ReutersRobert H. Benmosche oversaw American International Group's recovery from the financial crisis. The American International Group on Tuesday named a successor to Robert H. Benmosche, its chief executive and the leader who oversaw the insurer's recovery from the financial crisis.
A.I.G. said that it had named Peter Hancock, the head of its property casualty business, who will take over as chief executive on Sept. 1.
Mr. Benmosche will also resign from the company's board, though he will become an adviser to Mr. Hancock and stay involved in leadership development programs within the insurer.
Having joined A.I.G. in 2009, Mr. Benmosche was tasked with turning around the troubled insurer after it agreed to an initial $85 billion bailout by the federal government during the financial crisis. Instead of selling off pieces of the insurer in what he called a fire sale, the insurance industry veteran instead focused on reviving the company's businesses and selling from a position of strength.
A.I.G. fully repaid its bailout in December of 2012.
"As A.I.G. 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," Robert S. Miller, A.I.G.'s chairman, said in a statement.
Mr. Miller added, "I would like to extend my sincere gratitude and appreciation to Bob Benmosche for all that he has done at A.I.G."
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