AIG chief executive officer Peter Zaffino has described the insurer’s latest board appointments as “another important step” in its preparation for spinning off its life and retirement business Corebridge Financial.
Earlier this month, AIG revealed it was deferring the much anticipated initial public offering (IPO) of Corebridge Financial, that would see it sold off as a separate entity.
This would include the UK operation which provides individual, business and group protection products through the AIG Life UK arm. AIG UK also offers general insurance and other related financial services.
The group has now appointed Alan Colberg, the retired CEO of Assurant, and Stripe chief legal officer Trish Walsh to the Corebridge Financial board of directors from 1 September.
Colberg previously was CEO and a director of Assurant from January 2015 until his retirement in January 2022.
He held various roles at Assurant, including executive vice president of marketing and business development.
Before joining Assurant in March 2011, Colberg was a consultant for Bain & Company for 22 years, leading the firm’s global financial services practice.
Walsh has served as chief legal officer of Stripe since January 2020. Prior to joining Stripe, she was chief legal officer for Voya Financial from 2015 to 2020.
Before joining Voya, she was deputy general counsel at Cigna and at MassMutual and was an associate at Cleary, Gottlieb, Steen & Hamilton.
Walsh also has experience working for the Office of the General Counsel at the SEC.
Peter Zaffino, chairman and CEO of AIG, and chairman of the board of Corebridge said: “The official appointment of Alan and Trish as independent directors is another important step in the process of preparing Corebridge to be a standalone public company.
“Each of them brings significant experience and industry expertise that will benefit Corebridge and its stakeholders over the long-term.”
