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AIG's Peter Hancock named to succeed Benmosche as CEO

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AIG's Peter Hancock named to succeed Benmosche as CEO

Robert H. Benmosche, the chief executive who rebuilt American International Group Inc. into a global insurance leader after its government bailout in 2008, is resigning effective Sept. 1, to be succeeded by Peter D. Hancock, AIG announced late Tuesday.

Mr. Hancock, 55, currently heads AIG's property/casualty business and is executive vice president of AIG. He joined the insurer in 2010 and was promoted a year later to run the insurer's property/casualty unit. He's worked his entire career in financial services, including 20 years on Wall Street at JPMorgan Chase & Co.

After Mr. Benmosche steps down, he has agreed to serve AIG in an advisory role. He will advise Mr. Hancock and remain involved in AIG leadership development programs and mentor and coach AIG managers, AIG said.

Under his leadership, AIG fully repaid the federal government $182 billion it received six years ago plus a $22.7 billion profit. He also streamlined the company's global operations to focus on its core insurance business and related assets.

“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,'' Robert S. Miller, AIG's chairman of the board, said in the statement.

Mr. Benmosche, who took the challenge of turning around AIG in mid-2009, was diagnosed a year later with cancer at age 66. At the time, the company said he was receiving aggressive chemotherapy treatments but did not disclose the type of cancer.

In an interview last year with Fox Business News, Mr. Benmosche said of his cancer: “They can't detect it right now. I don't say what it is because I won't let you decide when I am going to die. I am going to let the doctors tell me when it's going to occur.”

In its announcement of his pending resignation, AIG does not mention his illness.