⁍ AIG has struggled to right itself after a $182 billion U.S. taxpayer bailout in 2008.

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⁍ The insurer has sold off big chunks to repay the debt plus a $22.7 billion return.

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⁍ In May 2019, AIG reported its first general insurance underwriting profit since the 2008 financial crisis.

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– Peter Zaffino will take over as CEO of American International Group in March, replacing Brian Duperreault, who will step down and be succeeded by the 48-year-old Zaffino, the Wall Street Journal reports. Zaffino has been president of AIG’s life and retirement business since 2016. He will be AIG’s seventh CEO since 2005. The life and retirement business accounted for 34% of AIG’s $49 billion in 2019 adjusted revenue, compared with 64% for its general insurance business, AIG said in September, per Reuters. Duperreault, 73, took charge of AIG in 2017. He has focused on sharpening underwriting, doing more with worthwhile customers, investing in technology, restoring talent, and cutting costs. Zaffino has been the point man to execute those goals, partly by mitigating losses in commercial property and casualty businesses and relying more on reinsurance while also modernizing technology and processes. He also helped to recruit a number of executives. AIG has struggled to right itself after a $182 billion US taxpayer bailout in 2008 to save it from collapse. Since then, the company has sold off big chunks to repay the debt plus a $22.7 billion return. It also had to work through hefty losses from claims occurring in prior years that led to more than $11.2 billion in unexpected reserve increases since 2015. In May 2019, AIG reported its first general insurance underwriting profit since the 2008 financial crisis, a key goal. AIG also on Monday said it incurred an estimated $790 million in catastrophe losses during the third quarter, including $185 million of estimated catastrophe losses for claims related to COVID-19.