Claude Wade
Executive Vice President, Chief Digital Officer and Global Head of Business Operations & Claims at 
AMERICAN INTERNATIONAL GROUP
AMERICAN INTERNATIONAL GROUPExecutive
About Claude Wade
Claude Wade (age 57) serves as Executive Vice President, Chief Digital Officer and Global Head of Business Operations & Claims at AIG; he has been an executive officer since 2021 . In 2024, he led AIG’s GenAI and digital execution, including launching “AIG Underwriter Assistance” and consolidating operations via an Innovation Hub in Atlanta to accelerate data and digital capabilities . Company performance context during his tenure includes 2024 General Insurance NPW of $23.9B with a calendar-year combined ratio of 91.8 and AYCR (as adjusted) of 88.2; AIG repurchased $6.6B of stock and paid $1.0B in dividends in 2024, with parent liquidity of $7.7B year-end . On an SEC pay-versus-performance basis, the value of a $100 initial investment in AIG was $161.81 in 2024 (company TSR measure) versus $227.67 for the peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AIG | EVP, Chief Digital Officer and Global Head of Business Operations (and Claims) | 2023–present | Delivered GenAI Underwriter Assistance; scaled digital portals/platforms; built Atlanta Innovation Hub . |
| AIG | EVP, Global Head of Operations & Shared Services and Chief Digital Officer | 2021–2023 | Designed target operating model and delivered operational separation from Corebridge . |
| BlackRock, Inc. | Head of Client Experience & Atlanta Innovation Hub Leader | 2017–2021 | Led client experience and innovation hub build-out . |
| Marsh & McLennan (Marsh) | COO, Global Risk & Specialties | 2016–2017 | Senior operating leadership in specialty risk . |
| Marsh & McLennan (Marsh) | COO, U.S. & Canada | 2011–2016 | Operations leadership across major brokerage region . |
| Fannie Mae | SVP roles incl. MBS Securitization; Operational Risk Strategy & Process Excellence | 2009–2011 | Led securitization and risk/process excellence . |
| PFPC International | Chief Risk Officer | 2004–2006 | Enterprise risk leadership . |
| Prudential Financial | Senior roles incl. SVP, Director Strategic Initiatives | 1994–2004 | Strategy and transformation roles . |
| Dean Witter, Discover & Co. | VP, Compliance | 1986–1994 | Compliance leadership . |
External Roles
- No public company directorships disclosed for Wade in AIG’s executive officer listings (filings reviewed) .
Fixed Compensation
| Component | 2024 | 2023 |
|---|---|---|
| Base Salary ($) | 1,000,000 | 1,000,000 |
| Target STI ($) | 2,000,000 | 2,000,000 |
| Actual STI Paid ($) | 3,500,000 | 3,350,000 |
| Target LTI ($) | 1,500,000 | 1,500,000 |
| Stock Awards (Grant Date FV, $) | 1,104,208 | 1,103,095 |
| Option Awards (Grant Date FV, $) | 374,988 | 374,994 |
| Bonus ($) | 1,224,000 (per SCT) | 1,793,000 (includes buyout per footnote for prior year cohort) |
| All Other Compensation ($) | 87,301 | 86,772 (perquisites incl. pool cars $41,484; financial planning $15,288) |
Performance Compensation
Short-Term Incentive (STI) – Company Scorecard (2024)
| Metric | Threshold (50%) | Target (100%) | Stretch (125%) | Max (150%) | Actual | % Achieved | Weight | Weighted % |
|---|---|---|---|---|---|---|---|---|
| AYCR, as adjusted (%) | 91.0 | 89.5 | 88.7 | 87.9 | 88.2 | 139% | 25% | 35% |
| Diluted AATI per Share ($) | 4.00 | 4.40 | 4.75 | 5.10 | 4.93 | 138% | 25% | 35% |
| Adjusted ROE (%) | 5.7 | 6.1 | 6.4 | 6.8 | 6.7 | 141% | 25% | 35% |
| AIG Parent GOE Exit Run-Rate ($M) | 725 | 675 | 625 | 575 | 548 | 150% | 25% | 38% |
| Company Performance Score | 143% |
- Wade’s individual performance score was 122% (highlights below), yielding 175% of target for STI ($3.5M) when multiplied by the 143% company score .
Individual 2024 Achievements (selection)
- Expense savings: >$75M, enabling funding for GenAI/data/digital initiatives and talent .
- GenAI/digital: Delivered AIG Underwriter Assistance; created GenAI–LLM Center of Excellence; launched AIG 360 client/broker view .
- Operations/Claims: Rolled out standard underwriting platform (NA Workers’ Comp, UK Casualty) and scaled digital portals/platforms; optimized global operations model .
