AIG: Everything you need to know
- Headquarters address: New York, New York
- Net Premiums Written: $22.96 billion (according to 2020 annual report)
- Total assets (2020): US$586.5 billion
- Employees: 49,000+
- Global locations: 80+ countries
- Underwriting expertise: property casualty insurance, life insurance, retirement products, mortgage insurance
- Key people: President and CEO Peter Zaffino; Executive Chair: Brian Duperreault
American International Group (AIG) is a global insurance company that started in China in 1919, when an American named Cornelius Vander Starr launched an insurance agency, American Asiatic Underwriters, in Shanghai. The company eventually expanded its presence across the globe, and today, its key business units include general insurance, life and retirement, and investments.
Through its insurance offerings tailored for businesses, AIG provides products and services that include traditional insurance, specialized solutions, and excess and surplus lines insurance to help businesses address emerging risks. The company’s clients range from large, international, and mid-sized companies to small businesses, entrepreneurs, and non-profits found around the world.
AIG in the news
2018: AIG acquires Validus Holdings, a provider of reinsurance, primary insurance, and asset management services
February 2019: AIG reports a catastrophe-driven net loss of $622 million for the fourth quarter of 2018, down significantly from $6.7 billion in the prior-year quarter
June 2019: AIG CEO reaching out to shareholders over compensation package after they only narrowly approved his multi-million-dollar compensation package
June 2019: AIG consolidates reinsurance operations into one global business and names CEO
July 2019: AIG taps cybersecurity expert as deputy CISO
August 2019: AIG establishes key financial officer role, appointing Sabra Purtill to the newly created role of deputy CFO, head of treasury, investor & rating agency relations, and corporate development
September 2019: AIG transitions to affirmative cyber coverage across all commercial lines
Key people as of 2021
Peter Zaffino – President and Chief Executive Officer
Prior to his appointment as CEO, Peter Zaffino served as President & Global Chief Operating Officer, AIG, as well as Chief Executive Officer of AIG's General Insurance business unit.
Zaffino has more than 30 years of experience in the insurance and reinsurance industry. He joined AIG in July 2017 from Marsh & McLennan Companies (MMC), where he was Chairman of MMC’s Risk & Insurance businesses (Marsh and Guy Carpenter) beginning in 2015, in addition to serving as Chief Executive Officer of Marsh since 2011. Prior to his role at Marsh, Mr. Zaffino was President & Chief Executive Officer of Guy Carpenter from 2008 to 2011, a company he first joined in 2001.
Before joining Guy Carpenter, Zaffino served in executive roles at several market-leading companies, including a portfolio company of GE Capital that specialized in alternative risk insurance and reinsurance.
Zaffino earned a BA in economics from Boston College and an MBA in finance from New York University’s Leonard N. Stern School of Business. He is a member of the Boards of The Michael J. Fox Foundation for Parkinson’s Research and the New York Police and Fire Widows’ and Children’s Benefit Fund.
Brian Duperreault – Executive Chair of the Board
Duperreault is no stranger to leading big companies in the insurance space. Before coming to AIG, he was the chairman and chief executive officer of Hamilton Insurance Group from 2013 to 2017, as well as president and CEO of Marsh & McLennan Companies (MMC) from 2008 to 2012. He also served for two years as non-executive chairman of ACE Limited, and as CEO of ACE from 1994 through 2004. Duperreault’s work with AIG dates back to 1973, when he held various senior executive positions with the company and its affiliates until 1994.
The leader is currently a member of many boards, including those of the Bermuda Institute of Ocean Sciences, Johnson Controls, Partnership for New York City, the Geneva Association, and Saint Joseph’s University. Duperreault is also the former chairman of the Board of Overseers of the School of Risk Management of St. John’s University, New York and chairman emeritus of Blue Marble Microinsurance.
Culture
AIG takes its involvement in sustainability seriously, creating a leadership solely devoted to this in July 2019, and naming Jennifer Waldner to fill the role. Waldner has accountability for implementing AIG’s sustainability strategy in her new role, and she also helps to develop a reporting structure. She likewise leads a cross-functional team to drive global sustainability initiatives, while ensuring that AIG’s sustainability strategy is properly executed throughout the organization, a release said.
The creation of a chief sustainability officer position reflects AIG’s ongoing commitment to sustainability as an insurer, investor, employer and corporate citizen, along with our efforts to take a thoughtful, coordinated approach across our global footprint,” said AIG executive vice president and AIG Life Holdings vice-chair Thomas B. Leonardi in a statement.
Leonardi added that Waldner’s expertise on sustainability matters and understanding of AIG’s business “uniquely position her for success in this important role.
I look forward to working with colleagues around the world to evolve AIG’s sustainability strategy and to enhance our reporting approach,” commented Waldner.
Waldner’s appointment came as AIG issued its first Task Force on Climate-related Financial Disclosures (TCFD) report. The report contained information on the company’s environmental, social, and human capital initiatives.
