Houston, Texas-headquartered Corebridge Financial has named Isil Muderrisoglu as its new head of IR and ratings agency relations.
The former head of investor relations at Equitable Holdings joins the company almost a year after its $1.68 bn September IPO, which saw the life insurance and retirement division of AIG valued at $13.6 bn.
Despite being the biggest IPO of the year at the time, the sale was described as ‘flat’ after being priced at the lower end of the range and ending its first day of trading only slightly off the $21 starting price. At the time, S&P Global said the first day of trading ‘indicated [that] investors agreed with the decision to substantially cut the life and retirement business’ valuation before it entered the market’.
One of the largest retirement and insurance firms in the US, Corebridge had $370 bn in assets under management and administration as of June 30, 2023.
Expanding stakeholder engagement
Muderrisoglu reports to Elias Habayeb, CFO of Corebridge Financial. Josh Smith remains part of the IR team, reporting to Muderrisoglu.
‘Corebridge has made significant progress against the strategic initiatives and financial goals established at the time of the IPO,’ says Habayeb in a statement welcoming Muderrisoglu to the company. ‘With Isil’s broad financial experience and deep industry expertise, we look forward to expanding our external stakeholder engagement, including equity and fixed income investors and rating agencies.’
Muderrisoglu previously held roles at Equitable in strategy, M&A and corporate finance, including as head of IR and CFO for the firm’s individual retirement arm.