AM Best Comments on Credit Ratings of American International Group, Inc. and Its Subsidiaries Following Change in Leadership
01 February 2023 - 9:51AM
Business Wire
AM Best has commented that the Credit Ratings (ratings)
of American International Group, Inc. (AIG) (headquartered in New
York, NY) [NYSE: AIG], its property/casualty subsidiaries, and the
members of AIG Life & Retirement Group, all remain unchanged
following the Jan. 30, 2023, announcement that Mark Lyons, interim
chief financial officer and executive vice president, global chief
actuary and head of portfolio management, was terminated and has
left the company, effective immediately.
AIG has appointed Sabra Purtill as AIG’s new interim CFO, and
Turab Hussain as AIG’s new interim global chief actuary. Both carry
deep experience in senior leadership roles within the AIG
organization and throughout the insurance industry.
AIG has stated that it became aware that Lyons had violated his
confidentiality/non-disclosure obligations to the company, but it
was unrelated to the company's financial statements, financial
reporting generally and related disclosure controls and procedures,
or reserves. Based on conversations with AIG management, AM Best
expects that with the indicated changes in leadership, the
organization will continue to execute on its stated business plans
and complete its year-end 2022 financial filings in a timely
manner.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Raymond Thomson, CPCU, ARe, ARM Associate Director
+1 908 439 2200, ext. 5621 raymond.thomson@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Erik Miller, CFA Director +1 908 439 2200, ext.
5187 erik.miller@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 439 2200, ext. 5098 al.slavin@ambest.com
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