Marsh & McLennan Companies, Inc. (MMC) has appointed Brian Duperreault, who helped grow Bermuda-based ACE Limited, as president and chief executive officer of MMC, effective immediately.
He replaces Michael Cherkasky, who has been president and CEO since October, 2004. MMC decided in December to replace Cherkasky after a disappointing financial performance and he agreed to serve until his successor was named.
From 1994 to 2004, Duperreault served as CEO of ACE Limited, the Bermuda-based insurer MMC helped found in 1985. He then served as chairman of the board from 2004 to 2007.
ACE’s net premiums are currently $12 billion. Under his leadership, ACE grew from a boutique catastrophe insurance specialist into a global multi-line commercial enterprise. He presided over significant organic growth as well as the acquisition of several businesses,
including the 1999 acquisition of Cigna’s property and casualty business. During his tenure at ACE, the company’s market capitalization grew from $1.1 billion to approximately $19
billion today.
Prior to ACE, Duperreault was with American International Group for more than 20 years, holding numerous positions and eventually rising to become executive vice president of AIG Foreign General Insurance and chairman and chief executive of AIG’s American International Underwriters (AIU), which comprises all of AIG’s non-U.S. commercial
business.
“This is an institution with unrivaled resources and capabilities. My mission is to capitalize on the strength of MMC’s operating companies to deliver value to clients, employees and shareholders,” said Duperreault.
MMC has more than 55,000 employees worldwide and annual revenue of $11 billion. It is the parent company of risk experts and specialty consultants, including Marsh, the insurance broker and risk advisor; Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk consulting firm; Mercer, the provider of human resources and related financial advice and services; and Oliver Wyman, the management consultancy.
Source: Marsh & McLennan
www.mmc.com.
Topics AIG
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