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AIG Announces Alan Colberg and Trish Walsh Appointed to Corebridge Financial Board of Directors, Effective September 1st
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
American International Group, Inc. (NYSE: AIG) has appointed Alan Colberg and Trish Walsh to the Board of Directors of Corebridge Financial, Inc., effective September 1, 2022. Colberg, a retired CEO from Assurant, brings extensive industry experience, having led various roles for over a decade. Walsh, currently Chief Legal Officer at Stripe, previously served as Chief Legal Officer at Voya Financial. These appointments are aimed at strengthening Corebridge’s governance as it prepares for a potential standalone launch.
Positive
Appointment of seasoned executives enhances leadership expertise.
Strategic move to prepare Corebridge for a standalone public company.
Negative
No assurances on the timeline or terms for Corebridge's separation.
NEW YORK--(BUSINESS WIRE)--
American International Group, Inc. (NYSE: AIG) today announced that Alan Colberg, retired Chief Executive Officer, Assurant, Inc., and Trish Walsh, Chief Legal Officer, Stripe, Inc., will join the Board of Directors of Corebridge Financial, Inc. (Corebridge) effective September 1, 2022.
“The official appointment of Alan and Trish as independent directors is another important step in the process of preparing Corebridge to be a standalone public company,” said Peter Zaffino, Chairman & CEO, AIG, and Chairman of the Board, Corebridge.
“Each of them bring significant experience and industry expertise that will benefit Corebridge and its stakeholders over the long-term.”
Mr. Colberg previously served as the Chief Executive Officer and a Director of Assurant, Inc. from January 2015 until his retirement in January 2022. Prior to this role, he held various positions at Assurant, including Executive Vice President of Marketing and Business Development. Before joining Assurant in March 2011, Mr. Colberg was a consultant for Bain & Company, Inc. for 22 years, leading the firm’s global financial services practice.
Ms. Walsh has served as Chief Legal Officer of Stripe, Inc. since January 2020. Prior to joining Stripe, Ms. Walsh served as Chief Legal Officer for Voya Financial, Inc. from 2015 to 2020. Before joining Voya, she served as Deputy General Counsel at Cigna and at MassMutual. Prior to that, Ms. Walsh was an associate at Cleary, Gottlieb, Steen & Hamilton LLP and also worked for the Office of the General Counsel at the SEC.
No assurance can be given regarding the form that future separation transactions may take or the specific terms or timing thereof, or that a separation will in fact occur. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including receipt of insurance department and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission (SEC).
This news release is not an offer to sell, or a solicitation of an offer to buy, any securities.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risk and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
Who are the new board members appointed to Corebridge Financial?
Alan Colberg and Trish Walsh have been appointed to the Board of Directors of Corebridge Financial.
What experience do Alan Colberg and Trish Walsh bring to Corebridge Financial?
Colberg has extensive experience as a former CEO of Assurant, while Walsh has served as Chief Legal Officer at multiple firms, including Stripe and Voya Financial.
When did the appointments of Alan Colberg and Trish Walsh become effective?
Their appointments became effective on September 1, 2022.
What is the significance of these appointments for AIG?
The appointments are intended to enhance the governance of Corebridge Financial as it prepares for a potential separation.
Is there a timeline for Corebridge Financial’s separation from AIG?
No specific timeline or terms for the separation have been assured.
