Hancock will replace outgoing Robert Benmosche

AIG has announced that Peter Hancock will succeed Robert Benmosche as chief executive and president from 1 September.

Hancock joined AIG in 2010 and has headed the company’s property-casualty business since March 2011.

He is understood to have beat AIG’s life insurance and retirement services unit head Jay Wintrob to the role.

The 69-year-old Benmosche, who is being treated for cancer, is expected to resign from the AIG board of directors and will assume an advisory role from 1 September.

AIG board of directors chair Robert Miller said: “Peter’s deep experience in financial services, including as a strong risk manager; his understanding of the AIG enterprise and the insurance business as a whole; his success in revitalising AIG’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.

“I would like to extend my sincere gratitude and appreciation to Bob Benmosche for all that he has done at AIG,” Miller said.

“Under Bob’s incomparable leadership and vision, AIG has achieved remarkable, and at times, unthinkable, milestones and successes. Bob worked tirelessly to transform AIG and position it for this next chapter: fully repaying the $182bn of government support AIG received in 2008, plus a profit of $22.7bn, 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 AIG’s business.”

On his appointment Hancock said: “I am deeply honored to take on this responsibility as our entire organisation unites around a commitment to excellence in every aspect of our work.

“Under Bob’s leadership, AIG has re-emerged from crisis as a pre-eminent leader in the global insurance industry. In just under five years, Bob transformed AIG’s culture into one that fosters empowerment and tenacity, reinvigorating our employees around the world and enabling them to achieve the impossible.

“Today, a far stronger AIG has the opportunity to extend our industry-leading positions as we continue to set new standards of quality for our customers and distribution partners worldwide. I look forward to working with our board, our management team, and our exceptionally talented employees and distribution partners to create value for all of our stakeholders.”