AIG appoints CEO

American International Group (AIG) has appointed Peter Hancock as president and chief executive officer (CEO) from September 1. He succeeds Robert Benmosche.

Hancock currently serves as executive vice president, AIG, and CEO of AIG Property Casualty. He joined AIG in 2010.

Benmosche is expected to resign from the board of directors and will assume an advisory role at AIG which will see him work with Hancock and continue to be involved in AIG’s internal leadership development programmes, as well as mentor and coach AIG managers.

Robert Miller, chairman of AIG’s board of directors, said: “As AIG enters a time of great change and opportunity, we are confident that Peter Hancock is uniquely qualified to lead the company and its employees to future success. Peter’s deep experience in financial services, including as a strong risk manager; his understanding of the AIG enterprise and the insurance business as a whole; his success in revitalising AIG’s property casualty business; and his strong leadership and inclusive relationship skills position him perfectly to lead the company to an even more prosperous future.

“AIG today is a far stronger company than it was five years ago, and with the crisis well behind us, AIG now is focused on its core mission: to help people and businesses around the world prepare for the future, recover from loss, and retire with confidence.

“Peter’s successful tenure at AIG, including his tireless focus on creating sustainable value via a strategy that achieves the right balance between growth, profitability, and risk has led to a shift to more high value business, better loss ratios, stronger risk management practices, and a stabilization of reserves in AIG’s property casualty segment.

Hancock said: “I am deeply honoured to take on this responsibility as our entire organisation unites around a commitment to excellence in every aspect of our work. Under Bob’s leadership, AIG has re-emerged from crisis as a pre-eminent leader in the global insurance industry. In just under five years, Bob transformed AIG’s culture into one that fosters empowerment and tenacity, reinvigorating our employees around the world and enabling them to achieve the impossible.

“Today, a far stronger AIG has the opportunity to extend our industry-leading positions as we continue to set new standards of quality for our customers and distribution partners worldwide. I look forward to working with our Board, our management team, and our exceptionally talented employees and distribution partners to create value for all of our stakeholders.”