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Brian Duperreault

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Brian Duperreault
Brian Duperreault
Born
Hamilton, Bermuda
NationalityAmerican
EducationB. S. Mathematics
Alma materSaint Joseph's University
OccupationCEO of American International Group (AIG)
Years active2017–present

Brian Duperreault is Chairman and Chief Executive Officer of American International Group (AIG), succeeding Peter Hancock in May of 2017.

Mr. Duperreault's illustrious industry career spans 40 years. He was President and Chief Executive Officer of Marsh & McLennan Companies from 2008 to 2012. Before joining Marsh, he served for four years as non-executive Chairman of ACE Limited, an insurance and reinsurance company, CEO of ACE Limited from October 1994 through May 2004, and as the Company's President from October 1994 through November 1999.

Prior to joining ACE, Mr. Duperreault served in various senior executive positions with American Insurance Group (AIG) and its affiliates from 1973 to 1994.

Mr. Duperreault is Chairman of Attune, the data-enabled company established by Hamilton Insurance Group, AIG and Two Sigma, and Blue Marble Microinsurance. His is the former Chairman of the Board of Overseers of the School of Risk Management of St. John’s University, New York.

Mr. Duperreault is a member of the Boards of the International Insurance Society, the IESE Business School, the Insurance Information Institute, the Bermuda Institute of Ocean Sciences (BIOS), Johnson Controls and Saint Joseph’s University, Philadelphia, Pennsylvania.

He is considered one of the most successful Bermudian insurance executives,[1] and has been credited by the Insurance Hall of Fame with helping to transform Bermuda from an island nation with a small, reinsurance-focused market into a global insurance centre.[2] He’s had only four jobs in 40 years, but their cumulative success and the esteem in which he’s held have made him one of the most admired businessmen in the world.[3] He currently resides in Bermuda.

In March 2013, Duperreault was asked by Bermuda's Finance Minister, the Hon. E.T. Richards,[4] to chair the Spending and Government Efficiency (SAGE) Commission.[5] The Commission's primary objective was to "streamline Government processes, including Quangos, improve delivery of services and make Government more efficient, more cost-effective, more transparent and more user-friendly." The SAGE Commission submitted a final report with recommendations on October 31, 2013.[6]

Early life

Born in Bermuda, he left with his mother for Trenton, New Jersey when he was 5 months old.[7] He attended Saint Joseph's University in Philadelphia where he received a B.S. Mathematics.[8]

Career

After receiving his math degree from Saint Joseph's University, Duperreault served in the US Army.[9] During this time he thought of becoming a professor of mathematics. Newly married, he decided he wanted a better income than an academic life could provide.[10] After he was discharged, he researched job ideas at a library where he learned about the actuary profession.[11] In 1973, he started with A.I.G., where he held many positions, eventually heading the company's operations in Japan and South Korea, and ultimately leading nearly all its international business.[12] Duperreault became a credentialed actuary with the Casualty Actuarial Society in 1975.[13]

AIG

Appointed CEO on May 15, 2017. American International Group named Brian Duperreault as its new chief executive officer on Monday, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise.

Duperreault, age 70, is the founder and chief executive officer of Hamilton Insurance Group Ltd in Bermuda, and is seen as a short-to-medium term replacement for outgoing CEO Peter Hancock, who announced plans to depart in March after the insurer's fourth-quarter loss stunned investors and AIG's board.

He may only stay at AIG for 3 to 5 years to finish an ongoing turnaround effort and groom a successor, several recruiters said in interviews.

"Brian is uniquely qualified to lead AIG at this important time," Douglas Steenland, chairman of AIG's board said in a statement.

