AIG to reorganize its business structure

Global insurance company American International Group (NYSE:AIG) announced Monday it plans to change its organizational structure, breaking the company into three separate segments.

“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,” AIG President and CEO Brian Duperreault said in a statement.

As part of its reorganization, the company will feature three segments: General Insurance, Life & Retirement and a stand-alone technology-enabled platform. AIG also announced it would elinate its Commercial and Consumer segments.

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Due to the changes, the CEO of the Commercial unit, Rob Schimek, will leave the company at the end of October.

AIG said it expects the new structure to be reflected in its year-end financial reporting.

Last week, The Wall Street Journal reported that the insurance company would remain under federal supervision. The Treasury Department’s Financial Stability Oversight Council designated AIG “systemically important” in 2013.