Brian Duperreault, the new CEO of American International Group (AIG), has tapped Peter Zaffino, a former colleague at insurance broker Marsh, to be executive vice president, global chief operating officer at AIG.
In his role at AIG, Zaffino will lead the day-to-day business of all country operations, including U.S. commercial field operations and AIG’s multinational organization, as well as global business services, administration and communications. He will develop AIG’s long-term strategy and operating plan, and be responsible for executing the commercial lines and consumer strategies. His appointment is effective Aug. 1
Zaffino joins AIG after serving as CEO of Marsh, the global insurance brokerage and risk management subsidiary of Marsh McLennan Companies Inc. (MMC) since 2011 – and as chairman of the Risk and Insurance Services segment of MMC since 2015. He has also been a member of MMC’s Executive Committee since 2008. He and Duperreault worked together at Marsh when Duperreault took over the brokerage firm in 2008 and engineered a successful turnaround at the company that was losing business after allegations of bid-rigging by then-New York Attorney General Eliot Spitzer.
Duperreault called Zaffino “one of the most talented executives operating in the insurance industry.” He said AIG’s field operations will benefit from Zaffino’s experience across all aspects of the business.
Zaffino has more than 25 years of experience in the insurance and reinsurance industry. Prior to being named Marsh CEO in 2011, he was president and CEO of Guy Carpenter, the reinsurance specialist subsidiary of MMC, having previously held a number of senior roles at the firm. Prior to joining Guy Carpenter in 2001, he held several senior positions, including serving in an executive role with a GE Capital portfolio company.
Duperreault, age 70, the founder and CEO of Hamilton Insurance Group Ltd. in Bermuda, was chosen in May to replace CEO Peter Hancock, who announced plans to depart in March after the insurer’s fourth-quarter loss. Duperreault’s appointment meant internal candidates for the CEO job were passed over. Among them was Rob Schimek, age 52, CEO of AIG’s commercial insurance unit.