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10. AIG revamps as financial results disappoint

10. AIG revamps as financial results disappoint

Brian Duperreault continued to implement his turnaround strategy for American International Group Inc. in 2018 while the insurer published more disappointing financial results.

Mr. Duperreault, who returned to AIG as CEO in 2017 after spending the past couple of decades running other companies, has pledged that the insurer will return to an underwriting profit in 2019.

An August story detailing a 17.1% drop in second-quarter profit, however, was the 10th most-read story on Business Insurance’s website in 2018.

In the third quarter, AIG posted a $1.26 billion loss as it reported $1.57 billion in catastrophe losses.

On the plus side, the 2018 third-quarter loss was less than the loss AIG reported in the 2017 third-quarter, which was hit even harder by catastrophes.

In various quarterly conference calls throughout the year, Mr. Duperreault detailed his turnaround strategy for AIG, which includes tighter underwriting controls, increased reinsurance purchases and the recruitment of a slew of new senior managers.

As new senior management came in, many previous AIG executives were moved out, including Chief Financial Officer Sid Sankaran, whose departure was announced in December.