NEW YORK ( TheStreet) -- American International Group ( AIG) said Thursday that it has hired a finance executive from Gamco Investors to serve as deputy chief financial officer.

Jeffrey M. Farber will oversee AIG's controllership and accounting policy functions as well as its global tax department. He will report to CFO David Herzog.

"Jeff Farber is well prepared to help take these key AIG finance functions to an even higher level," Herzog said in a statement.

The hire is AIG's latest move to improve its risk management and controls. The insurance giant has also brought on board Charlie Shamieh as chief actuary; Mark Scully to oversee actuarial functions at its main property and casualty division, Chartis; Sid Sankaran as chief risk officer; and former Federal Reserve official Brian Peters to also help manage risk in an executive position.

The addition of actuarial and risk-management talent comes in tandem with a disappointing fourth-quarter report and a disclosure that Chartis had to bolster reserves by $4 billion to cover unexpected claims.

"Over the past several years the finance team has worked diligently through an extraordinarily complex restructuring," said Herzog, "and this new role provides Jeff with an opportunity to lead a great team and work closely with the finance transformation team as we roll out our new financial platform."

Farber most recently served as CFO at Gamco, a wealth management and investment firm. Before that, he was senior vice president of finance and controller at Bear Stearns, and an audit partner at Deloitte and Touche.

AIG shares were recently up 1.1% at $37.71.

-- Written by Lauren Tara LaCapra in New York.

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