AIG names new CFO with life and retirement unit split under way

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The AIG emblem is seen at its constructing in New York’s monetary district March 19, 2015. REUTERS/Brendan McDermid

Oct 25 (Reuters) – American Worldwide Group mentioned on Monday it has appointed insider Shane Fitzsimons as its chief monetary officer, changing Mark Lyons, because the insurer prepares for the separation of its life and retirement enterprise.

Fitzsimons joined AIG in July 2019 and was most lately serving because the insurer’s chief administrative officer.

Lyons will transfer into the newly created position of World Chief Actuary and Head of Portfolio Administration at AIG from January, after which Fitzsimons will take his place, the corporate mentioned.

AIG’s board final yr accepted a plan to separate its life and retirement enterprise, which sells insurance coverage and annuities.

The insurer plans to make use of an preliminary public providing to promote a part of the enterprise, during which Blackstone Group has agreed to purchase a sizeable stake.

AIG additionally named firm veteran Elias Habayeb as CFO of the unit, efficient instantly. Habayeb was most lately the chief monetary officer of AIG’s common insurance coverage enterprise.

Reporting by Amruta Khandekar; Modifying by Devika Syamnath


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