Peter Zaffino

Peter Zaffino
Born Greenwich, Connecticut
Nationality American
Education Boston College (BA)
New York University (MBA)
Occupation CEO of General Insurance, AIG
Years active 1990-present

Peter Zaffino is an American insurance industry executive.[1] He was appointed executive vice president and global chief operating officer of AIG in July 2017,[1] and then CEO of the company's General Insurance business in September 2017.[2] Prior to joining AIG, Zaffino served as CEO of Marsh, chairman of Marsh & McLennan Companies' Risk & Insurance Services segment[3] and president and CEO of Guy Carpenter.[4][5][6] He is on the board of directors of the Michael J. Fox Foundation[7] and the New York Police and Fire Widows' and Children's Benefit Fund.[6]

Early life and education

Peter Zaffino was born to Salvatore D. Zaffino[4] and Marion Zaffino.[8] Zaffino holds a BA in economics from Boston College,[6][9][10][11] where he played soccer.[12] He also holds an MBA in finance from New York University's Leonard N. Stern School of Business,[11][6][9][10] and the CPCU and Associate in Reinsurance designations.[11][6][9]

Career

Guy Carpenter

Zaffino became active in the insurance and reinsurance industry around 1990.[13][14][5] Early in his career, he held a number of senior executives roles at a portfolio company of GE Capital, which specialized in alternative risk insurance and reinsurance.[6][15] From GE Capital Services,[4] in 2001 Zaffino joined Guy Carpenter & Company, LLC,[4][15][9][14] a reinsurance intermediary[3] of Marsh & McLennan in New York City.[4] He held several positions at Guy Carpenter, such as head of global specialty practices[5][6] and head of treaty operations in the United States.[4] Also serving on the company's management board as a managing director,[9] in early 2008[5][9] he became Guy Carpenter's president and CEO.[4][5][6]

Marsh CEO and risk chairman

Marsh & McLennan Companies, a professional services firm[5] that includes risk management companies Marsh and Guy Carpenter and consulting firms Mercer and Oliver Wyman Group,[16] appointed Zaffino as a member of its executive committee in 2008.[17][13][14] The company subsequently appointed him as president and CEO of Marsh, Inc.[4] in early 2011.[18][19][5] Under Zaffino, Marsh built an analytics solution delivered through a mobile platform using real-time data.[20][21] In early 2015[18][19] Marsh & McLennan named him chairman of the company's Risk & Insurance Services segment,[3][18][19][1][22][9] which included both Marsh and Guy Carpenter.[18][19] Retaining his role as CEO of Marsh LLC,[19][3][1] Zaffino oversaw the expansion of Marsh & McLennan Agency.[23] The agency serves clients in the small- and mid-market brokerage marketplace.[24]

AIG CEO of General Insurance

Zaffino was named executive vice president and global chief operating officer of AIG in July 2017[1][17][22][13][14][25][26] and was appointed CEO of General Insurance in September 2017, under AIG's new organizational structure.[27] As AIG's CEO of General Insurance, Zaffino is responsible for commercial and personal insurance[2] as well as US[17][13][25] and international field operations.[28][26] He also joined AIG's executive leadership team.[10] According to the Wall Street Journal, Zaffino was "recruited to be one of newly appointed AIG CEO Brian Duperreault’s top lieutenants."[1] Duperreault stated that Zaffino would work closely with him to develop AIG’s operating plan and long-term strategy,[26][9][17] with responsibility for executing commercial lines and consumer strategies,[17][25] underwriting, claims, distribution, reinsurance,[10] global business services and administration.[10][9][17]

Boards

Zaffino is a member of the board of directors[29] of the Michael J. Fox Foundation[7] and he joined the board of the New York Police and Fire Widows' and Children's Benefit Fund in 2013.[6]

Personal life

Zaffino and his wife Kirsten[8] were based in Darien, Connecticut as of 2014.[8][6]

