To be a shareholder in American International Group (AIG), you need to believe in its ability to balance operational transformation, driven by expense controls and digitalization, with ongoing exposure to industry risks like catastrophe losses and claims inflation. The recent leadership changes, including the retirement of Don Bailey and the appointment of new North America executives, signal continuity but do not have a material impact on the immediate catalyst: successfully executing on cost efficiencies and underwriting standards, while the biggest risk remains volatile catastrophe losses.