AIG plans to create a separate general insurance division as part of a reorganisation of the company into three business units in an overhaul announced by new CEO Brian Duperreault.

General insurance, led by Peter Zaffino, will include commercial and personal insurance and US and international field operations, better reflecting how business is marketed and underwritten, AIG says.

A life and retirement division will be helmed by Kevin Hogan and a stand-alone technology unit will be led by Seraina Macia.

“We believe this structure will maximise our global platform by empowering our local geographies and provide our businesses with the greatest competitive advantage and ability to serve our clients,” Mr Duperreault said.

As a result of the changes the company will no longer be organised into commercial and consumer segments, and Commercial CEO Rob Schimek will leave the company at the end of October to “pursue other interests”.

Mr Duperreault replaced Peter Hancock as CEO in May after AIG last year slumped to a loss.