References

  1. 1 2 3 4 5 6 Scism, Leslie. "AIG CEO Taps Peter Zaffino as Key Lieutenant". Wall Street Journal (06 Jul 2017). Retrieved 10 July 2017.
  2. 1 2 Barlyn, Suzanne. "AIG to restructure into three new units, marking CEO's first big move". Reuters (September 25, 2017).
  3. 1 2 3 4 Dipietro, Ben (30 May 2016). "Why the Global Risks for Companies Are Growing". Wall Street Journal. Retrieved 23 June 2016.
  4. 1 2 3 4 5 6 7 8 Roberts, Sally (2008-02-27). "Peter Zaffino named CEO of Guy Carpenter - Business Insurance". Business Insurance. Crain Communications, Inc. Retrieved 2015-05-27.
  5. 1 2 3 4 5 6 7 "(Press Release) Marsh & McLennan Companies Announces Changes to Senior Management Team". Marsh & McLennan Companies, Inc. Marsh & McLennan Companies. 2011-04-20. Retrieved 2015-05-27.
  6. 1 2 3 4 5 6 7 8 9 10 "Darien's Zaffino, CEO of Marsh Inc., Now on NYC Police & Fire Benefit Fund Board". Darien, CT Patch | Local News. Patch Media. 2013-03-28. Retrieved 2015-05-27.
  7. 1 2 "The Michael J. Fox Foundation For Parkinson's Research 2015 Annual Report" (PDF). Michael J. Fox Foundation. Retrieved 6 July 2016.
  8. 1 2 3 Appleton, Diana. "HARC's 63rd Annual Meeting: A Moving Tribute To The Zaffino And Benton Families". Hartford, Connecticut (June 23, 2014).
  9. 1 2 3 4 5 6 7 8 9 "Peter Zaffino". Bloomberg.
  10. 1 2 3 4 5 "Executive Leadership Team". AIG. Archived from the original on 2016-09-02.
  11. 1 2 3 "Leadership | Marsh". Marsh | Global Leader in Insurance Broking and Risk Management. Marsh. 2015-04-20. Archived from the original on 2015-05-04. Retrieved 2015-05-27.
  12. "Single Season records (from 1980)" (PDF). Netitor.
  13. 1 2 3 4 Neil, Scott. "Marsh CEO to join AIG". The Royal Gazette (July 5, 2017).
  14. 1 2 3 4 "AIG Hires Marsh CEO Peter Zaffino As Chief Operating Officer". Alliance News (July 6, 2017).
  15. 1 2 "(Press Release) REG-Marsh & McLennan Peter Zaffino Named Chief Executive Officer of Guy Carpenter". Reuters. 2008-02-28. Archived from the original on 2015-06-17. Retrieved 2015-05-27.
  16. "Marsh & McLennan #222". Fortune 500. Fortune. Retrieved 6 July 2016.
  17. 1 2 3 4 5 6 "Marsh CEO Zaffino Joins AIG as Global Chief Operating Officer". Insurance Journal (July 5, 2017).
  18. 1 2 3 4 "UPDATE 1-Marsh and McLennan names new CEO for Marsh unit". Reuters. 2011-04-20. Retrieved 2015-05-27.
  19. 1 2 3 4 5 "(Press Release) Marsh & McLennan Appoints Peter Zaffino Chairman of Its Risk & Insurance Services Segment". MarketWatch. MarketWatch, Inc. 2015-05-07. Retrieved 2015-05-27.
  20. "Investor Day 2014 Webcast". Multimedia Centre. NASDAQ OMX Corporate Solutions International Limited. 2014-03-11. Retrieved 2015-06-18.
  21. "FOCUS on the Middle Market: Peter Zaffino, President & CEO, Marsh LLC". President & CEO Magazine. Nexxus Publishing. 2014-10-10. Retrieved 2015-06-08.
  22. 1 2 Badkar, Mamta; Gray, Alistair; Ralph, Oliver. "Marsh CEO Peter Zaffino to join AIG". Financial Times (July 5, 217).
  23. Kenealy, Bill (2015-06-01). "Marsh makes big mid-market push with Texas purchase". Business Insurance. Crain Communications, Inc. Retrieved 2015-06-08.
  24. Hoffmann, Mark A. (2014-07-20). "Top insurance brokers: Marsh & McLennan Cos. Inc". Business Insurance. Crain Communications, Inc. Retrieved 2015-06-08.
  25. 1 2 3 Zaki, Ahmad. "Peter Zaffino joins AIG as Global COO". Asia Insurance Review (July 7, 2017).
  26. 1 2 3 Barlyn, Suzanne. "UPDATE 2-AIG taps Marsh executive to work alongside new CEO". CNBC (July 5, 2017).
  27. "AIG Announces Changes to Its Organizational Structure". AIG (September 25, 2017).
  28. Barlyn, Suzanne. "New AIG executive to get $15 million sign-on bonus, $1.25 million salary". Reuters (July 6, 2017).
  29. "St John's Insurance Leader 2013: Robert H. Benmosche". news.advisen.com. Retrieved 2015-05-27. }
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