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Former American International Group Inc. Vice Chairman Thomas R. Tizzio has died at the age of 77.
According to an obituary published Thursday in the Asbury Park Press of Asbury Park, New Jersey, Mr. Tizzio died Tuesday after battling cancer. Mr. Tizzio, a resident of Middletown, New Jersey, retired as AIG's senior vice chairman-general insurance in 2006 after a career with AIG that lasted more than 38 years.
“I am very sad to learn of the passing of Tom Tizzio,” said former AIG CEO Maurice R. Greenberg in a statement issued Thursday. “Tom was a pioneer in the insurance industry, and we worked together for many years.”
“In many ways, Tom was my right hand when I was first starting AIG,” said Mr. Greenberg, who is now chairman and CEO of the New York-based Starr Cos. “He made many invaluable contributions to the growth of that company.” Mr. Greenberg called Mr. Tizzio a “legend in the insurance industry.”
“We are deeply saddened to learn of the passing of Tom,” said an AIG spokesman in an email. “We extend our deepest sympathy to the Tizzio family.”
Mr. Tizzio was one of several AIG executives sued in the 2000s in connection with commissions AIG paid to companies controlled by former AIG officials. The suits were settled.
Mr. Tizzio is survived by his wife Mary Ann, three children and seven grandchildren, according to the obituary.
American International Group Inc. has made several new appointments in its commercial insurance division.