AIG terminates interim chief financial officer Mark Lyons

AIG announced that it terminated Mark Lyons from his position as AIG’s Interim Chief Financial Officer and Executive Vice President, Global Chief Actuary and Head of Portfolio Management after the Company became aware that he violated his confidentiality/non-disclosure obligations to the Company.

These violations were unrelated to the Company’s financial statements, financial reporting generally and related disclosure controls and procedures, or reserves.

In recognition of Mr. Lyons’ contributions to AIG since he joined the Company in 2018, the insurer entered into a settlement agreement with Mr. Lyons, pursuant to which it has agreed to pay Mr. Lyons an aggregate cash amount of $7.5 million, which will be paid in two equal installments on or before each of February 15, 2023 and February 15, 2024.

Sabra Purtill has been named AIG’s Interim Chief Financial Officer and Turab Hussain has been named AIG’s Interim Global Chief Actuary.

Ms. Purtill previously served as Chief Investment Officer of Corebridge Financial. Prior to that, she was AIG’s Executive Vice President and Chief Risk Officer and Deputy Chief Financial Officer. Before joining AIG, Ms. Purtill held senior leadership roles in Finance and Investor Relations at The Hartford Financial Services Group, Inc., Assured Guaranty Ltd. and ACE Limited (now Chubb Limited).

Mr. Hussain previously served as AIG’s Chief Risk Officer, General Insurance. Before joining AIG, he was Chief Risk and Actuarial Officer at PartnerRe, Chief Insurance Risk Officer at The Hartford Financial Services Group and also held senior actuarial and underwriting roles at The Hartford, Arch Insurance Group and American Reinsurance.