AIG reshuffles leadership in ‘historic turnaround’ for profitable growth
Global insurance giant American International Group (AIG) is reshuffling its senior leadership to pave the way for a leaner operating model, with a strong emphasis on underwriting performance and achieving double-digit returns, setting the stage for the next phase of profitable growth.
The company has appointed David McElroy (pictured left), currently chief executive officer, general insurance, to the newly created role of chairman, general insurance.
Don Bailey (pictured centre), currently global head of distribution and field operations, will assume the role of CEO, North America Insurance; and Jon Hancock (pictured right), currently chief executive officer of international general insurance, will assume the role of CEO, international insurance, effective January 1, 2024.
The trio will report to Peter Zaffino, chairman and chief executive officer of AIG, and will serve on AIG’s executive leadership team.
In his new role, McElroy will focus on advancing client development, building distribution partner relationships, and continuing to support our focus on underwriting excellence.
Bailey and Hancock will lead the underwriting, distribution and the business teams in North America and International, respectively. Bailey brings three decades of insurance underwriting and brokerage leadership experience to his new role, and Hancock brings three decades of vast insurance industry and global operating experience to his new role.
Zaffino said: “I am grateful to Dave for his leadership and significant contributions over the past five years, as we built out an industry-leading global team and underwriting culture. I am confident that over the next few years, he will continue to drive significant value for our stakeholders in this new role, which will leverage his deep industry expertise, his exceptional underwriting experience, and his significant capabilities in the market.”
McElroy said: “It has been a great honour to be a part of AIG’s historic turnaround. By working in one of the most important parts of our business, focused on strengthening broker and client relationships, I see our commitment to underwriting excellence and enhanced focus on our clients in action every day. I’m excited by the opportunities ahead for us to continue to serve our clients, distribution partners, investors, and colleagues, and to continue to elevate our position in the industry.”
Zaffino added: “Don and Jon’s appointments align with our plans to create a leaner operating model, while remaining extremely focused on advancing our underwriting performance, continuing to enhance our operational excellence, and achieving double-digit returns. These changes reflect the significant progress we have made over the last several years and will accelerate the implementation of our business strategy going forward.”
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