Shane Fitzsimons

AIG has named insider Shane Fitzsimons as its new CFO, changing Mike Lyons, as it prepares to spin off its everyday living and retirement enterprise.

Fitzsimons joined AIG in 2019 as world-wide head of shared companies and was most just lately serving as chief administrative officer. Lyons, who has served as CFO given that December 2018, will go into the freshly developed function of world-wide chief actuary and head of portfolio management.

AIG mentioned the changes ended up element of an effort and hard work to “further place the business to produce powerful money and operational effectiveness more than the prolonged phrase and increase its leadership staff as element of the separation of the Lifestyle & Retirement enterprise.”

Less than its AIG 200 initiative, the insurer has been looking for to lower its expense ratio and general operating bills.

“Shane is a seasoned finance and operations govt with a powerful track file of achievements,” CEO Peter Zaffino mentioned in a news launch. “His leadership and main abilities accelerated the execution of AIG 200 for the duration of the world-wide pandemic and founded a powerful basis as we proceed to instill a lifestyle of operational excellence across AIG.”

Fitzsimons is a chartered accountant from Ireland and an alumnus of Rockwell College in County Tipperary. In advance of joining AIG, he expended 23 years at GE, such as operational and money leadership roles across the U.S., Asia, and Europe.

Zaffino mentioned Lyons’s go to the function of world-wide chief actuary “will even more strengthen our focus on high-quality underwriting excellence and portfolio positioning, which underpins AIG’s overall expansion technique.”

AIG also announced that as element of its preparations for the everyday living and retirement spinoff, Elaine Rocha, at present world-wide chief operating officer, reinsurance, has been promoted to world-wide chief expense officer. She will start off reporting to Fitzsimons in January 2022.

“Elaine’s wide knowledge and determination to quality make her the ideal applicant to lead the investments team that will stay with AIG as we different the Lifestyle & Retirement enterprise,” Zaffino mentioned.

AIG, insurer, MIke Lyons, Peter Zaffino, Shane Fitzsimons