American International Group (AIG) in September 2017 announced changes to its organizational structure.
AIG will no longer have Commercial and Consumer segments, and will transition to:
- General Insurance, led by Peter Zaffino, currently Group COO, as CEO;
- Life & Retirement, led by Kevin Hogan, currently CEO of Global Consumer Insurance, as CEO; and
- a stand-alone, technology-enabled platform, led by Seraina Macia as its CEO. The platform “aims to transform the way that AIG delivers and underwrites commercial insurance”.
Current CEO of Commercial Rob Schimek will be leaving the company at the end of October 2017.
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.
AIG’s 2017 year-end financial reporting should reflect the new structure and the incentive and performance management systems will be aligned accordingly.
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