AM Best Comments on Credit Ratings of American International Group, Inc. and Its Subsidiaries Following Change in Leadership

Rhea-AI Summary

AM Best has announced that the Credit Ratings of American International Group, Inc. (AIG) remain unchanged after the termination of Mark Lyons, the interim CFO, due to a breach of confidentiality. New appointments include Sabra Purtill as interim CFO and Turab Hussain as interim global chief actuary, both experienced leaders within AIG. AM Best anticipates that these leadership changes will allow AIG to maintain its business plans and complete its 2022 financial filings on schedule.

Positive

• Appointment of experienced leaders Sabra Purtill and Turab Hussain following the termination of Mark Lyons.
• AM Best expects AIG to meet its business plans and financial filing deadlines.

Negative

• Termination of Mark Lyons raises concerns about internal management stability.

OLDWICK, N.J.--(BUSINESS WIRE)-- 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. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230131006162/en/

Raymond Thomson, CPCU, ARe, ARM

Associate Director

+1 908 439 2200, ext. 5621

raymond.thomson@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Erik Miller, CFA

Director

+1 908 439 2200, ext. 5187

erik.miller@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Source: AM Best

FAQ

What recent leadership changes occurred at American International Group (AIG)?

Mark Lyons was terminated as interim CFO due to a breach of confidentiality, with Sabra Purtill appointed as interim CFO and Turab Hussain as interim global chief actuary.

How did AM Best respond to AIG's recent management changes?

AM Best stated that the Credit Ratings of AIG remain unchanged despite the leadership changes.

What was the reason for Mark Lyons' termination from AIG?

Mark Lyons was terminated for violating confidentiality and non-disclosure obligations, although it was unrelated to AIG's financial statements.

What are the expectations for AIG following the management shake-up?

AM Best expects AIG to continue executing its business plans and complete its year-end 2022 financial filings in a timely manner.