RTTNews | Oct 26, 2020 04:45PM EDT

16:45 Monday, October 26, 2020 (RTTNews.com) - American International Group, Inc. (AIG) announced that it has named Peter Zaffino as its Chief Executive Officer, effective March 1, 2021, in addition to his current role as President. Zaffino has also been appointed to serve as a Director, effective immediately.

Brian Duperreault will become Executive Chairman and Douglas Steenland, currently Independent Chairman, will become Lead Independent Director, also effective March 1, 2021.

AIG also announced its intention to separate its Life & Retirement business from the company, following comprehensive review of its current composite structure.

AIG also announced third quarter 2020 catastrophe loss estimates, net of reinsurance, in General Insurance segment of $790 million, before tax, which include $185 million of estimated catastrophe losses for claims related to COVID-19. As a result of this update, AIG recorded a third quarter charge of $7 million, after-tax, to net income attributable.

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