NEW YORK - American International Group, Inc. (NYSE: NYSE:AIG) has announced that David McElroy, the Chairman of General Insurance, will retire effective May 1, 2024. McElroy, who has been with the company since 2018, has decided to accelerate his retirement for personal reasons but will remain available to the company post-retirement.
McElroy played a significant role at AIG, initially joining as President and CEO of Lexington Insurance Company. He later served as CEO of General Insurance from August 2020 until December 2023 and took on the role of Chairman of General Insurance at the beginning of 2024. His tenure at AIG was marked by efforts to enhance underwriting performance and refine the company's risk appetite.
Peter Zaffino, AIG's Chairman & Chief Executive Officer, acknowledged McElroy's contributions, stating, "David McElroy joined AIG at a pivotal time as we began the multi-year effort of improving our underwriting performance and refining our risk appetite. Thanks to the hard work and determination of our entire team, AIG is now widely recognized as a leading global insurer by our clients, distribution partners, and many stakeholders."
AIG, a leading global insurance organization, operates in approximately 190 countries and jurisdictions, providing insurance solutions to help businesses and individuals protect their assets and manage risks.
The company's products and services are provided by its subsidiaries or affiliates, with coverage subject to underwriting requirements and policy language. It is noted that some property casualty coverages may be offered by surplus lines insurers, which are not covered by state guaranty funds.
The information regarding McElroy's retirement is based on a press release statement from AIG.
InvestingPro Insights
As American International Group, Inc. (AIG) prepares for the retirement of David McElroy, the company's financial health and strategic maneuvers remain a focal point for investors. According to recent metrics from InvestingPro, AIG has a market capitalization of $50.03 billion and continues to demonstrate a strong presence in the insurance industry.
An InvestingPro Tip highlights that AIG's management has been actively engaging in share buybacks, which is often a sign of confidence in the company's future prospects and a commitment to returning value to shareholders.
Furthermore, AIG boasts a high shareholder yield, which combines dividend payments and share repurchases to measure the total returns to shareholders. This is particularly noteworthy as the company has maintained dividend payments for 12 consecutive years, and analysts predict AIG will be profitable this year, reinforcing its financial stability.
InvestingPro Data shows a Price/Earnings (P/E) Ratio of 14.66, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at 14.21, indicating the company's earnings relative to its share price are in line with industry standards. Additionally, AIG's stock has experienced a significant price uptick over the last six months, with a 25.99% total return, underscoring a positive market sentiment.
For those looking to delve deeper into AIG's financials and strategic position, InvestingPro offers additional insights and metrics. There are 9 more InvestingPro Tips available that can provide a more nuanced understanding of the company's performance and outlook. Interested readers can explore these tips by visiting InvestingPro's dedicated AIG page and can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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