AIG to acquire Validus for $5.56bn
AIG's Duperreault seeks acquisitions
AIG CEO Brian Duperreault / Source: AIG
American International Group (AIG) CEO Brian Duperreault makes his first major move to reshape AIG and position it for profitable growth.
The $5.56 billion acquisition of Bermuda-based Validus shows that Duperreault’s strategy involves diversifying AIG’s risk exposure, adding reinsurance and a Lloyd’s player to the portfolio.
In May 2017, Brian Duperreault was appointed AIG CEO, resigning from his post as head of Bermuda-based Hamilton Insurance Group.
Duperreault succeeded Peter Hancock, who announced his resignation in March 2017, after the AIG's poor financial performance frustrated shareholders and the board of directors. AIG reported a net loss of $3.04 billion for the fourth quarter of 2016, up from a negative $1.84 billion in the same period of 2015.
AIG, Brian Duperreault, Acquisition, M&A, Validus Holdings, Insurance, Reinsurance, Bermuda, North America