AIG Appointed Keith Walsh Executive Vice President, Chief Financial Officer
American International Group, Inc. (NYSE: AIG) announced that Keith Walsh will join the company as Executive Vice President, Chief Financial Officer, effective October 21, 2024. Mr. Walsh will report to AIG Chairman & Chief Executive Officer, Peter Zaffino and become a member of the Executive Leadership Team. He will be responsible for leading AIG’s global Finance organization and will be based in New York.
“Keith is a highly accomplished executive with deep financial expertise and significant investor experience in the financial services sector, particularly the insurance industry,” said Peter Zaffino, Chairman & CEO, AIG. “I am very confident that he will be an excellent addition to our executive leadership team and brings outstanding leadership to our global Finance organization.”
“AIG has executed an exceptional business and financial turnaround, and I am honored to join this iconic company in its next phase of industry leadership and growth,” said Mr. Walsh. “I look forward to working closely with Peter Zaffino and AIG’s executive leadership team, as well as leading AIG’s talented global Finance organization as we continue to deliver for the company’s stakeholders and enhance shareholder value.”
With more than 25 years of finance leadership experience, Mr. Walsh joins AIG from Marsh McLennan, where he served as Chief Financial Officer of Marsh. From 2012 to 2017, he was Vice President and Head of Investor Relations for Marsh McLennan Companies. Previously, Mr. Walsh spent 14 years as an equity research analyst at Citi where he covered the insurance sector. He holds a Bachelor of Science degree from the University at Albany-SUNY and a Master of Business Administration from NYU Stern School of Business.
In this role, Mr. Walsh succeeds Sabra Purtill, who has served as Chief Financial Officer since January 2023. Ms. Purtill will continue to report to Mr. Zaffino working on strategic projects and will act as an advisor to Mr. Walsh to enable a smooth transition. Following a distinguished career in which Ms. Purtill served in senior leadership roles in financial services and insurance companies, she joined AIG in 2019 as Deputy Chief Financial Officer and Treasurer. She subsequently served as AIG’s Chief Risk Officer from 2021 to 2022 helping the company navigate the pandemic while enhancing AIG’s profile with stakeholders including the financial community. From April 2022 Ms. Purtill served as Chief Investment Officer of Corebridge Financial before returning to AIG in January 2023.
“I would like to thank Sabra for her significant value and contributions during an important period as we improved our financial performance and positioned AIG for the future,” said Mr. Zaffino. “Sabra took on several complicated roles during important moments of AIG’s transformation. Among her many accomplishments, Sabra helped to focus our company on maximizing shareholder value as a leading global insurer.”
AIG Names Melissa Twiningdavis Executive Vice President, Chief Administrative Officer
American International Group, Inc. (NYSE: AIG), announced that Melissa Twiningdavis has been appointed Executive Vice President, Chief Administrative Officer, effective September 1, 2024. Ms. Twiningdavis will report to AIG Chairman and Chief Executive Officer, Peter Zaffino with responsibility for global administrative services, including global sourcing and procurement, real estate and facilities, and shared services operations. She will become a member of AIG’s Executive Leadership Team and will be based in New York.
Melissa Twiningdavis (Photo: Business Wire)
“Melissa’s demonstrated ability to transform companies will benefit AIG as we continue to drive operational excellence across our company,” said Peter Zaffino, Chairman and CEO, AIG. “I look forward to welcoming Melissa to our leadership team as we advance our strategic priorities and position AIG for the future.”
“AIG’s progress to becoming a leading property and casualty insurer and top-performing global company is inspiring,” said Ms. Twiningdavis. “I am pleased to join AIG leading the dedicated global administrative services teams to further strengthen the company’s capabilities.”
Ms. Twiningdavis joins AIG from Accenture where she led the company’s global Supply Chain Operations business since January 2022. Previously, she was President at Precision Castparts Corporation, a subsidiary of Berkshire Hathaway. Ms. Twiningdavis began her career at General Electric, where she spent 20 years in various leadership roles including as Vice President and Corporate Officer, Supply Chain and Sourcing for Europe. She received dual Master of Science degrees from Tufts University, and a Bachelor of Arts in International Studies from Muhlenberg College.
AIG Appoints Roshan Navagamuwa as Executive Vice President and Chief Information Officer
American International Group, Inc. (NYSE: AIG) announced that Roshan Navagamuwa will be joining AIG in December and has been named EVP and Chief Information Officer, effective January 1, 2024. Mr. Navagamuwa will report to Peter Zaffino, AIG Chairman & Chief Executive Officer, and serve on AIG’s Executive Leadership Team.
