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Peter Zaffino

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Peter Zaffino
Born1967 (age 56–57)
Greenwich, Connecticut, US
EducationBoston College (BA)
New York University Stern School of Business (MBA)
OccupationChairman & CEO of AIG
Years active1990-present
WebsiteAIG/Peter Zaffino

Peter Zaffino (born 1967)[1] is an American insurance industry executive.[2][3] He is the chairman and CEO of the American International Group (AIG).[4][5]

Zaffino joined AIG in August 2017 as executive vice president and global chief operating officer.[6] He was CEO of AIG's General Insurance business, the company's core property-casualty insurance unit, from September 2017 to August 2020.[7][8] On 1 January 2020, Zaffino was promoted to president of AIG and continued as global COO.[9] On March 1, 2021, he became AIG's CEO.[4] Later that year, Zaffino was appointed chairman of the AIG board of directors, effective January 1, 2022.[10]

Prior to joining AIG, he was with Marsh & McLennan Companies (MMC)[2][3] for 16 years. With MMC he was president and CEO of Guy Carpenter from 2008–2011, CEO of Marsh from 2011–2017, and chairman of MMC's Risk & Insurance Services segment from 2015–2017.[11]

Early life and education

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Zaffino was born in 1967;[1] his father was Salvatore D. Zaffino,[3][12] an insurance executive who was chairman of Guy Carpenter & Company from 1999 through 2007[3] and prior to that was CEO of the company.[13]

He received a BA in economics from Boston College,[14][15] where he played collegiate soccer,[16] in 1989,[17] and an MBA in finance from New York University's Leonard N. Stern School of Business.[15][14][18][19] He holds the insurance industry designations CPCU and Associate in Reinsurance designations.[15][14][18]

Career

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Early career

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Following university,[20] Zaffino worked steadily in the insurance and reinsurance industry,[21][22][20] beginning at The Hartford.[1] He held a number of senior executives roles at a portfolio company of GE Capital, which specialized in alternative risk insurance and reinsurance.[14][23]

Marsh & McLennan Companies

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Guy Carpenter

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From GE Capital Services,[3] in 2001 Zaffino joined Guy Carpenter & Company,[3][23][18][22] a global risk and reinsurance firm[21] and a subsidiary of Marsh & McLennan Companies in New York City.[3][23][22] From 2005 forward he successively held several senior positions[13] at Guy Carpenter, including head of global specialty practices;[20][14] managing director and eastern regional manager;[13] and executive vice president and head of treaty operations in the United States.[3]

In February 2008[3] he became Guy Carpenter's president and CEO.[3][20][14] He streamlined the company's operations and staff, improved profitability,[1] made acquisitions, and hired high-profile executives. In addition, Global Reinsurance says he improved Guy Carpenter's analytical tools for clients; overhauled operations in the United Kingdom and Europe;[24] and also worked to improve sales culture and integration within the company.[1]

Marsh CEO and MMC risk and insurance-services chairman

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Marsh & McLennan Companies, a professional services firm that includes risk management companies Marsh and Guy Carpenter and consulting firms Mercer and Oliver Wyman Group,[25] had appointed Zaffino as a member of its executive committee in 2008.[26][21][22]

In April 2011[27] MMC appointed him president and CEO of its subsidiary Marsh, Inc.,[3] a global insurance brokerage[27] and risk management firm.[28] Under Zaffino, Marsh grew in part via acquisitions, and the company launched several technological products[29] such as a mobile platform.[30][31] In 2008 Marsh had launched Marsh & McLennan Agency,[29] aimed at providing insurance for small and mid-sized companies,[32] and Zaffino continued to expand it via acquisitions.[33]

In early 2015[27][28] Marsh & McLennan Companies named him chairman of MMC's Risk & Insurance Services segment,[2] which included both Marsh and Guy Carpenter.[27][28] In this capacity he led teams providing risk advice and capital solutions to companies in around 130 countries.[34]

AIG president and global COO

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Zaffino was appointed executive vice president and global chief operating officer of AIG effective August 2017.[6][26][35][22] This entailed leading the day-to-day business of all country operations, including U.S. commercial field operations and AIG's multinational organization,[21] as well as global business services, administration,[19][18][26] and communications.[21] He was also responsible for expanding and profitably executing AIG's commercial and consumer strategies.[26][36] Zaffino was also appointed to AIG's executive leadership team[19] in 2017.[35]

He was hired by AIG's new CEO Brian Duperreault,[6] who had been CEO of Marsh & McLennan Companies from 2008[3] to 2012.[35] Together with Duperreault, Zaffino develops AIG's long-term strategy and operating plan.[37][18][26] In September 2017,[7][38] Duperreault appointed Zaffino as CEO of General Insurance,[7] in addition to his position as global COO.[11] The General Insurance division includes commercial and personal insurance,[7] and U.S.[26][21][36] and international field operations.[39][37] In January 2020, Zaffino assumed the additional title of president of AIG from global CEO Brian Duperreault. Zaffino retained his position as global COO. He also continued to lead the firm's General Insurance unit as CEO until August 2020, when that position transitioned to David McElroy, as Zaffino moved to focus more on enterprise-wide leadership responsibilities in his role as president and global COO.[5][8]

