Departing AIG CEO denied 2016 bonus
Current Hamilton Insurance Group chairman and CEO Brian Duperreault is in the running to be the new chief executive of American International Group (AIG), according to a Reuters report based on a Wall Street Journal (WSJ) story published late on May 10.
According to the WSJ article, Duperreault and AIG are working out the final details of his employment contract, the Journal reported, citing people familiar with the matter. However, no formal announcement has yet been made to confirm the appointment.
AIG did not respond to a request for comment from Bermuda:Re+ILS’s sister publication Intelligent Insurer in time for this news story. Hamilton’s chief communications officer said that “our position is we don't comment on market speculation.”
In March, AIG's current CEO Peter Hancock said he would step down, a decision taken after the insurer's poor financial performance frustrated shareholders and the board of directors. Hancock was to remain CEO until AIG named a successor.
Noting that Dupperault was a former long-time deputy of his mentor Hank Greenberg, who essentially created AIG's multi-line business model, analysts from CreditSights believe that Dupperault is therefore less likely to consider a radical restructuring or split of the company than some other potential candidates. But CreditSights added in its May 11 analyst note that unlike Hancock, Dupperault is a true "insurance guy," representing a "stabilizing force for the company".
Dupperault spent almost 20 years at AIG, before moving on to build ACE into one of the strongest franchises in the business and helping to turn around Marsh and McLennan, the analysts noted.
AIG, Hamilton Insurance Group, Appointment, Brian Duperreault, Peter Hancock, Bermuda, North America