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8. AIG looks to the future

Posted On: Dec. 26, 2017 8:12 AM CST

American International Group Inc. began the year striving to put past troubles behind it as it continued to struggle with disappointing results.

By the end of 2017, the insurer continued to post poor numbers, but many observers felt better times were ahead with Brian Duperreault in charge. The longtime industry executive, who started his career at AIG, rejoined the insurer in May, quickly making several key changes and promising yet more changes ahead. An article about future changes Mr. Duperreault planned for AIG was the eighth most read Risk Management story on BI’s website in 2017.

Prior to Mr. Duperreault’s arrival, AIG’s senior management, led by former CEO Peter Hancock, had taken measures to try to restore its fortunes, including purchasing a massive retroactive reinsurance contract from Berkshire Hathaway Inc.

A few weeks later, AIG announced a huge fourth-quarter loss, heaping more pressure on Mr. Hancock, who three weeks later announced he would resign.

Speculation as to who would replace Mr. Hancock quickly focused on Mr. Duperreault, who had spent more than 20 years at AIG before leaving to run Ace Ltd. and later Marsh & McLennan Cos. Inc.

The observers were right and Mr. Duperreault signaled a new direction for AIG when he took the job.

Over the course of the next few months, he made a slew of executive appointments as part of his turnaround strategy.

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