AIG sacks interim CFO/chief actuary over confidentiality violations
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American International Group has terminated Mark Lyons from his position as AIG’s interim chief financial officer, global chief actuary and head of portfolio management “after the company became aware that he violated his confidentiality/non-disclosure obligations to the company”.
The US insurer assured the public that the violations were unrelated to the company’s financial statements, financial reporting generally and related disclosure controls and procedures, or reserves.
Earlier this year the company announced its CFO Shane Fitzsimons was taking temporary medical leave of absence. Lyons, who previously served as AIG’s CFO, was then appointed interim CFO in addition to his role as executive vice president, global chief actuary and head of portfolio management.
It said in recognition of Lyons’s contributions to AIG since he joined the company in 2018, an undisclosed settlement was agreed.
However, according to the Financial Times, a legal settlement between AIG and Lyons said that he had not used or disclosed confidential information, “other than with respect to the sharing of access to company-issued communication devices”.
However, according to the Financial Times, a legal settlement between AIG and Lyons said that he had not used or disclosed confidential information, “other than with respect to the sharing of access to company-issued communication devices”.
Sabra Purtill has been named AIG’s interim CFO, and Turab Hussain has been named AIG’s interim global chief actuary.
Purtill previously served as chief investment officer of Corebridge Financial. Prior to that, she was AIG’s chief risk officer and deputy CFO. Before joining AIG, she held senior leadership roles in finance and investor relations at The Hartford Financial Services Group, Assured Guaranty and ACE (now Chubb).
Hussain previously served as AIG’s CRO for general insurance. Before that, he was CRO and actuarial officer at PartnerRe, chief insurance risk officer at The Hartford and held senior actuarial and underwriting roles at The Hartford, Arch Insurance Group and American Reinsurance.
mallowstreet has contacted AIG to ask who would take over Lyons’s responsibilities of head of portfolio management.
Is it too risky for an insurance company to allow one person to hold multiple executive roles?
