Marsh CEO Peter Zaffino is set to become global chief operating officer at AIG, the US insurance giant has announced.

Effective 1 August, Zaffino 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.

The move will reunite Zaffino with recently instated AIG CEO Brian Duperreault who was once his boss at Marsh & McLennan Companies (MMC).

Zaffino has been Marsh CEO since 2011, prior to which he served as president and CEO of MMC’s reinsurance broking arm Guy Carpenter, a position he assumed in early 2008.

During that time, Zaffino reported to Duperreault who led the group from 2008 and 2012.

“Peter is one of the most talented executives operating in the insurance industry,” remarked Duperreault.

“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,” he added.

Concurrently, Marsh has announced that its current president John Doyle will succeed Zaffino as CEO when he departs.

Prior to joining the insurance broker in 2016, Doyle was CEO of AIG’s commercial insurance businesses worldwide.

"John's accomplishments and impressive track record of building strong client relationships and inspiring colleagues make him ideal to serve as president & CEO of Marsh," said Dan Glaser, president and CEO of MMC.

"On behalf of our colleagues and Executive Committee, I want to thank Peter Zaffino for his meaningful contributions to our firm," he added.