Mr. McElroy was appointed as chairman of general insurance, while Mr. Bailey and Mr. Hancock were named CEOs of the North America and international insurance businesses, respectively.

“(The) appointments align with our plans to create a leaner operating model, while remaining extremely focused on advancing our underwriting performance,” AIG chief Peter Zaffino said in a statement.

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.

Mr. McElroy’s new role will include increasing client growth and cultivating partnerships with distribution partners, while Mr. Bailey and Mr. Hancock will lead the underwriting, distribution and business teams.

The appointments will be effective Jan. 1 and all three executives will report to Mr. Zaffino.