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American International Group (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) has named Peter D. Hancock as president and chief executive officer, effective September 1.

Hancock, who currently serves as executive vice president, ÌìÃÀÍøÕ¾´«Ã½´«Ã½, and chief executive officer of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Property Casualty will succeed Robert H. Benmosche, who currently is ÌìÃÀÍøÕ¾´«Ã½´«Ã½ president and chief executive officer and has been since 2009.

Last month after the Wall Street Journal reported that ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s board had narrowed its choice of Benmosche’s successor to Hancock and Jay Wintrob, who leads ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s life insurance and retirement division.

Also effective September 1, Hancock will join ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s board of directors, and Benmosche is expected to resign from the board, assuming an advisory role at ÌìÃÀÍøÕ¾´«Ã½´«Ã½. In his new capacity, Benmosche will advise the CEO and continue to be involved in ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s internal leadership development programs, as well as mentor and coach ÌìÃÀÍøÕ¾´«Ã½´«Ã½ managers.

Hancock, 55, joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ in 2010 and was named CEO of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Property Casualty in March 2011, when the division was reorganized into two major global groups: Commercial and Consumer, and was called Chartis.

Previously, he had served as executive vice president, Finance, Risk and Investments for the insurer.

Hancock has spent his entire career in financial services:

• He spent 20 years at J.P. Morgan, where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm’s chief financial officer and chief risk officer.
• He co-founded and served as president of Integrated Finance Limited, an advisory firm specializing in strategic risk management, asset management, and innovative pension solutions.
• He joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ from KeyCorp, where he was vice chairman, responsible for Key National Banking.

Hancock is also a member of the board of the Japan Society and a member of the International Advisory Board of BritishAmerican Business.

Raised in Hong Kong, Hancock later attended Oxford University, where he earned his Bachelor of Arts degree in politics, philosophy and economics.

He is a William Pitt Fellow of Pembroke College, Cambridge.

In a statement released Tuesday, ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Chairman Robert S. Miller said: “As ÌìÃÀÍøÕ¾´«Ã½´«Ã½ 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.

“Peter’s deep experience in financial services, including as a strong risk manager; his understanding of the ÌìÃÀÍøÕ¾´«Ã½´«Ã½ enterprise and the insurance business as a whole; his success in revitalizing ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s property casualty business; and his strong leadership and inclusive relationship skills position him perfectly to lead the company to an even more prosperous future.”

Miller highlighted Hancock’s “tireless focus on creating sustainable value via a strategy that achieves the right balance between growth, profitability and risk,” saying that this focus has fueled “a shift to more high value business, better loss ratios, stronger risk management practices, and a stabilization of reserves in ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s property casualty segment.”

Miller also expressed his gratitude and appreciation to Benmosche. “Under Bob’s incomparable leadership and vision, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ has achieved remarkable, and at times, unthinkable, milestones and successes,” he said, referencing Benmosche’s efforts to transform ÌìÃÀÍøÕ¾´«Ã½´«Ã½â€”along the way, “fully repaying the $182 billion of government support ÌìÃÀÍøÕ¾´«Ã½´«Ã½ received in 2008, plus a profit of $22.7 billion, the largest turnaround in the history of corporate America; divesting non-core assets; streamlining global operations under clear reporting lines; and finding smart opportunities to grow ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s business.”

Related Articles:
Shake-Up at ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Chartis; Moor Out, Hancock In as CEO
Hancock, Wintrob Top Candidates to Be Next ÌìÃÀÍøÕ¾´«Ã½´«Ã½ CEO: WSJ
Atypical P/C Executive: Chartis CEO Hancock on Fear, Regulation, Science and More

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