American Intl Group Inc Stock Price, News & Analysis

AM Best has announced that the Credit Ratings of American International Group, Inc. (AIG) remain unchanged after the termination of Mark Lyons, the interim CFO, due to a breach of confidentiality. New appointments include Sabra Purtill as interim CFO and Turab Hussain as interim global chief actuary, both experienced leaders within AIG. AM Best anticipates that these leadership changes will allow AIG to maintain its business plans and complete its 2022 financial filings on schedule.

American International Group (NYSE: AIG) announced the termination of Mark Lyons as Interim Chief Financial Officer due to confidentiality violations. These issues were unrelated to AIG's financial statements or reporting. The company recognized Lyons' contributions with a settlement agreement. Sabra Purtill has been appointed as Interim CFO, bringing previous experience as Chief Investment Officer at Corebridge Financial and roles at AIG. Turab Hussain will serve as Interim Global Chief Actuary, previously Chief Risk Officer at AIG. AIG continues to offer diverse insurance and financial services globally.

American International Group (NYSE: AIG) announced the retirement of Board Director Thomas F. Motamed, effective immediately, due to health reasons. Motamed served as a director since January 2019 and brought extensive experience from his previous roles at CNA Financial Corporation and The Chubb Corporation. Peter Zaffino, Chairman & CEO, expressed gratitude for Motamed's contributions to AIG's transformation. AIG is a leading global insurance organization, providing various financial services across approximately 70 countries.

American International Group, Inc. (NYSE: AIG) will disclose its fourth-quarter and full-year financial results for the year ending December 31, 2022 after market close on February 15, 2023. The company's press release and financial supplements will be accessible on the AIG Investors website. AIG will host a conference call on February 16, 2023 at 8:30 a.m. ET to review these results, which will be available for public access via the same Investors section on their website.

American International Group (AIG) announced that Shane Fitzsimons, Chief Financial Officer, is taking a temporary medical leave of absence effective immediately. Mark Lyons, former CFO, has been appointed as the Interim CFO while retaining his role as Executive Vice President, Global Chief Actuary, and Head of Portfolio Management. AIG is a major global insurance organization offering a variety of insurance and financial services in approximately 70 countries.

American International Group (AIG) has appointed Don Bailey as the new Global Head of Distribution and Field Operations, effective immediately. He will report to Peter Zaffino, CEO. Zaffino emphasized the need to enhance AIG's value proposition in a rapidly evolving marketplace. Bailey, with over 30 years of experience in the insurance industry, previously held senior roles at Bristlecone Partners and Marsh. His appointment is seen as part of AIG’s strategy to deliver strong financial results and improve market relevance.

AM Best has upgraded the outlook for American International Group (AIG) to positive from stable for its Long-Term Issuer Credit Ratings (ICRs) while affirming its Financial Strength Rating (FSR) of A (Excellent). AIG's property/casualty subsidiaries received a positive outlook due to strong balance sheet strength and improving underwriting performance. Meanwhile, AIG's Life & Retirement Group retains stable ratings, supported by strong operating performance. However, both segments face challenges, including competitive pressures and execution risks related to recent organizational changes.

AIG (NYSE: AIG) has secured a new employment agreement with Peter Zaffino, continuing his role as President & CEO through November 10, 2027. The AIG Board expresses confidence in Zaffino's leadership, emphasizing his success in implementing transformational strategies that drive operational and financial objectives. Zaffino highlighted AIG's recent turnaround efforts aimed at enhancing performance and value for stakeholders. Further details can be found in AIG's Form 8-K submitted to the U.S. Securities and Exchange Commission.

American International Group (NYSE: AIG) has announced the election of Paola Bergamaschi as a director effective December 1, 2022. John G. Rice will assume the role of Lead Independent Director starting January 1, 2023. Douglas M. Steenland will not seek re-election at the 2023 Annual Meeting, concluding his service to AIG. Peter Zaffino, Chairman & CEO, welcomed Bergamaschi’s international expertise in capital markets, and acknowledged Rice's contributions since his appointment in March 2022.