As Chief Information Officer, Mr. Navagamuwa will be responsible for AIG’s global technology and cybersecurity strategy, managing core infrastructure, technology partnerships and process engineering efforts, and lead AIG’s cloud strategy along with other modernization technologies.
Mr. Zaffino said: “Roshan is an accomplished technology executive with an impressive track record of innovating software development and managing through complex organizational change. I am very pleased that Roshan is joining AIG, and his deep expertise and broad management experience will be an asset as we continue to strategically deploy technology to advance our next phase of growth.”
Mr. Navagamuwa said: “I am very proud to join AIG, an iconic company that has accomplished a remarkable business turnaround. I look forward to working with Peter and the collaborative world-class team he has assembled to employ technology that enables AIG’s innovation, disciplined execution and operational excellence.”
Mr. Navagamuwa joins AIG from CVS Health (NYSE: CVS), where he was Executive Vice President and Chief Information Officer. Previously at CVS Health, he was Senior Vice President, Client Services, Pharmacy Benefits Management. Earlier in his career, he held successive leadership roles in Aon’s (NYSE: AON) Global IT division.
As part of an established succession plan, on January 1, 2024, John Repko, Executive Vice President and Chief Information Officer will step down from his current role and will serve as a Senior Advisor to Mr. Zaffino to assist with the transition of the CIO role and advise on various technology related initiatives.
Mr. Zaffino said: “John joined AIG in 2018, which was a very important moment for our company. His leadership and expertise supported and accelerated our technology infrastructure modernization, AIG 200 programs and business continuity during the COVID-19 pandemic. I am very grateful to John for the significant progress we made in our technology capabilities, and for his commitment to AIG during a period of profound change and improvement.”
Everest Appoints Veteran Legal Advisor Ricardo Anzaldua as Executive Vice President and Group General Counsel
Everest Re Group, Ltd., a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, announced that Ricardo Anzaldua has been appointed Executive Vice President and Group General Counsel, effective June 12, 2023. Mr. Anzaldua will report to President and CEO Juan C. Andrade and will serve on the Company’s executive leadership team.
“Ricardo is a highly accomplished and trusted strategic advisor whose exceptional legal acumen and extensive knowledge of complex, global business and legal issues make him a valuable addition to our senior leadership team,” said Juan C. Andrade, Everest President and CEO. “Ricardo’s experience in fluently navigating broad regulatory, compliance and litigation issues across the U.S., Bermuda and other global markets will be an asset as we advance our global strategic objectives. With a proven track record of developing talent and collaborative, diverse and inclusive teams, Ricardo is a high-impact leader who shares Everest’s cultural values.”
Mr. Anzaldua joins Everest with more than three decades of legal, corporate governance and (re)insurance industry expertise, spanning the U.S., Bermuda and other global jurisdictions and industries across the public and private sectors. Most recently, Mr. Anzaldua was EVP, General Counsel and Corporate Secretary for the Federal Home Loan Mortgage Corporation “Freddie Mac,” where he led the enterprise legal, corporate secretarial and board governance functions and executed a successful organizational restructuring to create significant professional development and career advancement opportunities for employees. Prior to that, Mr. Anzaldua was EVP and General Counsel of MetLife, Inc., where he oversaw the company’s global legal operations, global compliance and government relations. Earlier, at The Hartford Financial Services Group, Ricardo served as General Counsel for the P&C company, guiding all strategic, regulatory, commercial and transactional matters across the commercial P&C, personal lines P&C, group benefits, claims and reinsurance divisions. Mr. Anzaldua’s background also includes a successful tenure at renowned global law firm, Cleary Gottlieb Steen & Hamilton LLP, where he served as Partner and Chair of the Diversity Committee.
He earned a Juris Doctor from Harvard Law School and holds a Bachelor of Arts degree from Brown University, where he studied development economics and Latin American history. Over the course of his career, Mr. Anzaldua has served as an advisor to multiple private and public company boards, including as chairman of the board of trustees for the International Institute of Rural Reconstruction, and the board of Minority Corporate Counsel Association, and currently serves on the board of the New York City Bar Fund. He is a member of both the Hispanic National Bar and American Bar Associations.
Mr. Andrade concluded, “As we welcome Ricardo, I also want to thank Brent Hoffman, our interim General Counsel, for his outstanding leadership and contributions during this transition. Brent will now resume his duties as Senior Vice President, Head of Claims and Chief Operations Officer for Everest’s Reinsurance business. I look forward to working alongside Ricardo, Brent, and our other senior leaders as we continue to create value for our shareholders, clients and colleagues.”
