AIG Names Peter Hancock CEO

(RTTNews) - Insurance giant American International Group Inc (AIG), Tuesday named Peter Hancock as president and chief executive officer, effective September 1, replacing Robert Benmosche.

Hancock is currently executive vice president of AIG and chief executive of AIG Property Casualty. He will also join the insurer's board.

Benmosche is expected to resign from AIG's board and will assume an advisory role, AIG said.

"As AIG enters a time of great change and opportunity, we are confident that Peter Hancock is uniquely qualified to lead the company...," Robert Miller, chairman of AIG's board, said in a statement.

Peter's experience in financial services and his success in rejuvenating AIG's property casualty business augurs well for the company, Miller added.

Hancock joined AIG in 2010 and was named CEO of AIG Property Casualty in March 2011. Earlier, he served as vice chairman at KeyCorp, responsible for Key National Banking. Hancock has spent his entire career in financial services, including 20 years at J.P. Morgan.

Meanwhile, Robert Benmosche will leave after about five years at the helm, in a period marked by a near collapse during the financial crisis, only to see the insurer revive to sound health. In 2012, AIG fully repaid the $182 billion bail-out fund it took from the federal government, and steered the company to profit.

Under Benmosche, AIG has divested non-core assets, streamlined global operations while pushing for growth in newer markets.

AIG stock closed Tuesday at $55.01, down $0.06 or 0.11%, on a volume of 5 million shares on the NYSE. In after hours, the stock dropped $0.25 or 0.45%.