JANUARY 31, 2023 05:40 PM (EST)
AM Best Comments on Credit Ratings of American International Group, Inc. and Its Subsidiaries Following Change in Leadership
|Raymond Thomson, CPCU, ARe, ARM|
+1 908 439 2200, ext. 5621
Erik Miller, CFA
+1 908 439 2200, ext. 5187
Manager, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 31, 2023 05:40 PM (EST)
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.