AIG: Everything you need to know
|1271 Avenue of the Americas, Floor 41 New York, New York 10020-1304, United States|
|Global locations||70+ countries and jurisdictions served|
|Total premiums (UK)||£2.5 billion (2022)|
|Gross written premiums||$7.6 billion (2022)|
|Underwriting expertise||General insurance|
|Key people||Pete Zaffino (chairman & CEO), Tom Bolt (EVP, chief risk officer), Lucy Fato (EVP, general counsel & global head of communications and government affairs), Shane Fitzsimmons (EVP, chief financial officer), Rose Marie Glazer (EVP, chief human resources & diversity officer), Constance Hunter (EVP, global head of strategy & ESG), David McElroy (EVP, CEO, general insurance), Kevin Hogan (CEO, Corebridge Financial), Naohiro Mouri (EVP, chief auditor), Sabra Purtill (EVP, interim chief financial officer), John Repko (EVP, chief information officer), Claude Wade (EVP, global head of operations and shared services & chief digital officer)|
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, specialised 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
Peter Zaffino – chairman & CEO
Peter Zaffino joined AIG in July 2017 as global chief operating officer. He was appointed as the insurance giant’s president in December 2019 and took on the additional role of chief executive officer in March 2021. In January 2022, he also became the chairman of the board of directors.
Zaffino boasts more than 30 years of experience in the insurance and reinsurance sector, taking on leadership roles at several industry behemoths. He joined AIG after his almost two-year stint as chairman of the risk and insurance businesses at Marsh McLennan, where he also served as CEO from 2011. Prior to this, he was president and CEO of Guy Carpenter between 2008 and 2011.
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.
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 organisation, 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.
Three insurers largely denied coverage to the business in question
Event will also launch industry mentorship program
He will be in charge of the company's corporate reputation
He will join the line-up in mid-October