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AIG's Rodney Martin Joins MetLife to Assist With Alico Unit's Integration
Rodney Martin, who was named last year to lead non-U.S. life operations at American International Group Inc., has taken a job with MetLife Inc. to assist with the integration of a division he once oversaw.
Martin, 58, will help with American Life Insurance Co., said John Calagna, a spokesman for New York-based MetLife, in an interview today.
“He is continuing in an advisory role as we transition Alico’s business into MetLife,” Calagna said. “It will last for several months.”
MetLife is eclipsing AIG in non-U.S. life insurance after paying $16.2 billion last week for Alico, which operates in more than 50 nations. AIG divested a majority stake in its biggest Asia life insurer, AIA Group Ltd., in a $20.5 billion public offering in October. New York-based AIG also struck a deal to sell two Japan life insurance units to Prudential Financial Inc. and is seeking a buyer for a Taiwan business.
MetLife plans to cut jobs and increase advertising spending to bolster Alico. It will cost about $500 million over three years to integrate Alico, and annual savings will be about $100 million, said William Toppeta, president of MetLife’s international business, at a conference in September.
AIG named Martin as chairman of International Life and Retirement Services in March 2009 with the departure of Edmund Tse, who the company called the “principal architect” of its global life business. Tse 72, was appointed a non-executive director of AIA, the Hong Kong-based business said last month.
“We thank Rod Martin for his outstanding leadership and wish him success in his future endeavors,” AIG Chief Executive Officer Robert Benmosche said in a statement on Nov. 5, without identifying his new job. Benmosche was previously CEO of MetLife.
AIG has lost more than 70 managers since its 2008 bailout as executives retired or left for competitors after the government limited compensation at the insurer. Steven Udvar- Hazy, founder of the International Lease Finance Corp. plane- leasing unit, and ex-General Counsel Anastasia Kelly are among those who left.
Benmosche said today that AIG hired Sid Sankaran of consulting firm Oliver Wyman to be the insurer’s chief risk officer. Sankaran will report to Peter Hancock, who was hired in February as executive vice president to oversee finance and risk.
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