31 January 2023Insurance

AIG fires top financial officer after three weeks over confidentiality breach

Global insurance conglomerate  American International Group (AIG) said it fired its interim chief financial officer  after three weeks in the role over violation of “confidentiality/non-disclosure obligations”.

AIG has terminated Mark Lyons from his position as interim CFO and executive vice president, global chief actuary and head of portfolio management after the company became aware that he violated his confidentiality/non-disclosure obligations to the company.

Lyons stepped into the additional interim CFO in early January from Shane Fitzsimons, who is currently on a medical leave of absence.

“These violations were unrelated to the Company’s financial statements, financial reporting generally and related disclosure controls and procedures, or reserves,” the insurer said.

Lyons joined AIG in 2018 from Arch Capital Group, where he served as executive vice president, CFO and treasurer since 2012. He joined Arch in 2002 and served in various capacities within Arch Insurance US operations, eventually rising to chairman and CEO of Arch Worldwide Insurance Group. Prior to that, Lyons held various positions at Zurich US, Berkshire Hathaway and AIG.

AIG said the company has negotiated a settlement agreement with Lyons.

Sabra Purtill has been named AIG’s interim chief financial officer and Turab Hussain has been named interim global chief actuary.

Purtill previously served as chief investment officer of Corebridge Financial. Prior to that, she was AIG’s executive vice president and chief risk officer and deputy chief financial officer. Before joining AIG, Purtill held senior leadership roles in finance and investor relations at The Hartford Financial Services Group, Assured Guaranty and ACE (now Chubb).

Hussain previously served as AIG’s chief risk officer, general insurance. Before joining AIG, he was chief risk and actuarial officer at PartnerRe, chief insurance risk officer at The Hartford Financial Services Group and also held senior actuarial and underwriting roles at The Hartford, Arch Insurance Group and American Reinsurance.

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