There will be a new president at American International Group Inc from January 1.Chief operating officer Peter Zaffino takes on the title from Brian Duperreault, who was appointed as both president and chief executive officer in May 2017.Bermudian-born Mr Duperreault, who continues as CEO, said: “Today’s announcement recognises the value that Peter has brought to AIG over the last couple of years. “His strategic approach to our General Insurance business, particularly with respect to the foundational changes we have made in the areas of underwriting and reinsurance, has been critical to the significant turnaround taking hold in that business. “Additionally, Peter is overseeing AIG 200, our multiyear, enterprise-wide transformation designed to position AIG as a top performing company. I am confident that with Peter’s continued leadership AIG will realise sustainable improvements that will position us as a global market leader.” Mr Zaffino will continue to serve as global chief operating officer of AIG and CEO of General Insurance. He joined the company in July 2017, and was previously CEO of Marsh LLC. He said: “I am honoured to take on the additional role of president of AIG and appreciate the confidence Brian and the AIG board of directors have in me. “I look forward to continuing to work with our dedicated colleagues across the organisation on our journey to become the leading insurance company in the world known for its strategic value, operational excellence and strong financial performance.”