Posted on Oct 26, 2020 at 11:20 PMUpdated Oct 26, 2020 11:21 PM
The American insurer AIG is going to undertake a vast transformation operation, with the appointment of a new boss and a refocusing on some of its activities.
Currently chief operating officer, and therefore number two in the group, Peter Zaffino will succeed Brian Duperreault in March 2021, who will then become executive chairman of the board. “Peter was instrumental in the turnaround and transformation of AIG and his vision, determination and pursuit of excellence will help ensure the future success of the company,” said the latter in a statement.
AIG also announced its intention to separate from its life insurance and pension business, believing that a simpler organization would be in the best interests of AIG’s shareholders and various partners. The group will therefore focus on insurance for theft, accidents or civil liability.
“Over the past three years, we have taken significant steps to reduce AIG’s risk and position the company for profitable growth, including strengthening the general insurance business, diversifying the business of AIG. life and retirement insurance, by considerably strengthening capital and liquidity and by building a top-quality team, ”said Brian Duperreault.
This reorganization should allow the two future companies to “prosper” each on their own, he added, although the group has not yet decided how this split would take place. On Wall Street, the title took more than 7% in electronic trading following the close of the session on Monday.