AIG Appoints Tom Bolt Executive Vice President and Chief Risk Officer
American International Group, Inc. announced that Tom Bolt, 65, has been named Executive Vice President and Chief Risk Officer, AIG, effective immediately. Mr. Bolt replaces Sabra Purtill, who was recently named Executive Vice President and Chief Investment Officer for AIG’s Life & Retirement business. Mr. Bolt will report to Peter Zaffino, Chairman & Chief Executive Officer, AIG, and has joined the AIG Executive Leadership Team.
“Over his more than 35 years in insurance and reinsurance, Tom has developed deep underwriting expertise and, since joining AIG in 2018, he has played a critical role in the turnaround of our General Insurance business by setting standards for underwriting excellence and playing a leadership role in strengthening our culture while reshaping our portfolio,” said Peter Zaffino, Chairman & Chief Executive Officer, AIG. “His unique background, experience and stature in our industry will be invaluable as we continue to focus on managing complex, operational and global risk issues at AIG. I look forward to working with Tom in this new role as we refine our risk management framework across our global business.”
In addition, Kean Driscoll, 48, has been named Chief Underwriting Officer, General Insurance, effective immediately, and will report to David McElroy, Executive Vice President and Chief Executive Officer, General Insurance. Since 2019, Mr. Driscoll has served as Global Chief Underwriting Officer, Property/Agriculture, as well as Global Head of Reinsurance Strategy, General Insurance, since 2020.
Mr. Zaffino continued, “Since joining AIG in 2018, Kean has been a key contributor to our portfolio management and in shaping our strategic reinsurance structures. As Chief Underwriting Officer, his expertise in underwriting and modeling application will continue to drive momentum as we continue our journey to become a top performing company.”
Mr. Bolt has served as Chief Underwriting Officer, General Insurance, since 2018. He joined AIG from Berkshire Hathaway Specialty Insurance, where he was President and CEO of the U.K. and Southern Europe, and a member of Berkshire Hathaway International Insurance Ltd.’s Board of Directors. Prior to that, Mr. Bolt was Director of Performance Management at Lloyd’s of London and Managing Director of Marlborough Managing Agency at Lloyd’s. Before joining Lloyd’s, he spent 25 years at Berkshire Hathaway in a variety of senior executive roles. Mr. Bolt holds a M.M. in Marketing and Finance and a B.A. in English Literature and Economics from Northwestern University.
Mr. Driscoll has served as Global Head of Reinsurance Strategy, General Insurance, since 2020 and Global Chief Underwriting Officer, Property/Agriculture, General Insurance, since 2019. He was a founding member of Validus and served as Chief Executive Officer of Validus Re from 2012 until he joined the AIG General Insurance Chief Underwriting Office in 2019. He has more than 25 years of experience as a reinsurance underwriter, and previously held leadership roles with Quanta Re and Zurich Re N.A. (Converium). Driscoll holds a B.A. in Literature from Colgate University and an MBA from Columbia University, where he graduated with honors.
Liberty Mutual Insurance Appoints Damon Hart to Executive Vice President and Chief Legal Officer
Liberty Mutual Insurance Chairman and Chief Executive Officer David Long announced that Damon Hart has been named Executive Vice President and Chief Legal Officer, effective Jan. 1, 2022. With this appointment, Hart joins the company’s executive leadership team and will report to Long.
Previously, Hart was promoted to Deputy Chief Legal Officer in 2020 and prior to this, served as Senior Vice President and Deputy General Counsel for litigation and coverage, overseeing the interests of Liberty Mutual and providing enterprise-wide coverage advice and opinions. Damon also spent several years as Deputy General Counsel for Employment Legal. Before joining Liberty Mutual in 2014, Hart was a partner at three national law firms where he focused on litigation and employment matters.
Hart is actively involved in the company’s Employee Resource Groups and throughout the community where he coaches youth sports and mentors rising professionals. He is a founding member of The New Commonwealth Racial Equity and Social Justice Fund – a coalition of Black and Brown executives in Massachusetts working to address and eliminate systemic racism and racial inequity. Hart is also on the Board of Directors of The Home for Little Wanderers and the New England Legal Foundation.
“Damon’s tremendous experience across a wide variety of legal disciplines has helped shape our company and culture,” said Long. “He is a dedicated leader, demonstrating his steadfast commitment to the community and Liberty Mutual. He will excel at spearheading our global legal practice, continually working in the best interest of our policyholders, partners and employees.”
Executive Vice President and Chief Legal Officer Jim Kelleher Announces Retirement
The company’s current Executive Vice President and Chief Legal Officer Jim Kelleher announced he will retire at the end of 2021. Kelleher held multiple leadership roles during his notable, nearly four-decade career at Liberty Mutual, including managing the corporate litigation group, serving as General Counsel of Liberty International and as deputy counsel, he oversaw the provision of legal services to all of the company’s domestic and foreign insurance operations.
Throughout his time at Liberty Mutual, Kelleher led and influenced all aspects of the company’s legal function, including traditional insurance regulatory and corporate law practices, an insurance defense organization, public affairs and global compliance and ethics. He provided executive counsel on numerous acquisitions, divestitures, capital transactions, legislative and regulatory policy and major litigation matters.
“Jim has left an indelible mark on Liberty Mutual and our industry over his remarkable career, and I’d like to thank him for his extraordinary contributions,” said Long. “He shaped the company’s legal function and leaves a lasting impact on the organization and the community through his pro bono initiatives, dedication to non-profit service and commitment to advancing Diversity, Equity and Inclusion.”
“I’m very proud to have been part of Liberty Mutual, a truly outstanding company, the past four decades,” said Kelleher. “It’s been an honor to lead the legal function and work closely with my colleagues and peers to achieve our collective goals. I highly respect Damon’s vast legal and business experience, as well as his exceptional leadership capabilities, as he works with the team to continue driving the business forward.”
Chubb Appoints Richard Barnett Head of North America Construction Surety
Chubb has appointed Richard Barnett Executive Vice President, head of North America Construction Surety. In this capacity, Mr. Barnett will be responsible for the underwriting, strategy and product management of construction surety products and services offered through Chubb’s global large accounts segment.
Chubb is the fifth largest surety underwriter in the U.S., representing more than 70 of the Engineering News Record top 400 contractors. The business offers a wide variety of surety products and specializes in underwriting both commercial and contract bonds and has the capacity for bond issuance on an international basis.
Based in Whitehouse Station, N.J., Mr. Barnett will report to Stephen Haney, Vice President, Chubb Group, and Division President North America Surety, and Chief Underwriting Officer, Global Surety.
“Rich has close to four decades of global surety experience, with 35 years of them being at Chubb,” said Mr. Haney. “Having someone of his caliber and global underwriting experience in this role will help us continue to provide qualifying firms the surety capacity needed to support a wide range of projects.”
Prior to this appointment, Mr. Barnett served as Surety Director of Engineering and Construction, where he had underwriting responsibility for Chubb’s large construction clients. He began his career at Chubb in 1986 as a Surety Underwriter, and throughout his tenure at Chubb has held a number of leadership roles with increasing responsibilities in North America and internationally. He earned a bachelor’s degree in business administration and economics from Wartburg College, Waverly, IA, and holds a Chartered Property Casualty Underwriter (CPCU) designation.
Jim Williamson, Executive Vice President & Group Chief Operating Officer, Assumes Additional Responsibilities as Head of the Everest Reinsurance Division
Everest Re Group, Ltd. (“Everest”) announced that Jim Williamson, Executive Vice President and Group Chief Operating Officer will assume additional responsibilities as the Head of the Everest Reinsurance Division effective immediately.
Mr. Williamson succeeds John Doucette, who is leaving the Company to pursue other opportunities.
The appointment of Mr. Williamson to lead Everest’s Reinsurance Division furthers the Company’s focus on profitably growing a balanced and diversified reinsurance and insurance portfolio, underpinned by relentless execution, to maximize shareholder returns and deliver superior earnings and book value per share growth over time.
Juan C. Andrade, Everest President and Chief Executive Officer commented:
“I am excited to have Jim take on the leadership of Everest Reinsurance. He is an experienced and talented executive with a wealth of industry knowledge, and a track record of driving results. This change will enable us to enhance our already strong underwriting and operational discipline.”
“On behalf of the executive management team, I want to thank John for his dedication and many contributions to the organization. Under his leadership, Everest has strengthened its position as a resilient and innovative reinsurer. I wish him well in his future endeavors.”
Mr. Williamson commented, “Everest’s Reinsurance business is world class, and I am energized by the opportunity to lead such an accomplished team. We have exceptional talent around the world, deep partnerships with our brokers and cedants, and the financial resources to continue to execute our global growth strategy.”
