Marsh & McLennan Hires AIG's Doyle for Brokerage Unitby and
John Doyle previously led commercial operations at AIG
Termination package could have reached more than $17 million
Marsh & McLennan Cos., the largest insurance broker by market value, hired former American International Group Inc. executive John Doyle as president of its flagship brokerage unit.
Doyle will start April 15, reporting to Peter Zaffino, chief executive officer of Marsh Inc., the New York-based company said Monday in a statement.
Marsh is among companies such as Berkshire Hathaway Inc. that have sought talent from AIG as the insurer shrinks. Doyle, 52, started at AIG after graduating college and rose to lead commercial operations, one of the most senior positions. The company announced his departure as part of a series of management changes in December, along with the exit of Chief Financial Officer David Herzog.
“I look forward to working closely with John to deliver superior value to our clients and to further distinguish Marsh as the industry leader,” Zaffino said in the statement. “John’s appointment is evidence of our continued commitment to having the most talented people and broadest capabilities to position Marsh’s business for the future.”
Marsh & McLennan agreed to at least 20 takeovers in the past year, expanding as rival Willis Towers Watson Plc completed a more than $8 billion merger to gain scale and add consulting operations. Marsh & McLennan CEO Dan Glaser is also an alumnus of New York-based AIG, as is Julio Portalatin, who leads the Marsh & McLennan’s Mercer division, which focuses on consulting.
Doyle’s compensation package was valued at $8.24 million at the end of 2014, according to the insurer’s proxy filing. AIG entitled him to a termination payout that could have reached more than $17 million if he was dismissed without cause, the document shows.