Longtime AIG Executive Tizzio Dies
October 23, 2015 by David Pilla, news editor, BestWeek: David.Pilla@ambest.com
NEW YORK – Thomas Tizzio, former senior vice chairman of general insurance who had a career of more than 40 years with American International Group Inc., died Oct. 20 at age 77.
Maurice R. Greenberg, chairman and chief executive officer of Starr Cos. and former head of AIG, issued a statement on Tizzio’s death. “I am very sad to learn of the passing of Tom Tizzio,” he said. “Tom was a pioneer in the insurance industry, and we worked together for many years.”
“In many ways, Tom was my right hand when I was first starting AIG,” Greenberg said. “He made many invaluable contributions to the growth of that company.”
Greenberg added Tizzio “was held in the highest regard by friends and colleagues for his dedication and knowledge.”
“I believe he is a legend in the insurance industry, and I am saddened by his passing,” Greenberg added.
Starr Cos. is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Co. and for the investment business of C.V. Starr & Co. Inc. and its subsidiaries.
Greenberg assumed control of the Starr companies after leaving AIG in 2005 (Best’s News Service, March 29, 2005).
In a memo to AIG staff, Peter Hancock, president and CEO of AIG, said in his more than 40 years with AIG, Tizzio “played a critical role in AIG’s development.”
Hancock said Tizzio joined American Home in 1967 as an inland marine underwriter before taking on a succession of leadership positions in AIG’s property/casualty and reinsurance businesses. He was elected an AIG director in 1986 and was an AIG president from 1991 to 1997, when he was elected senior vice chairman, general insurance.
Tizzio retired in 2006, but stayed on as an adviser to AIG until 2009. He remained an honorary director following his retirement.
“Throughout his career, Tom helped recruit, train, and develop AIG’s leaders,” said Hancock in the memo. “In a profile in 1997, he offered the following advice: ‘The key to reaching success in the insurance business…is know your product, be consistent, work hard, and weather the challenges you’ll undoubtedly face steadfastly.’”
Hancock added Tizzio “was also recognized for his humanitarian service, with a Lifetime Achievement Award from the National Italian American Foundation in 2003 and a Spirit of Life Award from the City of Hope National Medical Center and Beckman Research Institute in 2004.”
American International Group Inc. and underwriting units of Starr Cos. currently have Best’s Financial Strength Ratings of A (Excellent).