Long-Term Incentive (LTI) – Design and Metrics
| Element | Weight | Key Terms |
|---|---|---|
| PSUs | 50% (for NEOs other than CEO) | 3-year performance (2024–2026) on 4 equally-weighted metrics: Diluted AATI per Share (no longer normalized), AIG Parent GOE Exit Run-Rate, AYCR (as adjusted), and Relative TSR vs. peers; payout capped at 200%; vests Jan 1, 2027 if earned . |
| Stock Options | 25% | 10-year term; exercise price at grant-date close; vest 1/3 annually over 3 years . |
| RSUs | 25% | Time-based; vest 1/3 annually over 3 years; cash dividend equivalents paid at vest . |
Relative TSR peer group for 2024 PSUs: Allianz, AXA, Chubb, CNA, The Hartford, Tokio Marine, Travelers, W.R. Berkley (Allianz added in 2024) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 68,978 AIG common shares (as of Jan 31, 2025) . |
| Options exercisable within 60 days | 46,522 shares (as of Jan 31, 2025) . |
| Shares outstanding (denominator) | 595,491,407 (as of Jan 31, 2025) . |
| Ownership as % of outstanding | ~0.012% (68,978 / 595,491,407) . |
| Ownership guidelines (executives) | 3× base salary; must retain 50% of net shares until threshold; must comply for six months post-role . |
| Hedging/pledging | Prohibited; no pledging by executive officers . |
| Compliance status | All named executives in compliance with ownership guidelines . |
Selected outstanding awards at 12/31/2024 (counts reflect table methodology; PSUs for 2023/2024 shown at stretch per footnote):
- Options: 2024 grant (unexercisable): 21,379 options @ $68.13 expiring 2/20/2034; 2023 grant: 8,300 exercisable / 16,600 unexercisable @ $59.72 expiring 2/21/2033; 2022 grant: 15,196 exercisable / 7,600 unexercisable @ $61.61 expiring 2/22/2032 .
- Unvested RSUs: 2024 RSUs 5,367; 2023 RSUs 4,054; 2022 RSUs 2,064 .
- Unvested PSUs: 2024 PSUs 16,101; 2023 PSUs 18,244; 2022 PSUs 22,043 (vested Jan 1, 2025) .
Employment Terms
| Topic | Terms / Disclosure |
|---|---|
| Role tenure | Executive officer since 2021 . |
| Severance plan (ESP) | Without CIC: 1.5× (base + 3-yr avg STI) plus pro-rata STI if termination on/after April 1; With CIC (within 2 yrs): 2.0× (base + greater of 3-yr avg STI or target) plus pro-rata STI (on/after Jan 1); COBRA support $40,000; 1 year additional age/service for vesting eligibility (U.S.) . |
| Restrictive covenants | 6-month non-compete; 6-month non-interference; 12-month non-solicit; perpetual confidentiality . |
| Clawback policy | Applies broadly to executives and LTI recipients; triggers include material restatement, materially inaccurate metrics, risk management failures, material financial/reputational harm, and restrictive covenant breaches; recovery scope includes past 12 months (or longer if required) . |
| Change-in-control trigger design | Double-trigger benefits (best practices disclosed) . |
| Quantified termination values (12/31/2024) | Without cause: STI $2,860,000; Severance $5,995,000; Medical/Life $40,000; Unvested options $402,012; Unvested stock awards $4,283,076; Total $13,580,088. CIC-qualifying termination: STI $2,860,000; Severance $7,993,333; Medical/Life $40,000; Unvested options $402,012; Unvested stock awards $4,283,076; Total $15,578,421 . |
| Deferred compensation | AIG disclosed no NEO participation in a nonqualified deferred compensation plan in prior proxy (policy background) . |
| Retirement/401(k) | U.S. executives receive 100% match of first 6% of comp (subject to IRS cap; up to $20,700 for 2024) plus 3% non-elective contribution . |
| Transition announcement | AIG disclosed Wade will step down from current responsibilities Dec 31, 2025 and transition to an advisory role (health-related) . |
Vesting schedule cues:
- Options: 2024 grant vests 1/3 on 2/20/2025, 2/20/2026, 2/20/2027; 2023 grant vests 1/3 each on 2/21/2024, 2/21/2025, 2/21/2026 .
- RSUs: 2024 grant vests 1/3 on 2/20/2025, 2/20/2026, 2/20/2027; 2023 grant vests 1/3 on 2/21/2024, 2/21/2025, 2/21/2026; 2022 RSUs fully vested by Feb 22, 2025 .
