Dive Brief:

• Global insurer American International Group said Wednesday that it plans to hand over its finance leadership reins to Keith Walsh, a veteran of insurance broker Marsh.
• The appointment, which becomes effective Oct. 21 according to a press release, comes after a predecessor, Shane Fitzsimons, stepped down for medical leave in 2023 and later passed away.
• “AIG has executed an exceptional business and financial turnaround, and I am honored to join this iconic company in its next phase of industry leadership and growth,” Walsh said in the release.

Dive Insight:

Walsh, 50, will receive a base salary of $1 million per year and be eligible for a target annual cash bonus of $1.5 million under an AIG short-term incentive plan, according to a securities filing.

He has served as the CFO of Marsh since 2017. From 2012 to 2017, he served as head of investor relations for Marsh parent Marsh & McLennan Companies, according to the filing. 

AIG announced in January 2023 that Fitzsimons was taking a medical leave of absence from the company. That event triggered a series of changes in the insurer’s financial leadership.

Mark Lyons, who at the time served as global chief actuary and head of portfolio management at the company, was appointed to replace Fitzsimons on an interim basis.

Just a few weeks later, AIG announced that Lyons was terminated from the interim role for violating his confidentiality agreements with the company. Upon his dismissal, the company agreed to a settlement with Lyons that allowed him to receive $7.5 million in installments.

Sabra Purtill, who previously served as chief investment officer of Corebridge Financial, was named interim CFO of AIG following Lyons’ termination. She stayed on in the CFO role after Fitzsimons officially stepped down in June 2023. Fitzsimons passed away months later.

Purtill will continue to report to AIG CEO Peter Zaffino, working on “strategic projects” and will act as an advisor to Walsh to enable a smooth transition, according to the Wednesday release.

“Ms. Purtill does not have any disagreement with the company or its independent auditor as to the company’s financial statements, reserves, financial reporting generally and related disclosure controls and procedures,” the company said in its securities filing.