American International Group is shuffling leadership in preparation for the new year.

The Bermuda-based firm’s chief executive officer, general insurance, David McElroy, will take on the newly created role of chairman, general insurance, effective January 1.

Global head of distribution and field operations Don Bailey will become the new CEO, North America insurance; and AIG chief executive officer of international general insurance, Jon Hancock, will be CEO, international insurance.

The trio will report to Peter Zaffino, chairman and CEO of AIG, and will serve on AIG’s executive leadership team.

Mr McElroy will now focus on advancing client development, building distribution partner relationships and continuing to support their focus on underwriting excellence.

Mr Zaffino was grateful for Mr McElroy’s leadership and contributions over the past five years as AIG built out its global team and underwriting culture.

“I am confident that over the next few years, he will continue to drive significant value for our stakeholders in this new role, which will leverage his deep industry expertise, his exceptional underwriting experience and his significant capabilities in the market,” Mr Zaffino said.

Mr McElroy was honoured to have been a part of AIG’s “historic” turnaround.

“By working in one of the most important parts of our business, focused on strengthening broker and client relationships, I see our commitment to underwriting excellence and enhanced focus on our clients in action every day,” he said.

“I’m excited by the opportunities ahead for us to continue to serve our clients, distribution partners, investors and colleagues, and to continue to elevate our position in the industry.”

In their new posts, Mr Bailey and Mr Hancock will lead the underwriting, distribution and the business teams in North America and internationally, respectively.