James Love, AIG's global head of real estate
NEW YORK CITY—American International Group, Inc. has hired James “Jamie” Love as the global head of real estate, effective August 6. Based in the New York office, Love will report to Peter Zaffino, AIG's global COO and CEO of general insurance. He will lead strategic planning for AIG's owned and leased assets.
He joins AIG, bringing nearly 20 years of experience as VP, head of real estate strategy – Americas, at Goldman, Sachs & Co. In that position, Love led the development and management of Goldman's long-term real estate strategy while coordinating operational aspects of the investment bank's real estate holdings.
“We continue to enhance operational capabilities as we work towards restoring AIG as the leading insurance company globally,” says Zaffino. “Jamie's proven leadership across all facets of corporate real estate will help us further align our global real estate footprint with our business objectives.”
“I look forward to working with Peter and colleagues across AIG during this time of transformation,” says Love. “Together we will ensure the company's real estate assets are aligned with the business strategy and support future growth.”
During the 2008 financial crisis, the federal government bailed out AIG with $180 billion to avoid destabilization of the economy and further financial turmoil. In March 2019, Barron's noted the Federal Reserve restructured AIG in March 2009. The article pointed out AIG stock was down 98% from its peak-level high. But it also stated, “Now, AIG is one of Wall Street's favorite insurance stocks.”
Four years ago, AIG shook up its real estate group, dismissing four top executives, according to a December 3, 2015 article published in the Wall Street Journal. The global insurance and finance company cut loose its real estate CEO Robert Gifford, along with the AIG Global Real Estate's chief counsel, the head of Americas and the head of Mexico investments. The WSJ reported that Douglas Tymins who led the affordable housing investment department became head of the real estate group. Tymins now is the president and CEO at AIG Global Real Estate.
A source with knowledge about AIG's global real estate division tells GlobeSt.com that Love's position is a newly expanded role. Thus, he is not replacing a prior employee with the same title or responsibilities. Love will lead AIG's corporate real estate, strategizing and handling duties under operations, such as office space. This differs from and does not affect Tymins' role, which is part of AIG's real estate investment arm.
AIG Global Real Estate is headquartered in New York City and has more than 125 real estate professionals in 11 regional offices.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
