AIG Says Peter Hancock Assumes Role Of President, CEO - Update

(RTTNews) - Insurance giant American International Group, Inc. (AIG) Monday said that in accordance with the company's succession plan, Peter Hancock has assumed the role of president and chief executive officer of the company, and has joined its board of directors. Hancock succeeds Robert Benmosche, who retired and now serves as an advisor to AIG.

In June, AIG said it named Peter Hancock as president and chief executive officer, effective September 1, replacing Robert Benmosche. Hancock was currently executive vice president of AIG and chief executive of AIG Property Casualty.

Hancock joined AIG in 2010 and was named chief executive officer of AIG Property Casualty in March 2011, when the division was reorganized into two major global groups, Commercial and Consumer.

He had previously served as executive vice president, Finance, Risk, and Investments, AIG. He joined AIG from KeyCorp, where he was vice chairman, responsible for Key National Banking.

Hancock has spent his entire career in financial services, including 20 years at J.P. Morgan, where he served as the firm's chief financial officer and chief risk officer.

Last month, the insurer reported a better-than-expected increase in second-quarter profit, aided by earnings in core insurance businesses as well as gains from the sale of its aircraft-leasing unit.

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

AIG closed Friday's regular trading at $56.06.