AIG reworks its business segments | Canadian Insurance

AIG reworks its business segments

Peter Zaffino will lead the newly formed general insurance arm

AIG is making changes to its organizational structure that include the development of a distinct general insurance arm and life and retirement arm. The insurer is also introducing a stand-alone, technology-enabled platform.

The new structure will replace the company’s previous commercial and consumer segments.

Peter Zaffino as CEO will lead the general insurance arm. Zaffino initially joined AIG from Marsh LLC in July when he took on the role of global chief operating officer for AIG. The restructuring of the segments means that Rob Schimek, CEO of the commercial segment, is leaving AIG to pursue other opportunities.

Related: Executive shakeups at Marsh, AIG

The new general insurance arm will include distinct business units: commercial insurance, personal insurance and U.S. and international field operations.

Kevin Hogan will lead the life and retirement arm in the role of CEO. This segment will include group retirement, individual retirement and life and institutional markets businesses.

And Seraina Macia will head the technology platform.

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, according to the announcement released on Monday.