American International Group is to reorganise into three units, as chief executive officer Brian Duperreault moves to rejuvenate the US insurance giant.

The company, which has long-established offices in Bermuda, said yesterday it will no longer have separate commercial and consumer businesses.

Under the new structure, AIG will have a general insurance business, a life and retirement unit and a stand-alone technology unit.

The restructuring represents Mr Duperreault’s first major strategic move, since he left Bermudian-based Hamilton Insurance Group to take the helm at AIG in May after the departure of Peter Hancock.

The chief executive of the commercial unit, Rob Schimek, will leave the company at the end of October. Mr Schimek has been with AIG for 12 years.

Two of the new units will be led by longtime colleagues Mr Duperreault recruited to AIG in July.

Peter Zaffino will be CEO of AIG’s general insurance unit. Formerly head of Marsh & McLennan Cos’ brokerage business, he was previously Mr Duperreault’s choice as AIG’s chief operating officer.

Kevin Hogan will head the new life and retirement unit. An AIG veteran, he most recently ran the consumer insurance unit.

Mr Duperreault, 70, has said he wants to grow AIG’s businesses.

AIG’s stock has underperformed rivals and the broader market for almost a decade since its near collapse and $182 billion taxpayer-funded bailout during the financial crisis in 2008.

Seraina Macia will be CEO of the technology unit, AIG said. She is the former head of Hamilton USA, North American arm of Mr Duperreault’s former company, Hamilton Insurance Group. AIG agreed to buy Hamilton USA for $110 million in May.

The insurer also named a new general counsel, Lucy Fato, on September 5.

The restructuring “better aligns with how investors actually prefer to analyse AIG”, said Meyer Shields, an analyst at Keefe, Bruyette & Woods.

Mr Duperreault’s changes place a greater focus on product underwriting rather than on AIG’s relationships to clients, said Credit Suisse analyst Ryan Tunis in a note. AIG still needs more hires with commercial underwriting expertise, Tunis said.

AIG said it expects its year-end financial reporting to reflect the new structure, which will also be aligned with its incentive and performance management plans.

The insurer has been trying to convince US regulators to shed its “systemically important financial institution” label, which triggers stricter oversight and greater capital requirements. AIG received the label after the bailout by the Federal Reserve and US Treasury during the financial crisis.

Since then, AIG has sold dozens of businesses, including two Asian life insurance operations and one of the world’s biggest aircraft leasing businesses.

It recently sold a mortgage-insurance unit. It remains the largest commercial insurer in the United States and Canada.