AIG has appointed Peter Zaffino to the role of Global CEO, effective from March.

Mr Zaffino remains President, a role he has held since January, and also becomes a director.

Current CEO Brian Duperreault will move to the role of Executive Chairman and Douglas Steenland, who is currently Chairman, will become Lead Independent Director.

“We are grateful to Brian for his leadership and expertise in guiding the strategic repositioning of AIG’s businesses as market leaders,” Mr Steenland said. “We are extremely fortunate to have an executive of Peter’s calibre and have great confidence about the future of the company under his leadership.”

Mr Duperreault congratulated Mr Zaffino on his “well-deserved” selection as CEO and said he had been “instrumental in the significant turnaround and transformation at AIG and his vision, determination and pursuit of excellence will help ensure the company’s future success.”

New York-based Mr Zaffino has most recently held the role of Global COO at AIG and was formerly CEO General Insurance for three years. He previously held the roles of President and CEO at both Marsh and Guy Carpenter.

AIG also revealed catastrophe loss estimates, net of reinsurance, in the company’s General Insurance segment totalled $US790 million ($1.12 billion) in the September quarter.

That included $US185 million ($262 million) of estimated losses for claims related to COVID-19, principally in travel, event cancellation, trade credit, property, agriculture and casualty books.

The remaining catastrophe losses of $US605 million ($857.1 million) reflected windstorms and tropical storms in the Americas and Japan, as well as wildfires on the west coast.

“The third quarter experienced a high frequency of global catastrophe events with low to moderate severity,” Mr Duperreault said. “These events have had a limited impact on AIG as a result of our underwriting discipline, reinsurance programs, revamped risk appetite and the strength of our balance sheet.”

The company also announced its will separate the Life & Retirement business from AIG.