Zaffino heads AIG 200, a multi-year, company-wide operational overhaul and modernization plan announced in 2019. The name "AIG 200" refers to the second 100 years for AIG, which was founded in 1919. Under Zaffino, the program aims to improve AIG's infrastructure, operational processes, efficiency and expense ratio. Zaffino will oversee modernizing and digitizing workflows, as well as eliminating legacy processes and manual interventions. The investments in software and services are also intended to unify operations.[40]

AIG president, CEO and chairman

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On March 1, 2021, Zaffino succeeded Duperreault as AIG's CEO, with Duperreault becoming executive chairman of the board.[4] In September 2021, he was appointed to lead the AIG board and succeeded Duperreault as chairman on January 1, 2022.[10] Zaffino is credited with significant roles in restructuring at AIG[41][42] and with the turnaround in its underwriting to restore the insurer to profitability,[43][44] as well as with steering the company through historic insured losses from natural disasters,[45] including Hurricane Ian’s $450 million cost to AIG,[46] and unique challenges resulting from the invasion of Ukraine.[47] That November, he agreed to a further five-year term as AIG president, CEO and board chair.[42]

Board memberships

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Zaffino is the chairman of the board of AIG[10] and is on the board of directors of the Michael J. Fox Foundation.[48][49] He was appointed to the board of the New York Police and Fire Widows' and Children's Benefit Fund in 2013[14] and in 2015 was the honoree at its annual gala.[50]

Personal life

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Zaffino and his wife Kirsten[12] have three children[51] and are based in the New York metropolitan area.[52]

