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AIG names new CFO as Lyons switches roles

Shane Fitzsimons and Mark Lyons

American International Group Inc. on Monday named Shane Fitzsimons chief financial officer and announced that Mark Lyons, the current finance chief, would become global chief actuary and head of portfolio management for the insurer.

In addition, AIG announced it was bringing in Insureon founder Ted Devine as head of the project to overhaul its operations.

Mr. Fitzsimons joined AIG from Indian conglomerate Tata Group in 2019 as global head of shared services.

Mr. Lyons rejoined AIG as chief actuary in June 2018 and was named CFO in December of that year. In his new role, which is effective Jan. 1, 2022, he will oversee the insurer’s actuarial and ceded reinsurance operations “as well as lead ongoing improvements and repositioning in AIG’s commercial and personal insurance portfolio,” an AIG statement said.

Both Mr. Fitzsimons and Mr. Lyons, who are based in New York, will continue to report to Peter Zaffino, AIG’s president and CEO.

Mr. Devine will head AIG 200, the project that AIG launched in 2019 as a multi-year program to improve its processes and infrastructure. Mr. Devine worked at Aon PLC and McKinsey & Co. before becoming CEO of insurtech company Insureon in 2012. He left Insureon last year.

In addition, AIG named Elias Habayeb CFO of its life and retirement business. Previously, he was CFO, general insurance, and deputy CFO of AIG. He replaces Tom Diemer, who is leaving the company. AIG is currently separating its life and retirement business and plans an initial public offering for the unit.

Also, Elaine Rocha was named chief investment officer. Previously, she was global chief operating officer. “Ms. Rocha will lead the investments unit that will remain with AIG,” the statement said.