AIG reshuffles leadership to focus on underwriting business

American International Group (AIG) on Wednesday appointed company insiders David McElroy, Don Bailey, and Jon Hancock to key positions in a bid to strengthen its underwriting performance. McElroy was appointed as chairman of general insurance, while Bailey and Hancock were named chief executive officers of the North America and international insurance businesses, respectively. The New-York based company's general insurance underwriting income fell 26% in the second quarter, hurt by $250 million in total catastrophe-related charges on the back of U.S. storms and Typhoon Mawar, which hit the Western Pacific Island of Guam in May.