Three months after his appointment, AIG CEO Peter Hancock is continuing to reshape the insurance company. Today, Hancock announced that the company was moving from its previously federated leadership structure to a more unified one. The goal, he said in a statement, is to strengthen the company for optimal financial performance.
"We are steadfastly working toward the goal of One AIG. We are committed to having the strongest balance sheet in the industry, [and] as a unified, global business, I firmly believe that this ensures we apply a comprehensive enterprise set of standards that keeps our risk appetite well within the capacity of our $100 billion capital base."
The announcement comes the same day that two leaders in the federated structure announced their retirements: Jay S. Wintrob, president and CEO of AIG Life & Retirement, and Michael R. Cowan, EVO and chief administrative officer, will leave the company.
"I would like to extend my sincere gratitude and appreciation to Jay, [who] leaves behind a strong leadership team and businesses that are well-positioned for the future," Hancock said in his statement. "I also would like to thank Mike for his dedication and professionalism as AIG’s CAO since he joined the firm in 2010. He has been an asset to the company, and we are grateful for all that he accomplished while at AIG."
He announced the new operating committee, which will report to him, with the following executives:
- Murli Buluswar, chief science officer
- Philip Fasano, CIO
- John Doyle, commercial, including global capabilities such as property; casualty; financial lines; specialty lines; institutional markets; and mortgage guaranty
- Jose Hernandez, Asia Pacific, representing 16 countries and jurisdictions
- David Herzog, chief financial officer
- Kevin Hogan, consumer, including accident and health; personal lines; life insurance; retirement income solutions, including variable, fixed, and indexed annuities; group benefits; group retirement; and retail mutual funds
- Jeffrey Hurd, human resources, communications, and administration
- Seraina Maag, Europe, Middle East, and Africa, representing 47 countries
- Eric Martinez, claims and operations
- Thomas Russo, general counsel
- Sid Sankaran, chief risk officer
- Robert Schimek, Americas, representing 29 countries and jurisdictions
“This team of leaders will work together to bring AIG’s talented people closer to our customers, distribution partners, regulators, and the communities where we live and work,” he said. “I am excited about the opportunities ahead of us, and I am confident that we are positioned to capitalize on them with focus, discipline, and integrity.”
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Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio