American International Group Inc.’s Peter Zaffino drew a clear line ahead of his jump to the insurer almost three years ago.“I didn’t want any advice,” Zaffino, AIG’s president, said in a rare sit-down interview. 2 Is Fighting to Turn Around the House That Hank Built. Last year Brian Duperreault … Duperreault said in an interview that, when he arrived, he found that the insurer, which boasts a sprawling operation that writes policies for corporations, was taking on too much risk.Trying to quickly change course for an insurer with a $30 billion market capitalization is difficult. He began his tenure as CEO by immediately curtailing share buybacks and instead using capital for acquisitions. He and his wife, Kirsten, are travel aficionados and have been ardent supporters of the hockey and lacrosse teams their children have played on. AIG notched an annual underwriting profit at its property-casualty business in 2019, a rarity for the insurer in recent years. Required fields are marked We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. AIG has missed analysts’ estimates eight times in the past 12 quarters.
2 Is Fighting to Turn Around the House That Hank Built By . Now, Zaffino is embarking on AIG 200, which entails even more operational changes, including building out a commercial-underwriting platform, boosting digital efforts in Japan and reworking the company’s real estate strategy.When he’s not working, Zaffino spends time with his family, plays golf and listens to music -- he’s a Led Zeppelin fan and has gone to Bob Seger concerts with his kids.
J.P. Morgan analyst Westin Hicks is a Duperreault admirer: "He pulled off the biggest acquisition of the year at bottom of the property/casualty cycle.
At Ace Ltd., now called Chubb Ltd., Duperreault was succeeded by key lieutenant Evan Greenberg, who still runs the firm. His father, Salvatore, who died Earlier in his career, Peter Zaffino was handed the job of running Guy Carpenter, following in his father’s footsteps. “The information was very good and it gave me unbelievable insight.”At AIG, Duperreault and Zaffino first aimed to tweak the use of reinsurance to temper volatility, then sought to fix underwriting so the company wouldn’t be burned later on. Marsh & McLennan–Guy Carpenter’s parent company–Zaffino’s career, which also included stints at Hartford Financial Services Group Inc. and a General Electric Co. venture called Core, has taken him to all corners of the industry, from reinsurance and brokerage work to insurance carriers. AIG notched an annual underwriting profit at its property-casualty business in 2019, a rarity for the insurer in recent years. The ILS market needs to turn its guns on cyber risk, if the emerging threat is to be contained, Brian Duperreault told SIRC 2018 The sheer size of cyber risk and its potential for accumulation means the insurance-linked securities (ILS) market will be needed to contain the emerging risk, according to AIG boss Brian Duperreault. A former Boston College soccer player, he’s always had an determined focus on his work, former colleagues say.That makes him thoughtful but unemotional when working on deals, and he doesn’t get rattled by outside noise around negotiations, according to Jimmy Dunne at Piper Sandler Cos. Zaffino has a reputation as an intense leader who requires employees to know an issue inside and out, and demands accountability daily, an ex-employee said. Years later, Marsh & McLennan named Glaser, who was group president and chief operating officer, to replace Duperreault.For now, AIG’s benefiting from the partnership of Duperreault and Zaffino, according to Pat Ryan, who leads brokerage Ryan Specialty Group and founded Aon Plc.“Whenever you can have two senior executives that work in harmony and are moving that huge ship forward, you want those two to do it as long as possible,” Ryan said.There are signs of a turnaround taking hold.
By Katherine Chiglinsky | AIG’s No. Since then, the company has struggled to get back on its feet, hurt in part by the sale of some crown-jewel businesses to help repay taxpayers.More recently, the company was involved in a tumultuous “That relationship where you’ve got the macro, calming influence of a Duperreault, and the tactical and strategic tenacity of Peter works well,” said Kevin O’Donnell, president and CEO of Zaffino was something of an outsider, having not previously worked at AIG. Zaffino left a lucrative spot at Marsh & McLennan Cos. to join a longtime mentor, Chief Executive Officer Brian Duperreault, for one of the greatest–and most closely watched–challenges in the insurance market.Zaffino, 53, has climbed AIG’s ranks and is now taking on its next big project–a sweeping effort to modernize the firm–just as it faces what insurance titans including Duperreault are calling the “I feel really good about the work that’s been done and, quite frankly, if Covid-19 had happened a year ago, we wouldn’t be able to do what we’re doing today because we would not have had as much foundational work done,” Zaffino said in a video call last month.AIG holds an unusual place in the insurance industry, known for taking big, unique risks under the formidable Maurice “Hank” Greenberg. Duperreault said in an interview that, when he arrived, he found that the insurer, which boasts a sprawling operation that writes policies for corporations, was taking on too much risk.Trying to quickly change course for an insurer with a $30 billion market capitalization is difficult.
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