Insurance veteran and AIG turnaround pioneer Thomas Motamed passes away

Thomas Motamed, an insurance veteran and a key figure in the turnaround of  AIG, has passed away aged 74. He was highly regarded for his commitment to agents, brokers, customers, and other associates. Peter Zaffino praised Motamed’s “lasting impression” on the industry, particularly for his involvement in the turnaround and transformation of AIG.

Motamed recently retired from the American International Group (AIG) board due to health reasons. He served as a director of the company since January 2019.

Motamed retired as chairman and chief executive officer (CEO) of CNA Financial Corporation in 2016. Prior to CNA, he spent 31 years at Chubb, where he began his career as a claims trainee and rose to vice chairman and chief operating officer.

Motamed also served as a director and member of the audit committee for Verisk Analytics from 2009 to 2016 and on the board of the Palmer & Cay insurance agency from 2000 to 2005. He was a past chairman of the Insurance Information Institute.

Zaffino, chairman and chief executive officer of AIG, expressed his deep sorrow over the loss of his colleague and highlighted Motamed’s many contributions to AIG and the wider industry over the years.

“I am deeply saddened by Tom Motamed’s recent passing. He served on the AIG Board of Directors since January 2019 and was a steady presence during a critical part of AIG’s turnaround and transformation,” said Zaffino said in a statement.

“Over the course of his distinguished career at The Chubb Corporation and CNA Financial, Tom made a lasting impression on the insurance industry through his dedication to the agents, brokers, clients, and other partners who benefitted from his insights, expertise and judgment. On behalf of the entire AIG Board, we extend our deepest condolences to Tom’s wife, Christine, and to his children and grandchildren,” he said.

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