Peter Zaffino, the chief executive officer of Marsh LLC, has joined American International Group.

He has been appointed as the company’s new executive vice-president, global chief operating officer, effective from August 1.

Marsh LLC is a leading global insurance brokerage and risk management firm and a subsidiary of Marsh & McLennan Companies, Inc.

Brian Duperreault, AIG’s newly appointed CEO, and a former president of Marsh & McLennan, said: “Peter is one of the most talented executives operating in the insurance industry.

“AIG’s field operations will benefit from Peter’s experience across all aspects of the business, most recently with one of the world’s largest brokers. Adding his deep insurance knowledge and expertise to the leadership team at AIG will accelerate our efforts to build and expand on this great franchise.”

While Mr Zaffino said: “I worked closely with Brian during his tenure at MMC. We are both driven to help our organisations achieve their greatest potential.

“This comes with a dedication to operational excellence and empowering those closest to our clients to create valuable risk solutions for customers wherever they are in the world.

“I look forward to joining the talented team at AIG and contributing to the success of the company’s next chapter.”

Mr Zaffino was chairman of the risk and insurance services segment of MMC, and also a member of its executive committee since 2008.

He has more than 25 years of experience in the insurance and reinsurance industry, and prior to becoming Marsh CEO in 2011 was president of Guy Carpenter & Company LLC.

In his new role he will lead the day-to-day business of all country operations, including US commercial field operations and AIG’s multinational organisation, as well as global business services, administration and communications.