AIG has announced that it is planning to make changes to its organizational structure.
Mr Brian Duperreault, AIG's President and Chief Executive Officer, said: “These changes are designed to best position AIG for the future, as a growing, profitable leader in the insurance industry that is famous for its underwriting excellence. We believe this structure will maximize our global platform by empowering our local geographies, and provide our businesses with the greatest competitive advantage and ability to serve our clients.”
The company will no longer have Commercial and Consumer segments, and will transition to: General Insurance, led by Mr Peter Zaffino, as CEO; Life & Retirement, led by Mr Kevin Hogan, CEO; and a stand-alone, technology-enabled platform, led by Ms Seraina Macia, CEO.
General Insurance and Life & Retirement will each have distinct business units that reflect how business is marketed and underwritten. General Insurance will include Commercial, Personal Insurance, and U.S. and international field operations. Life & Retirement will include Group Retirement, Individual Retirement, Life, and Institutional Markets.
The company expects that its year-end financial reporting will reflect the new structure. AIG also intends to align its incentive and performance management systems accordingly. As a result of the structure changes, Mr Rob Schimek, CEO of Commercial, will be leaving the company at the end of October to pursue other interests.