References

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  1. ^ a b c d e Broker Battle, Global Reinsurance
  2. ^ a b c Dipietro, Ben (30 May 2016). "Why the Global Risks for Companies Are Growing". Wall Street Journal. Retrieved 23 June 2016.
  3. ^ a b c d e f g h i j k l Roberts, Sally (2008-02-27). "Peter Zaffino named CEO of Guy Carpenter - Business Insurance". Business Insurance. Crain Communications, Inc. Retrieved 2015-05-27.
  4. ^ a b c "Zaffino to Succeed Duperreault as CEO of AIG March 1". 16 February 2021.
  5. ^ a b Scism, Leslie (20 Dec 2019). "AIG Promotes Senior Executive Zaffino to Additional Title as President". Wall Street Journal. No. 19 Dec 2019. Retrieved 29 January 2020.
  6. ^ a b c Scism, Leslie. "AIG CEO Taps Peter Zaffino as Key Lieutenant". Wall Street Journal. No. 6 Jul 2017. Retrieved 10 July 2017.
  7. ^ a b c d Barlyn, Suzanne. "AIG to restructure into three new units, marking CEO's first big move". Reuters. No. September 25, 2017.
  8. ^ a b Scism, Leslie (14 August 2020). "Executive Moves at AIG Bolster Position of Possible CEO Successor". Wall Street Journal. Retrieved 13 August 2020.
  9. ^ "AIG names COO Peter Zaffino as president". Reuters. Archived from the original on 2022-12-06.
  10. ^ a b c Scism, Leslie (September 8, 2021). "AIG Combines CEO, Chairman Roles, Hoping to Put Years of Tumult Behind". wsj.com. Wall Street Journal. Retrieved 4 February 2022.
  11. ^ a b Peter Zaffino, AIG
  12. ^ a b Appleton, Diana. "HARC's 63rd Annual Meeting: A Moving Tribute To The Zaffino And Benton Families". Hartford, Connecticut. No. June 23, 2014. Archived from the original on July 7, 2014.
  13. ^ a b c Marsh & McLennan Companies, Inc., SEC
  14. ^ a b c d e f g "Darien's Zaffino, CEO of Marsh Inc., Now on NYC Police & Fire Benefit Fund Board". Darien, CT Patch | Local News. Patch Media. 2013-03-28. Retrieved 2015-05-27.
  15. ^ a b c "Leadership | Marsh". Marsh | Global Leader in Insurance Broking and Risk Management. Marsh. 2015-04-20. Archived from the original on 2015-05-04. Retrieved 2015-05-27.
  16. ^ "Women's Lacrosse - Brown University Athletics". Women's Lacrosse - Brown University Athletics. Retrieved 29 January 2020.
  17. ^ 1863 Society Donor Recognition Book, Boston College, 20 November 2013
  18. ^ a b c d e "Peter Zaffino". Bloomberg.
  19. ^ a b c "Executive Leadership Team". AIG. Archived from the original on 2016-09-02.
  20. ^ a b c d "(Press Release) Marsh & McLennan Companies Announces Changes to Senior Management Team". Marsh & McLennan Companies, Inc. Marsh & McLennan Companies. 2011-04-20. Retrieved 2015-05-27.
  21. ^ a b c d e f Neil, Scott. "Marsh CEO to join AIG". The Royal Gazette. No. July 5, 2017.
  22. ^ a b c d e "AIG Hires Marsh CEO Peter Zaffino As Chief Operating Officer". Alliance News. No. July 6, 2017.
  23. ^ a b c "(Press Release) REG-Marsh & McLennan Peter Zaffino Named Chief Executive Officer of Guy Carpenter". Reuters. 2008-02-28. Archived from the original on 2015-06-17. Retrieved 2015-05-27.
  24. ^ Guy Carpenter: Top team, big change, Guy Carpenter: Top Team, big change
  25. ^ "Marsh & McLennan #222". Fortune 500. Fortune. Retrieved 6 July 2016.
  26. ^ a b c d e f "Marsh CEO Zaffino Joins AIG as Global Chief Operating Officer". Insurance Journal. No. July 5, 2017.
  27. ^ a b c d "UPDATE 1-Marsh and McLennan names new CEO for Marsh unit". Reuters. 2011-04-20. Retrieved 2015-05-27.
  28. ^ a b c "(Press Release) Marsh & McLennan Appoints Peter Zaffino Chairman of Its Risk & Insurance Services Segment". MarketWatch. MarketWatch, Inc. 2015-05-07. Retrieved 2015-05-27.
  29. ^ a b Top insurance brokers: Marsh & McLennan Cos. Inc., Business Insurance
  30. ^ "Investor Day 2014 Webcast". Multimedia Centre. NASDAQ OMX Corporate Solutions International Limited. 2014-03-11. Archived from the original on 2014-10-31. Retrieved 2015-06-18.
  31. ^ "FOCUS on the Middle Market: Peter Zaffino, President & CEO, Marsh LLC". President & CEO Magazine. Nexxus Publishing. 2014-10-10. Retrieved 2015-06-08.
  32. ^ Hoffmann, Mark A. (2014-07-20). "Top insurance brokers: Marsh & McLennan Cos. Inc". Business Insurance. Crain Communications, Inc. Retrieved 2015-06-08.[dead link‍]
  33. ^ Kenealy, Bill (2015-06-01). "Marsh makes big mid-market push with Texas purchase". Business Insurance. Crain Communications, Inc. Retrieved 2015-06-08.
  34. ^ "The 3 Risks Your Business Should Prepare For This Year", Forbes
  35. ^ a b c Badkar, Mamta; Gray, Alistair; Ralph, Oliver. "Marsh CEO Peter Zaffino to join AIG". Financial Times. No. July 5, 217.
  36. ^ a b Zaki, Ahmad. "Peter Zaffino joins AIG as Global COO". Asia Insurance Review. No. July 7, 2017.
  37. ^ a b Barlyn, Suzanne. "UPDATE 2-AIG taps Marsh executive to work alongside new CEO". CNBC. No. July 5, 2017.
  38. ^ "AIG Announces Changes to Its Organizational Structure". AIG. No. September 25, 2017.
  39. ^ Barlyn, Suzanne. "New AIG executive to get $15 million sign-on bonus, $1.25 million salary". Reuters. No. July 6, 2017.
  40. ^ Hollmer, Mark (August 13, 2019). "AIG CEO Duperreault 'Encouraged' by Hardening Market, Plans Operational Overhaul". Insurance Journal. Retrieved September 4, 2019.
  41. ^ AIG, Stone Point Capital to Form Independent MGA for High Net Worth Business, Insurance Journal, 14 February 2023
  42. ^ a b AIG's Zaffino gets 5-year extension as CEO, Reuters
  43. ^ AIG nearly imploded during the 2008 financial crisis. Its turnaround plan includes giving 6,000 of its employees to Accenture, Fortune
  44. ^ AIG rewards Zaffino with new 5-year contract, The Insurer, 11 November 2022
  45. ^ How America's Top CEOs Tackled 2022's Biggest Challenges, Institutional Investor, 8 November 2022
  46. ^ Insurer AIG profit slumps on hurricane costs, lower investment returns, Reuters
  47. ^ Russia-Ukraine a 'Complex' Situation for Insurance Industry: AIG CEO Zaffino, Insurance Journal, 5 May 2022
  48. ^ "St John's Insurance Leader 2013: Robert H. Benmosche". news.advisen.com. Retrieved 2015-05-27.[dead link‍]
  49. ^ "The Michael J. Fox Foundation For Parkinson's Research 2015 Annual Report" (PDF). Michael J. Fox Foundation. Retrieved 6 July 2016.
  50. ^ Past Gala Honorees, Answer the Call
  51. ^ 2019-20 Women's Basketball Roster, Brown University Athletics[permanent dead link‍]
  52. ^ Gorgeous Pre-War Upper East Side Apartment Sold, 6 Square Feet, 6 May 2014
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