progress we have made over the last several years and will accelerate the implementation of our business strategy going forward,” Zaffino said.
In his new role, McElroy will focus on advancing client development, building distribution partner relationships, and continuing to support AIG’s focus on underwriting excellence.
McElroy joined AIG as President and CEO of Lexington Insurance Company in October 2018 and was promoted to President and CEO of North America, General Insurance in June 2019, and then to CEO, General Insurance in 2020.
Before joining AIG, he held a number of leadership roles within the insurance industry, including Executive Chairman of Arch Insurance Group Inc. and Vice Chairman of Arch Worldwide Insurance Group.
Zaffino expressed gratitude to McElroy for leadership and significant contributions over the past five years. “I am confident that over the next few years, he will continue to drive significant value for our stakeholders in this new role, which will leverage his deep industry expertise, his exceptional underwriting experience, and his significant capabilities in the market,” Zaffino said in a media statement.
Bailey and Hancock will lead the underwriting, distribution and the business teams in North America and International, respectively, in their new roles. Bailey and Hancock bring three decades of industry experience to their roles—Bailey in insurance underwriting and brokerage leadership; Hancock bringing industry and global operating experience.
Hancock, prior to taking the leadership reins of International General Insurance early in 2020, served as Director of Performance Management at Lloyd’s, where his portfolio included responsibility for overseeing performance and risk management globally across the Lloyd’s market.
Before taking his role at Lloyd’s in 2016, Hancock spent 26 years at RSA in roles of increasing responsibility, including serving as Managing Director, UK Commercial, which encompassed RSA’s European Specialty businesses, and Global Broker Relationship Director. Previously, he served as RSA’s Chief Executive Officer, Asia and Middle East, and held chief underwriter and risk roles in both developed and emerging markets.
Bailey joined AIG in January of this year from Bristlecone Partners, a growth and human capital consultancy firm, where he had been a partner since 2017. Past roles included president of global sales at Marsh, president of Allstate B2B and chairman of Encompass, the mass affluent personal lines subsidiary of Allstate. He also previously served as chairman and CEO of Willis Towers Watson North America.
Source: American International Group and earlier CM reports
Bailey was also the Guest Editor for a section of the July/August 2020 edition of Carrier Management about leadership in insurance, contributing the following articles: