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Insurer American International Group announced senior leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ announced that effective January 1, 2022, Mark Lyons, currently executive vice president and chief financial officer, ÌìÃÀÍøÕ¾´«Ã½´«Ã½, will step into a newly created role of executive vice president, global chief actuary and head of portfolio management, ÌìÃÀÍøÕ¾´«Ã½´«Ã½. In this role, Lyons will oversee ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s global actuarial and ceded reinsurance functions, as well as lead ongoing improvements in ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s commercial and personal insurance portfolio.

When Lyons transitions to his new role, Shane Fitzsimons will become executive vice president and chief financial officer, ÌìÃÀÍøÕ¾´«Ã½´«Ã½. Lyons and Fitzsimons will both continue reporting to Peter Zaffino, president and chief executive officer, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and remain members of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s executive leadership team.

“The leadership roles we are announcing today strengthen our senior management team and support the momentum we have with respect to our highest strategic priorities: positioning ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s core businesses for long-term, sustainable profitability, preparing our Life & Retirement business to be a standalone market-leading franchise, and the continued execution of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 200,” said Zaffino.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ also announced that Elias Habayeb, currently chief financial officer, General Insurance, and deputy chief financial officer, ÌìÃÀÍøÕ¾´«Ã½´«Ã½, has been named chief financial officer for ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Life & Retirement business, effective immediately. Habayeb is replacing current Life & Retirement CFO Tom Diemer, who is leaving the company to pursue other opportunities.

As part of the ongoing work to separate the Life & Retirement business, including portions of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Investments unit, Elaine Rocha, currently global chief operating officer, Reinsurance, has been promoted to global chief investment officer, ÌìÃÀÍøÕ¾´«Ã½´«Ã½, effective immediately. She reports to Lyons and will transition to reporting to Fitzsimons in January 2022. Rocha will lead the Investments unit that will remain with ÌìÃÀÍøÕ¾´«Ã½´«Ã½.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ announced in 2020 that it would take steps to split its life insurance and retirement businesses off from its property and casualty operations. The insurer has said it will use an initial public offering to sell nearly 20% of the business. Blackstone Group has also agreed to buy a sizeable stake in the unit.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ also announced that Ted Devine has joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ as global head of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 200, reporting to Zaffino. Devine has been advising ÌìÃÀÍøÕ¾´«Ã½´«Ã½ on its ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 200 effort since 2019, focusing on technology delivery and user experience. In this new role, he will be responsible for overseeing and driving continued momentum across ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 200 as the company modernizes its infrastructure.

Backgrounds

Lyons joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ in July 2018 as chief actuary, General Insurance, with more than 40 years of experience in the insurance industry. He assumed the role of CFO ÌìÃÀÍøÕ¾´«Ã½´«Ã½ in December 2018. Prior to joining ÌìÃÀÍøÕ¾´«Ã½´«Ã½, he was with Arch Capital Group. Prior to Arch, he held positions at Zurich U.S., Berkshire Hathaway and previously at ÌìÃÀÍøÕ¾´«Ã½´«Ã½.

Fitzsimons joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ in July 2019 as global head of Shared Services. He has held roles with increasing responsibility, most recently serving as executive vice president and chief administrative officer, which included head of Financial Planning & Analysis. Fitzsimons also oversaw the modernization initiative ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 200. Previously, he spent 23 years at GE.

Habayeb has been with ÌìÃÀÍøÕ¾´«Ã½´«Ã½ for more than 16 years, serving in a number of senior financial roles, most recently as CFO for General Insurance. He also served as ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s deputy CFO and will continue to serve as ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s chief accounting officer through February 2022. His previous roles included CFO of International Lease Finance Corp., a subsidiary of ÌìÃÀÍøÕ¾´«Ã½´«Ã½. Prior to ÌìÃÀÍøÕ¾´«Ã½´«Ã½, Habayeb was a partner at Deloitte.

Over her more than 11-year tenure with ÌìÃÀÍøÕ¾´«Ã½´«Ã½, Rocha has contributed across multiple ÌìÃÀÍøÕ¾´«Ã½´«Ã½ businesses and functions, including Reinsurance; Investments; Legal and ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 200. From 2015 to 2020, Rocha served as global chief operating officer for ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Investments unit. Before joining ÌìÃÀÍøÕ¾´«Ã½´«Ã½, Rocha served as an attorney in private practice for over a decade.

Prior to joining ÌìÃÀÍøÕ¾´«Ã½´«Ã½, Devine served as founder and CEO of the insurtech broker Insureon, president of Aon Global Retail Brokerage, CEO of Aon Reinsurance, president of Aon Americas, a senior partner at McKinsey and Co. focusing on the Insurance sector, and senior manager of Deloitte’s M&A practice.

Topics Leadership ÌìÃÀÍøÕ¾´«Ã½´«Ã½