AIG plans to name Hamilton’s Brian Duperreault CEO: WSJ

American International Group (AIG) is planning to name former company executive Brian Duperreault as its new chief executive, Reuters reported based on a Wall Street Journal story published late on May 10.

Duperreault is chairman and CEO of Hamilton Insurance Group, the Bermuda-based holding company of property and casualty insurance and reinsurance operations in Bermuda, the US and the UK.

Duperreault and AIG are working out the final details of his employment contract,‎ and an announcement could come as early as Thursday, the Journal reported, citing people familiar with the matter.

AIG did not respond to a request for comment from Intelligent Insurer in time for this news story. Hamilton’s chief communications officer said that “our position is we don't comment on market speculation.”

AIG's current CEO Peter Hancock said in March he would step down, a decision taken after the insurer's poor financial performance frustrated shareholders and the board of directors. Hancock was to remain CEO until AIG named a successor.

Noting that Dupperault was a former long-time deputy of his mentor Hank Greenberg, who essentially created AIG's multi-line business model, analysts from CreditSights believe that Dupperault is therefore less likely to consider a radical restructuring or split of the company than some other potential candidates. But CreditSights added in its May 11 analyst note that unlike Hancock, Dupperault is a true "insurance guy," representing a "stabilizing force for the company".

Dupperault spent almost 20 years at AIG, before moving on to build ACE into one of the strongest franchises in the business and helping to turn around Marsh and McLennan, the analysts noted.

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