AIG's CEO of commercial departs as Duperreault makes changes

Brian Duperreault, the chief executive of American International Group (AIG), has revealed several changes to the company’s organisational structure in an overhaul that has resulted in the departure of Rob Schimek, CEO of the insurer’s commercial business.

The insurer will no longer have commercial and consumer segments. These will be merged into one general insurance unit led by Peter Zaffino. This will be complemented by two other units: a life & retirement unit led by Kevin Hogan and a stand-alone technology-enabled platform led by Seraina Macia.

As a result of the structure changes, Schimek will leave at the end of October to pursue other interests, according to AIG.

General insurance will include commercial, personal insurance, and US and international field operations. Life & retirement will include group retirement, individual retirement, life, and institutional markets.

The company stated that it expects its year-end financial reporting to reflect the new structure. AIG also intends to align its incentive and performance management systems accordingly.

"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 Duperreault. "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.

"I would like to thank Rob for his many contributions to AIG over his 12 years with the company. 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 endeavor."

Previously, Schimek was chief executive officer of the Americas for AIG, responsible for the division’s insurance business in the US, Canada, Latin America, and the Caribbean. Prior to that, he served as president and CEO of EMEA, and CFO of AIG’s global property casualty business.

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