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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