As part of this organisational restructuring, David McElroy, the current Chief Executive Officer of General Insurance, will transition into the newly established position of Chairman, General Insurance. In this role, McElroy will spearhead efforts in client development and fortifying relationships with distribution partners.
Taking on the mantle of CEO, North America Insurance, is Don Bailey, currently serving as the Global Head of Distribution and Field Operations. Bailey brings a wealth of experience to this crucial role.
Effective January 1, 2024, Jon Hancock, the Chief Executive Officer of International General Insurance, will ascend to the position of CEO, International Insurance. This strategic move is aligned with AIG’s vision for the future.
All three executives—McElroy, Bailey, and Hancock—will report directly to Peter Zaffino, Chairman and Chief Executive Officer of AIG. They will also be integral members of AIG’s Executive Leadership Team.
These leadership changes signal AIG’s commitment to optimising its organisational structure, fostering growth, and maintaining a strong focus on client development and strategic partnerships. The company anticipates that these adjustments will enhance its position in the insurance industry landscape.
In their newly appointed positions, Bailey and Hancock will take charge of overseeing the underwriting, distribution, and business teams in North America and international markets, respectively. With an impressive 30 years of experience in insurance, Bailey has held key leadership roles in underwriting and brokerage throughout his career. Similarly, Hancock, also boasting three decades of industry expertise, is a seasoned veteran in the insurance sector.
McElroy commented: “It has been a great honour to be a part of AIG’s historic turnaround. By working in one of the most important parts of our business, focused on strengthening broker and client relationships, I see our commitment to underwriting excellence and enhanced focus on our clients in action every day. I’m excited by the opportunities ahead for us to continue to serve our clients, distribution partners, investors, and colleagues, and to continue to elevate our position in the industry.”
Zaffino said, “I am grateful to Dave for his leadership and significant contributions over the past five years, as we built out an industry-leading global team and underwriting culture. I am confident that over the next few years, he will continue to drive significant value for our stakeholders in this new role, which will leverage his deep industry expertise, his exceptional underwriting experience, and his significant capabilities in the market.”
He continued: “Don and Jon’s appointments align with our plans to create a leaner operating model, while remaining extremely focused on advancing our underwriting performance, continuing to enhance our operational excellence, and achieving double-digit returns.
“These changes reflect the significant progress we have made over the last several years and will accelerate the implementation of our business strategy going forward,” Zaffino added.
Author: Joanna England
