AIG Korea appoints new president and CEO from AmMetLife

AIG Korea has revealed a new president and CEO to succeed outgoing CEO Douglas Min.

Ramzi Toubassy, chief executive of AmMetLife Insurance Berhad in Malaysia, will take over the leadership role as president and CEO of AIG Korea from April 1, 2021.

Toubassy brings more than 24 years of insurance industry experience to the top post. He started his career with AIG in New York, going on to hold senior leadership roles in the US, Lebanon, Hong Kong and Malaysia.

Toubassy had also worked as the deputy general manager and director of distribution at AIA Korea before becoming head of AmMetLife, the joint venture between Malaysian AmBank Group and the US-headquartered MetLife.

Confirmation of the appointment was made after AIG’s Korean subsidiary approved Toubassy for the role at an extraordinary shareholders meeting on February 23, 2021. A severance package for outgoing CEO Min, who is set to retire, was agreed the next day at another shareholders meeting.

AIG Asia-Pacific CEO Steven Barnett said: "I am pleased to welcome Ramzi back to AIG in the role of president and CEO of AIG Korea.

"We have a proud history in Korea and Ramzi's appointment reinforces the importance of this market to AIG. Ramzi's deep industry expertise, combined with his proven track record of developing strong distribution channels and partnerships, will be great assets as we continue to drive this dynamic and important business forward."

Toubassy said: "As the first international insurer in Korea, AIG is deeply respected in the industry. I am honored to lead the talented team at AIG and look forward to returning to Korea to drive the strategic direction of the business and deliver differentiated value to our partners and customers."

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