(Bloomberg) — American International Group Inc. named Brian Duperreault, one of the most experienced managers in the property-casualty insurance industry, to be the company’s seventh chief executive officer since 2005 and improve results at the operation selling coverage to commercial clients.
Duperreault, who spent time at AIG earlier in his career, will begin his role immediately, the New York-based insurer said Monday in a statement. He is stepping down as CEO of Hamilton Insurance Group and succeeds Peter Hancock, who said in March he would depart AIG amid insufficient support from investors.
The new CEO will seek to bring stability to AIG, which has endured the departure of top executives, higher-than-expected claims costs and four losses in seven quarters. Before joining Hamilton, he was CEO of insurance broker Marsh & McLennan Cos., where he helped revive confidence of investors and clients. He also led Ace Ltd., which is now known as Chubb Ltd. and is one of AIG’s largest rivals.
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“What Duperreault brings is not only a background in restructuring within property-and-casualty, but stature within the industry and a proven track record for being able to attract talent,” Ryan Tunis, an analyst at Credit Suisse Group AG said by phone last week. Bloomberg reported in late April that AIG was weighing a plan to hire Duperreault.
Duperreault, 70, previously was a deputy at AIG to longtime leader Maurice “Hank” Greenberg, who built the company into the largest insurer in the world before departing in 2005. Duperreault helped create Hamilton in 2013 with backing from principals of hedge fund firm Two Sigma Investments. Former Citigroup Inc. CEO Sanford “Sandy” Weill had a stint as Hamilton’s chairman and remained a shareholder when he stepped down from the board.