About Jim Williamson
Jim Williamson joined Everest in 2020 as the Group Chief Operating Officer. Mr. Williamson began his insurance career as a casualty underwriter at The Hartford. Over the years, at The Hartford, Chubb, and now Everest, he has worked in all aspects of the P&C commercial and consumer lines industry both in the U.S. and internationally running large and successful businesses. He has also had functional responsibilities for actuarial, technology, and claims organizations during his career.
Mr. Williamson holds an MBA from The Wharton School at the University of Pennsylvania, and a B.S. from Bryant College.
Lisa M. Buckingham Joins AIG as Executive Vice President, Global Head of AIG Enterprise Design and Life & Retirement Separation Initiatives
American International Group, Inc. today announced that Lisa M. Buckingham will join the company in April 2021 in the newly created role of Executive Vice President, Global Head of AIG Enterprise Design and Life & Retirement Separation Initiatives. Based in New York, Ms. Buckingham, 55, will report to President and Chief Executive Officer, Peter Zaffino.
“AIG is undergoing transformative change and actively designing a simpler and more effective corporate structure as we pursue a separation of the Life & Retirement business from AIG through an initial public offering or sale of up to 19.9 percent, as an initial step,” Mr. Zaffino said. “Lisa brings significant expertise and leadership skills that will help drive the success of the separation and ensure that the organizational design of Life & Retirement and AIG’s remaining businesses, allow them to continue operating as market leading companies in their respective industries.”
Ms. Buckingham, who has more than 30 years of Corporate Management experience, joins AIG from Lincoln Financial Group where she served as Executive Vice President and Chief People, Place and Brand Officer. In this role, she focused on Organizational Design and Development, Leadership Effectiveness, Culture Building, Enterprise Communications, Brand and Advertising, Business Continuity and Talent Development.
“I am excited to join AIG as it begins a new era under the leadership of Peter Zaffino, and to work with Peter and the other members of his leadership team on the separation of the Life & Retirement business from AIG,” Ms. Buckingham said. “In this newly created role, I look forward to helping AIG unlock significant value for its shareholders and other stakeholders.”
Ms. Buckingham has been with Lincoln Financial for more than 12 years and has an extensive and accomplished background in people development and organizational design, and she has been recognized for her many achievements. In November 2018, Ms. Buckingham was elected a Fellow of the National Academy of Human Resources (NAHR), an honor considered the most prestigious in the field of human resources. In October 2017, she was named HR Executive of the Year by HR Executive Magazine. In February 2015, she was named one of the top 10 CHROs in a list published by Forbes.
AIG Appoints David McElroy Chief Executive Officer, General Insurance, and Executive Vice President, AIG
American International Group, Inc. (NYSE:AIG) announced that David McElroy, currently President and Chief Executive Officer of the North American operations of General Insurance, has been promoted to Chief Executive Officer, General Insurance, and Executive Vice President, AIG, effective immediately.
Mr. McElroy will lead the General Insurance Executive Leadership Team and join the AIG Executive Leadership Team, reporting to Peter S. Zaffino, AIG’s President and Global Chief Operating Officer.
Mr. Zaffino said, “Dave has played an instrumental role in the turnaround of our General Insurance business and the positioning of AIG as a market leader. I am pleased to announce this well-deserved promotion and look forward to continuing to work closely with Dave and our world-class General Insurance leadership team as we continue to build momentum and deliver on our strategy to achieve underwriting excellence and profitable growth.”
Mr. McElroy said, “I am proud to lead our global colleagues in General Insurance and build on our strong foundation. We remain laser focused on underwriting discipline and operational excellence, which allow us to solve complex risk issues and deliver value to our clients, distribution partners and other stakeholders.”
Brian Duperreault, Chief Executive Officer of AIG, said, “We are fortunate to have a deep bench of industry veterans at AIG and I know that with Dave at the helm, General Insurance will continue to be in excellent hands. I want to congratulate Dave and thank Peter for his tremendous contributions to the turnaround of General Insurance. I know that Peter will continue to apply the same level of discipline and rigor as he has in General Insurance and with AIG 200 as he pivots more fully to his enterprise-wide role as President and Global Chief Operating Officer of AIG.”
Mr. McElroy joined AIG as President and Chief Executive Officer of Lexington Insurance Company in October 2018 and was promoted to President and Chief Executive Officer of North America, General Insurance in June 2019. Before joining AIG, Mr. McElroy held numerous leadership roles within the insurance industry, including Executive Chairman of Arch Insurance Group Inc. and Vice Chairman of Arch Worldwide Insurance Group.