[14]

AIG

Duperreault worked for American International Group for over than 20 years.[15] His leadership and business acumen emerged during his time at A.I.G, where he began working in the Company's actuarial department in 1978. Over the next twenty years, he rose to the role of Executive Vice-President of AIG Foreign General Insurance, eventually becoming Chairman and Chief executive of AIG's American International Underwriters, which comprised all of AIG's non-U.S. commercial business.[16]

ACE

From AIG, the Bermuda-born Duperreault made his way back home, taking the reins of ACE in 1994.[17] Executing on an ambitious vision of product and geographic diversification, Duperreault began a series of strategic acquisitions, including the 1999 purchase of CIGNA P&C, formerly known as the Insurance Company of North America. The CIGNA acquisition played a significant role in catapulting ACE to an international insurance and reinsurance powerhouse with more than 11,000 employees, writing a wide variety of lines, in almost 50 countries.[18]

Marsh & McLennan

A troubled Marsh & McLennan tempted Duperreault out of retirement in January 2008. Prior to his appointment, many quarters of disappointing results had analysts and shareholders clamoring for the breakup of the then 137-year-old company.[19] Duperreault stepped into the role of President and CEO of MMC in 2008 feeling destined for the job and confident in the company's inherent value—and his ability to unlock it.[20] The industry agreed, called his appointment as a "masterstroke".[21] Duperreault's multi-year plan to restore the Marsh & McLennan name in both reputation and financial performance yielded signs of improvement almost immediately.[22]

Hamilton Insurance Group

Duperreault came out of retirement a second time, to establish Hamilton Insurance Group, a Bermuda-based holding company, with principles of Two Sigma, a technology company,[23] creating a promise to shift the insurance paradigm by using a variety of forms of technology including artificial intelligence, machine learning and distributed computing to inform and drive underwriting as well as investment strategies.[24]

Personal life

Duperreault and his wife Nancy have three sons; Daniel, David, and Christopher. He is a once removed cousin of Matthew McGurk of Captive Innovative Strategies. He credits career success to his Jesuit education at Saint Joseph’s University and pays loving tribute to his late mother, Margaret, for the values she instilled in him.[25] A devout Catholic, he draws inspiration from his faith. “It’s everything. It’s the essence of who I am,” Duperreault said. “I try to pray for guidance all the time. It’s the best counsel you can seek.”[26] Duperreault claims the impact of his faith was never more apparent than when he was offered the opportunity to rehabilitate Marsh & McLennan, which that had been malingering through organisational and financial woes.”.[27]

Philanthropy

Duperreault is a noted philanthropist, giving generously to many organizations. He is the past Chairman of The Centre of Philanthropy.[28] He donated $10 million dollars to his alma mater Saint Joseph’s University, which was the largest individual gift in the history of the University.[29] He also worked on charitable matters in China with former American President Jimmy Carter.[30] Duperreault has played a significant role in developing Bermuda’s charitable sector, chairing The Council Partners Charitable Trust, The Centre on Philanthropy and the Bermuda Institute of Ocean Sciences (BIOS) among other non-profits, and establishing the Duperreault Fellowship, an annual scholarship for professionals looking to enhance their credentials in the field of substance abuse.[31]

Awards and affiliations

  • Member of Board of the International Insurance Society
  • Member of the Board of the IESE Business School
  • Member of the Board of the Insurance Information Institute
  • Member of the Board of the Bermuda Institute of Ocean Sciences (BIOS)
  • Former member of the Association of The Metropolitan Opera
  • Chairman of the Board of Directors of Attune
  • Member, The American Academy of Actuaries
  • Past Chairman of the Board of Overseers of The School of Risk Management, Insurance and Actuarial Science of St. John’s University
  • Vice Chairman of the Board of Blue Marble Microinsurance

Honors and recognition

  • Bermuda Insurance Institute - 2006 Lifetime Achievement Award
  • School of Risk Management, St. John's University - 2004 Insurance Leader of the Year
  • Honorary Doctorate of Commercial Science Degree from St. John's University - 2006
  • Honorary Doctorate from Saint Joseph's University - 2007
  • Insurance Hall of Fame—induction year 2011[32]