- PSUs: 2024 and 2023 awards vest/settle after 3-year periods on Jan 1, 2027 and Jan 1, 2026, respectively, subject to performance; 2022 PSUs vested Jan 1, 2025 at an overall 178% payout (plan-level) .
Compensation Structure Analysis
- Mix and at-risk tilt: For named executives, 75% of annual LTI is performance-based (PSUs and options); overall significant pay at risk, with clawbacks and ownership/retention requirements reinforcing alignment .
- Metric rigor/transparency: 2024 simplified STI uses four financials tracked quarterly; 2024 PSU metrics equally weighted, with Relative TSR weight increased to 25% and AATI no longer normalized .
- Special awards: None disclosed for Wade in 2024 beyond standard LTI; 2023 SCT shows a bonus that included prior-employer equity buyout for certain NEOs (cohort footnote) .
- Say-on-Pay: AIG reports improved majority support in 2024/early 2025 and investor endorsement of simplified metrics and CEO pay mix .
Equity Ownership & Alignment (Detailed Table)
| Item | Amount |
|---|---|
| Shares beneficially owned (1/31/2025) | 68,978 |
| Options exercisable within 60 days | 46,522 |
| Ownership % of 595,491,407 shares outstanding | ~0.012% |
| Executive ownership guideline | 3× salary; retain 50% of net shares to threshold; enforce 6 months post-role |
| Pledging/Hedging | Prohibited; none pledged |
Performance Compensation (Detailed Program Table)
| Program | Metric | Weight | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| STI 2024 | AYCR (as adjusted) | 25% | 89.5% | 88.2% → 139% factor | Annual cash; overall Co. score 143% |
| STI 2024 | Diluted AATI per Share | 25% | $4.40 | $4.93 → 138% factor | Same as above |
| STI 2024 | Adjusted ROE | 25% | 6.1% | 6.7% → 141% factor | Same as above |
| STI 2024 | GOE Exit Run-Rate | 25% | $675M | $548M → 150% factor | Same as above |
| Individual multiplier (Wade) | Score | — | — | 122% | — |
| PSU 2024–2026 | Diluted AATI per Share (growth) | 25% | Annual YoY growth | Earn-out 0–200% | Vests 1/1/2027 if earned |
| PSU 2024–2026 | GOE Exit Run-Rate | 25% | Sequential goals (run-rate, then % of NPE) | Earn-out 0–200% | Same |
| PSU 2024–2026 | AYCR (as adjusted) | 25% | Sustain sub-90% | Earn-out 0–200% | Same |
| PSU 2024–2026 | Relative TSR | 25% | vs. defined peer set | Earn-out 0–200% | Same |
| Options (2024) | Exercise price/expiry | — | $68.13; exp. 2/20/2034 | — | 1/3 vest annually over 3 years |
| RSUs (2024) | Time-based | — | — | — | 1/3 vest 2/20/2025, 2/20/2026, 2/20/2027 |
Employment Terms (Quantitative Snapshot)
| Scenario (as of 12/31/2024) | STI ($) | Severance ($) | Medical/Life ($) | Unvested Options ($) | Unvested Stock Awards ($) | Total ($) |
|---|---|---|---|---|---|---|
| Terminated by AIG without cause | 2,860,000 | 5,995,000 | 40,000 | 402,012 | 4,283,076 | 13,580,088 |
| Qualifying CIC termination | 2,860,000 | 7,993,333 | 40,000 | 402,012 | 4,283,076 | 15,578,421 |
Investment Implications
- Pay-for-performance alignment: Wade’s 2024 STI (175% of target) and LTI design tie directly to underwriting profitability (AYCR), earnings per share, expense discipline, and relative TSR—supportive of shareholder alignment and disciplined growth .
- Retention and vesting overhang: Significant scheduled vesting across 2025–2027 for RSUs, options, and PSUs creates periodic liquidity windows; monitor Form 4 activity around tranches (options/RSUs vest dates and PSU settlements) . AIG prohibits hedging/pledging, and executives must maintain ownership levels, which may temper near-term selling pressure .
- Change-in-control economics: Double-trigger CIC with 2× cash multiple plus equity treatment and COBRA support balances retention vs. potential dilution; the quantified CIC package (~$15.6M total) frames downside protection in a transaction .
- Transition risk: Disclosure that Wade will step down from operating responsibilities on Dec 31, 2025 and move to an advisory role introduces succession/continuity considerations for AIG’s digital and operations agenda; monitor execution milestones and leadership transition updates through 2025 .
All citations: AIG 2025 Proxy Statement (DEF 14A) [1:xx], AIG 2024 Proxy Statement (DEF 14A) [2:xx], AIG 10-K FY2024 , AIG press release (Atlanta Innovation Hub) , and AIG 8-K (Aug 18, 2025) .