May the speculation cease: American International Group Inc.(AIG) has appointed P&C insurance maven Brian Duperreault itsnew president, CEO and director.

Duperreault, 70, has resigned as chairman and CEO of Hamilton InsuranceGroup. He succeeds Peter D. Hancock, who recently resigned.

Additionally, AIG has agreed in principle to acquire HamiltonUSA, the U.S. platform of Hamilton Insurance Group, to continueaccelerating its application of data science and analytics to itsunderwriting. Hamilton Re and AIG will enter into a reinsurancestrategic partnership in which Hamilton Re will have theopportunity to participate on market terms in an increased volumeof AIG's ceded reinsurance. 

"It is a privilege to return and lead AIG," Duperreault in astatement. "In my discussions with the board and management team, Ihave been impressed with the progress made. I look forward toworking with AIG's global team to build on this momentum to growthe business, and continue delivering innovative solutions andextraordinary service to clients. I also welcome the opportunity tocontinue AIG's work with Hamilton and Two Sigma to become the mosttechnology-enabled and capital-efficient carrier in the industry,"he added.

Duperreault, who was honored as one of NationalUnderwriter Property & Casualty's "Living Legends ofInsurance," previously served as chairman and CEO of HamiltonInsurance Group, a Bermuda-based holding company, with P&Cinsurance and reinsurance operations in Bermuda, the U.S. and theUK. Before that he served as president and CEO of Marsh &McLennan Companies from 2008 to 2012.

Before joining Marsh, Duperreault served for two years asnon-executive chairman of ACE Limited and served as CEO of ACELimited from October 1994 through May 2004. 

Duperreault also serves as chairman of Attune, a data-enabledcompany established by Hamilton Insurance Group, AIG and Two Sigma,and Chairman of the Board of Directors of Blue MarbleMicroinsurance.

'Uniquely qualified'

"Brian is uniquely qualified to lead AIG at this importanttime," Douglas M. Steenland, AIG's Chairman of the Board, said in astatement. "Brian has spent his entire career in insurance. Heworked for AIG for 21 years at the start of his career, so he knowsthis company well. He was the CEO of ACE, one of our maincompetitors. He ran Marsh & McLennan Companies, one of AIG'slargest broker partners.

"At Hamilton, he introduced cutting-edge data science andanalytics into the insurance business," Steenland continued. "He isa hands-on leader who has consistently delivered strong bottom-lineresults. He has demonstrated a passion for deploying new andinnovative ways to serve clients. All of this will enable Brian tohelp AIG achieve its full potential to be the leading insurancecompany."

Duperreault is the former chairman of the Board of Overseers ofthe School of Risk Management of St. John's University in New York.Additionally, he is a member of the Boards of the InternationalInsurance Society, the Insurance Information Institute and theBermuda Institute of Ocean Studies (BIOS), and is a former Memberof the Association of The Metropolitan Opera, New York. He serveson Johnson Controls' Board of Directors.

AIG's shares were up 1.7 percent at $62.01 in premarket tradingon Monday.