AIG names new CEO, breaks up its insurance business

NEW YORK: Global insurer AIG announced a multi-part shake up on Monday, naming a new CEO and splitting its business in two. Once the world's largest insurer, which needed a US government bailout to survive the 2008 global financial crisis, named Peter S. Zaffino to lead AIG starting March 1, 2021, in addition to his current role as the company's president.

AIG also announced plan to separate the Life & Retirement business from the General Insurance unit, simplifying the corporate structure to allow each to become more profitable.