Insurer AIG to Restructure Its Brokerage Business

American International Group, the biggest shareholder of Woodland Hills auto insurer 20th Century Industries, said it will restructure its brokerage business.

New York-based AIG, a property, casualty and life insurer, said it will create two entities: a global risk unit to line up insurance packages for the world’s largest corporations, and a primary casualty and risk management business that focuses on relatively high-risk industries such as construction, energy and transportation.

AIG said the reorganization is designed to enable it to respond better to client needs and to give its brokers better access to AIG’s capabilities.

Last December, AIG came to the rescue of 20th Century, which was hit harder than any other insurance company by the 1994 Northridge earthquake. AIG agreed to pump $432 million into 20th Century in exchange for up to 49% of 20th Century’s stock.