References

  1. ^ Bernews http://bernews.com/bermuda-profiles/brian-duperreault/. {{cite web}}: Missing or empty |title= (help)
  2. ^ "Brian Duperreault". Insurance Hall of Fame.
  3. ^ Davis Johnson, Wendy. "Faith is my inspiration, says Duperreault on retirement from Marsh". The Royal Gazette. Retrieved Jan 16, 2013.
  4. ^ One Bermuda Alliance http://oba.bm/index.php/latestnews/643-sage-commission-appointed/. {{cite web}}: Missing or empty |title= (help)
  5. ^ Royal Gazette http://www.royalgazette.com/article/20130301/NEWS/702289910/. {{cite web}}: Missing or empty |title= (help)
  6. ^ Parliament.bm http://www.parliament.bm/uploadedFiles/Content/Home/SAGE%20Commission%20Final%20Report.pdf/. {{cite web}}: Missing or empty |title= (help)
  7. ^ Bernews http://bernews.com/bermuda-profiles/brian-duperreault/. {{cite web}}: Missing or empty |title= (help)
  8. ^ Bloomberg https://www.bloomberg.com/research/stocks/people/person.asp?personId=203030&ticker=MMC. {{cite web}}: Missing or empty |title= (help)
  9. ^ Treaster, Joseph. "An Insurer Goes Against the Odds; Ace Bucks the Trend and Expands in Commercial Coverage". No. January 26, 1999.
  10. ^ Treaster, Joseoph (January 26, 1999). "An Insurer Goes Against the Odds; Ace Bucks the Trend and Expands in Commercial Coverage". New York Times.
  11. ^ Treaster, Joseph. "An Insurer Goes Against the Odds; Ace Bucks the Trend and Expands in Commercial Coverage". No. January 26, 1999.
  12. ^ Treaster, Joseph. "An Insurer Goes Against the Odds; Ace Bucks the Trend and Expands in Commercial Coverage". No. January 26, 1999.
  13. ^ "CAS Member Named CEO of AIG". No. May 15, 2017.
  14. ^ "Brian Duperreault".
  15. ^ "Brian Duperreault". Bernews.
  16. ^ "Brian Duperreault". Bernews.
  17. ^ "Brian Duperreault". Bernews.
  18. ^ "Brian Duperreault". Bernews.
  19. ^ "Brian Duperreault". Insurance Hall of Fame.
  20. ^ "Brian Duperreault". Insurance Hall of Fame.
  21. ^ "Brian Duperreault". Insurance Hall of Fame.
  22. ^ "Brian Duperreault". Insurance Hall of Fame.
  23. ^ Bloomberg https://www.bloomberg.com/research/stocks/people/person.asp?personId=203030&ticker=MMC. {{cite web}}: Missing or empty |title= (help)
  24. ^ "Back for a reason: interview with Brian Duperreault". Intelligent Insurer. Retrieved 2014-11-27.
  25. ^ Davis Johnson, Wendy. "Faith is my inspiration, says Duperreault on retirement from Marsh". The Royal Gazette. Retrieved Jan 16, 2013.
  26. ^ Davis Johnson, Wendy. "Faith is my inspiration, says Duperreault on retirement from Marsh". The Royal Gazette. Retrieved Jan 16, 2013.
  27. ^ Davis Johnson, Wendy. "Faith is my inspiration, says Duperreault on retirement from Marsh". The Royal Gazette. Retrieved Jan 16, 2013.
  28. ^ Bloomberg https://www.bloomberg.com/research/stocks/people/person.asp?personId=203030&ticker=MMC. {{cite web}}: Missing or empty |title= (help)
  29. ^ Bernews http://bernews.com/bermuda-profiles/brian-duperreault/. {{cite web}}: Missing or empty |title= (help)
  30. ^ Bernews http://bernews.com/bermuda-profiles/brian-duperreault/. {{cite web}}: Missing or empty |title= (help)
  31. ^ Davis Johnson, Wendy. "Faith is my inspiration, says Duperreault on retirement from Marsh". The Royal Gazette. Retrieved Jan 16, 2013.
  32. ^ "Brian Duperreault". Insurance Hall of Fame.
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