By: Luke Jones, Published on September 25, 2017 12:39 PM, Last Update on September 25, 2017 09:40 AM
American International Group, Inc. (AIG) announced Monday that it will go through a transition to Life & Retirement and General Insurance sectors. Additionally, the New York City-based company will also move to a new “standalone, technology-enabled platform”.
In a statement, AIG said that the organizational restructure will mean the company will no longer manage Commercial and Consumer segments. The new General Insurance business will be headed by Peter Zaffino as CEO. The other new business will be Life & Retirement, headed by Kevin Hogan.
Finally, a standalone, tech-enabled platform, led by Seraina Macia as CEO:
“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,” said Brian Duperreault, AIG’s president and chief executive officer, in the statement. “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.”
General Insurance and Life & Retirement will be operated as separate business units, AIG says. 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 restructure means Rob Schimek, CEO of Commercial, will depart the company at the end of next month.
“I would like to thank Rob for his many contributions to AIG over his 12 years with the company,” Duperreault said in the statement. “He has been a valued member of the leadership team, and a great colleague and friend to many. We wish him all the very best with his next endeavour.”