Mallon to Retire From AIG Life Post in March 2015
November 17, 2014 by David Pilla
NEW YORK – James A. Mallon, president of life insurance with AIG Global Consumer Insurance, will retire effective in March 2015.
Recently, AIG also named 28-year industry veteran Charlie Shamieh, currently corporate chief actuary, to the position of CEO, life, health and disability insurance, also effective in March 2015 (Best’s News Service, Nov. 14, 2014).
Other appointments that take place immediately include Rod Rishel as head of U.S. life insurance, and Tim Heslin as head of global risk selection.
“Each of these seasoned leaders will focus on designing their organizational structures to best meet our needs, both current and future,” Hogan said. “We’re committed to bringing together the skills, resources, and capabilities of AIG to continue providing valuable protection and retirement solutions that meet the needs of today’s global consumers.”
Mallon told Best’s News Service earlier this year that a decline in the number of full-time career agents has bred opportunity for AIG Global Consumer Insurance to fill that void (Best’s News Service, May 13, 2014). He added in that interview that trends in the U.S. life insurance industry showed “a precipitous decline in household ownership of life insurance. He said “it’s critically important that we really understand why, and that we do a better job of really understanding the needs of consumers, of families, and then designing solutions that are more relevant to people.”
Several operating subsidiaries of American International Group Inc. have a current Best’s Financial Strength Rating of A (Excellent).
On the afternoon of Nov. 17, AIG (NYSE:AIG) stock was trading at $54.02 a share, up 0.22% from the previous close.
(By David Pilla, international editor, BestWeek: David.Pilla@ambest.com)