Former AIG chief executive Martin Sullivan, who was ousted three months before the US government bailed the insurer out, is joining Willis Group, the London-based insurance broker said yesterday.
Sullivan will head a new unit that will oversee brokerage and risk management advisory services for Willis’ multinational and global accounts. He will also be deputy chairman of the company, reporting to chief executive Joe Plumeri.
Sullivan has 40 years of experience in the industry, Willis said in a statement. He is best known for his tenure with American International Group, which was collapsing as he left the company in 2008. For that, Sullivan is linked to AIG’s role in the financial crisis.
The insurance giant wound up getting a pledge of up to $182bn (£117bn) from US taxpayers to address problems at its financial products division. Sullivan, during testimony in June before the Financial Crisis Inquiry Commission, said AIG had already been in crisis before he took the helm in 2005. But he did defend its risk management practices.
After Sullivan’s departure, AIG switched chief executives three times in a little over a year.