Corebridge Financial welcomes new independent director

Corebridge Financial welcomes new independent director | Insurance Business America

Insurance News

Corebridge Financial welcomes new independent director

He brings over four decades of expertise to the role

Insurance News

By
Kenneth Araullo

Corebridge Financial has announced the election of Edward Bousa (pictured above) as an independent director to its board of directors, effective immediately.

Bousa brings over four decades of experience in the mutual fund industry as a veteran portfolio manager. Known for his comprehensive analysis of companies across various sectors, Bousa has established a reputation as a seasoned investment manager.

He retired from Wellington Management Company LLC in 2020 after a 20-year career, during which he served as a member of the executive committee, a partner, and the leader of the Quality Value Equity Investment Strategies team, which received consistent recognition from Morningstar for its investment performance.

Peter Zaffino, chairman of the board of directors of Corebridge Financial, said that Bousa’s extensive experience in investment management, leadership, and advising companies on growth and performance will be valuable to the company.

Bousa also serves on the boards of Omnicell and Azenta, Inc, companies that provide solutions in the healthcare and life sciences sectors.

Additionally, he is the treasurer and a board member of the Iacocca Family Foundation, which funds diabetes research programs and projects.

Earlier this month, American International Group noted that its negative results in Q2 were driven by the deconsolidation of Corebridge Financial, finalized in June.

“AIG recognized a loss of $4.7 billion as a result of Corebridge deconsolidation driven by a gain of $2.5 billion from Corebridge assets retained offset by the recognition of an accumulated other comprehensive loss (AOCL) of $7.2 billion, which represents the proportional recognition of the remaining 48.4% ownership stake of AOCL of Corebridge as of June 9, 2024 (deconsolidation date),” AIG said in its statement.

“[The] announcement about AIG’s deconsolidation of Corebridge Financial is a major achievement, which reflects the culmination of a series of well-planned and deliberate strategic decisions which will position AIG for the future as a leading global property and casualty insurer,” Zaffino said.

What are your thoughts on this story? Please feel free to share your comments below.