Peter Zaffino

Last updated
Peter Zaffino
Peter Zaffinoheadshot.jpg
Born1967 (age 56–57)
Greenwich, Connecticut, US
Education Boston College (BA)
New York University Stern School of Business (MBA)
OccupationChairman & CEO of AIG
Years active1990-present
Website AIG/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]

Contents

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

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

Early career

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

Guy Carpenter

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

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

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

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

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

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

Related Research Articles

<span class="mw-page-title-main">American International Group</span> American multinational finance and insurance corporation

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

<span class="mw-page-title-main">Gen Re</span> American reinsurance company

General Reinsurance Corporation is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services. The company is a primarily direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices. Gen Re is a wholly owned subsidiary of Berkshire Hathaway Inc.

<span class="mw-page-title-main">Maurice R. Greenberg</span> American business executive (born 1925)

Maurice Raymond “Hank” Greenberg is an American business executive and former chairman and chief executive officer of American International Group (AIG).

Chubb Limited is an American-Swiss company incorporated in Zürich, and listed on the New York Stock Exchange (NYSE) where it is a component of the S&P 500. Chubb is a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.

<span class="mw-page-title-main">Evan G. Greenberg</span> American business executive (born 1955)

Evan G. Greenberg is an American business executive. He is the chairman and CEO of the Zürich-based insurance company Chubb Limited.

<span class="mw-page-title-main">Marsh McLennan</span> Global professional services firm

Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

Edward "Ed" Liddy is an American businessman who was chairman of the Allstate Corporation from 1999 to 2008.

<span class="mw-page-title-main">Donald R. McLennan</span>

Donald Roderick McLennan was born in Duluth, Minnesota, son of William Lillingston McLennan and Julia MacLeod. He was the co-founder of the insurance brokerage firm Burroughs, Marsh & McLennan in 1905, which was renamed Marsh & McLennan in 1906 after the retirement of Mr. D. W. Burroughs. McLennan served as the Chairman of the Board from 1935 until his death in 1944 in Lake Forest, Illinois. At the time of his death, the firm had offices in Chicago, San Francisco, New York City, and twenty other cities. In 2020, Marsh & McLennan Companies had over 76,000 employees and annual revenues of $17 billion.

Mercer is an American consulting firm founded in 1945. It is one of the four operating subsidiaries of global professional services firm Marsh McLennan. Mercer is headquartered in New York City with offices in 43 countries and operations in 130 countries. The company primarily provides human resources and financial services consulting services to its clients.

Guy Carpenter & Company, LLC, is a global risk and reinsurance specialist based in New York with more than 60 offices worldwide. Placing more than $51 billion in gross premium volume in 2021, Guy Carpenter has grown to become one of the world’s leading reinsurance brokers.

<span class="mw-page-title-main">Bob Benmosche</span> American businessman

Robert Herman Benmosche was the president and chief executive officer of American International Group. He was appointed President & Chief Executive Officer by the US Department of Treasury and AIG Board of Directors to succeed Edward M. Liddy. Benmosche is known for his leadership at AIG, where he led a turnaround, improved profits 60% year over year, and paid down government aid pledged by the Bush and Obama Administrations.

Ed Dandridge is a corporate executive who is currently an executive vice president and chief marketing & communications officer at AIG.

Neil C. Krauter is an American commercial insurance industry executive. He owns the privately held Krauter & Company, which has ten offices in the United States as of 2016.

<span class="mw-page-title-main">Brian Duperreault</span> American executive

Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.

Scott McDonald is Chief Executive of the British Council. Prior to joining the British Council, he was President and Chief Executive Officer of Oliver Wyman – the management consulting business of Oliver Wyman Group. McDonald graduated from the McGill University Desautels Faculty of Management, where he received degrees in Finance & Economics, and from Cambridge University, where he received a Master of Philosophy degree in International Relations.

<span class="mw-page-title-main">Peter Hancock (businessman)</span>

Peter D. Hancock is the former president and chief executive officer (CEO) of AIG. He resigned his position of president on 9 March 2017.

Marsh is a global professional services firm, headquartered in New York City with operations in insurance broking and risk management. Marsh is a subsidiary of Marsh McLennan and a member of its Risk & Insurance Services business unit. Currently, approximately 45,400 Marsh employees provide risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in more than 130 countries. Marsh's $10.208 billion in revenue in 2021 accounted for 52% of the parent company's fiscal year revenue.

<span class="mw-page-title-main">Arch Capital Group</span> Bermuda based insurance company

Arch Capital Group Ltd. is a Bermuda-based public limited company which writes insurance, reinsurance and mortgage insurance on a worldwide basis, with a focus on specialty lines, the segment of the insurance industry where the more difficult and unusual risks are written. It has operations in Bermuda, the United States, Canada, Europe, Australia and, in the case of mortgage insurance, Hong Kong.

Constantine P. Iordanou was a Cypriot insurance executive who was the chairman of the board and president and CEO of Arch Capital Group, an insurance, reinsurance, and mortgage insurance firm.

Luciana "Lucy" Fato is an American corporate attorney. She has been general counsel at AIG since October 2017.

References

  1. 1 2 3 4 5 Broker Battle, Global Reinsurance
  2. 1 2 3 Dipietro, Ben (30 May 2016). "Why the Global Risks for Companies Are Growing" . Wall Street Journal. Retrieved 23 June 2016.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 Roberts, Sally (2008-02-27). "Peter Zaffino named CEO of Guy Carpenter - Business Insurance". Business Insurance. Crain Communications, Inc. Retrieved 2015-05-27.
  4. 1 2 3 "Zaffino to Succeed Duperreault as CEO of AIG March 1". 16 February 2021.
  5. 1 2 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. 1 2 3 Scism, Leslie. "AIG CEO Taps Peter Zaffino as Key Lieutenant" . Wall Street Journal. No. 6 Jul 2017. Retrieved 10 July 2017.
  7. 1 2 3 4 Barlyn, Suzanne. "AIG to restructure into three new units, marking CEO's first big move". Reuters. No. September 25, 2017.
  8. 1 2 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. 1 2 3 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. 1 2 Peter Zaffino, AIG
  12. 1 2 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. 1 2 3 Marsh & McLennan Companies, Inc., SEC
  14. 1 2 3 4 5 6 7 "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. 1 2 3 "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. 1 2 3 4 5 "Peter Zaffino". Bloomberg.
  19. 1 2 3 "Executive Leadership Team". AIG. Archived from the original on 2016-09-02.
  20. 1 2 3 4 "(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. 1 2 3 4 5 6 Neil, Scott. "Marsh CEO to join AIG". The Royal Gazette . No. July 5, 2017.
  22. 1 2 3 4 5 "AIG Hires Marsh CEO Peter Zaffino As Chief Operating Officer". Alliance News. No. July 6, 2017.
  23. 1 2 3 "(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. 1 2 3 4 5 6 "Marsh CEO Zaffino Joins AIG as Global Chief Operating Officer". Insurance Journal. No. July 5, 2017.
  27. 1 2 3 4 "UPDATE 1-Marsh and McLennan names new CEO for Marsh unit". Reuters. 2011-04-20. Retrieved 2015-05-27.
  28. 1 2 3 "(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. 1 2 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. 1 2 3 Badkar, Mamta; Gray, Alistair; Ralph, Oliver. "Marsh CEO Peter Zaffino to join AIG" . Financial Times . No. July 5, 217.
  36. 1 2 Zaki, Ahmad. "Peter Zaffino joins AIG as Global COO". Asia Insurance Review. No. July 7, 2017.
  37. 1 2 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. 1 2 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
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.