AIG promotes Peter Hancock as new CEO and president

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – American International Group Inc. (AIG) named Peter Hancock as its next chief executive officer, replacing Robert Benmosche.

The 55-year-old Hancock, who oversaw the group’s property-casualty insurance, will start his post as CEO and president effective Sept. 1, according to the biggest commercial insurer in the U.S. and Canada said Tuesday in a statement.

He takes over the New York-based insurer whose size has been reduced to half since 2008 as Benmosche cut jobs and divested assets to streamline the insurer and repay a government bailout that reached $182.3bn. AIG has focused its operation on global property-casualty coverage and U.S. retirement and life insurance products.

Prior to joining AIG in 2010, Hancock served as chairman for KeyCorp. Before that, he also worked at JPMorgan Chase & Co. for 20 years where he helped set up the derivatives group and served as the firm’s chief financial officer.

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