AIG close to naming Duperreault CEO: ReportReprints
American International Group Inc. is planning to name former executive Brian Duperreault as its new CEO as early as today, the Wall Street Journal said late Wednesday.
Mr. Duperreault is currently the head of Hamilton Insurance Group, a Bermuda-based insurer and reinsurer. Neither AIG nor Hamilton responded to calls for comment.
The news comes about two months after current AIG CEO Peter Hancock announced he would resign following a nearly $3 billion fourth-quarter 2016 loss. Earlier this month AIG bounced back reporting a $1.19 billion profit for the first quarter of 2017.
The New York-based insurer has been the target of activist investors led by billionaire Carl Icahn.
Rumors that Mr. Duperreault, who is 70, would be brought back to head AIG began last month as the board sought a proven property/casualty executive to reassure investors.
Mr. Duperreault, an actuary by training, spent more than 20 years at AIG, rising to lead American International Underwriters, which comprised the insurer’s overseas operations.
He left AIG to run Ace Ltd. in 1994, where he led the transformation of Ace from a specialty Bermuda insurer in to a multiline international insurer and reinsurer. During Mr. Duperreault’s time at Ace, the insurer made several acquisitions, including the purchase of Cigna’s property/casualty business, which gave the insurer an international platform.
He retired from Ace in 2004, where he was succeeded by another former AIG executive – Evan Greenberg, the son of former CEO Maurice R. Greenberg, who last year completed the merger of Ace with Chubb Corp. to create Chubb Ltd.
After four years, he came out of retirement to lead Marsh & McLennan Cos. Inc. and helped turnaround the brokerage, which was still recovering from the crisis triggered by the Spitzer investigations. He retired from Marsh & McLennan at the end of 2012.
Less than a year later, he came out of retirement again to lead Hamilton.