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Peter Zaffino, CEO of Marsh L.L.C., will leave the brokerage to join American International Group Inc. as global chief operating officer effective Aug. 1, AIG announced Wednesday.
Mr. Zaffino will be replaced as CEO of Marsh by John Doyle, who joined the brokerage as president last year. Mr. Doyle was one of the most high-profile executives to leave AIG when it culled its leadership ranks in 2015 and 2016.
The move will reunite Mr. Zaffino with Brian Duperreault, who previously headed Marsh & McLennan Cos. Inc., the brokerage firm’s parent.
"In his role at AIG, Mr. Zaffino will lead the day-to-day business of all country operations, including U.S. commercial field operations and AIG’s multinational organization, as well as global business services, administration and communications," an AIG statement said.
Rumors that Mr. Zaffino would join AIG began in April following speculation that Mr. Duperreault would return to lead AIG, having spent the first two decades of his career at the insurer. Mr. Duperreault was named CEO of AIG in May to replace Peter Hancock, who announced his resignation after AIG posted a nearly $3 billion fourth-quarter 2016 loss.
Mr. Duperreualt’s appointment has been widely welcomed by industry observers who view his underwriting and management background as key attributes needed to help turnaround AIG.
Prior to being named Marsh CEO in 2011, Mr. Zaffino was president and CEO of Guy Carpenter & Company, L.L.C., Marsh's reinsurance broking affiliate, having previously held a number of senior roles at the firm since joining in 2001.
Brian Duperreault’s move to run American International Group Inc. will forge a close partnership between AIG and Hamilton Insurance Group Ltd., the insurance and reinsurance group he has led for the past four years.