NEW YORK--(BUSINESS WIRE)--Jun. 10, 2014--
American International Group, Inc. (NYSE:AIG) today announced that its
Board of Directors has named Peter D. Hancock as President and Chief
Executive Officer, AIG, effective September 1. Mr. Hancock will also
join AIG’s Board of Directors, effective September 1. He currently
serves as Executive Vice President, AIG, and Chief Executive Officer of
AIG Property Casualty, and will succeed Robert H. Benmosche, who
currently is AIG President and Chief Executive Officer.
As of September 1, Mr. Benmosche is expected to resign from the AIG
Board of Directors and will assume an advisory role at AIG. In that
capacity, Mr. Benmosche will advise the CEO and continue to be involved
in AIG’s internal leadership development programs, as well as mentor and
coach AIG managers.
“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,” said Robert S. Miller, Chairman of AIG’s
Board of Directors. “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
revitalizing 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.
“AIG today is a far stronger company than it was five years ago, and
with the crisis well behind us, AIG now is focused on its core mission:
to help people and businesses around the world prepare for the future,
recover from loss, and retire with confidence,” Mr. Miller continued.
“Peter’s successful tenure at AIG, including his tireless focus on
creating sustainable value via a strategy that achieves the right
balance between growth, profitability, and risk has led to a shift to
more high value business, better loss ratios, stronger risk management
practices, and a stabilization of reserves in AIG’s property casualty
segment.
“It is with great confidence that the AIG Board of Directors affirms
that Peter is a person in whom investors, clients, distribution
partners, employees, and regulators can place great trust. Peter will
continue advancing the core strategies and priorities of AIG with
integrity and a profound sense of the responsibility that AIG exceed the
expectations – financial, regulatory, and community – of all of our
stakeholders. I, along with the rest of AIG’s Board, look forward to
helping Peter chart a prosperous course for AIG’s future.
“I would like to extend my sincere gratitude and appreciation to Bob
Benmosche for all that he has done at AIG,” Mr. 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 $182 billion of government support AIG 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 AIG’s business. It has been my privilege to watch, firsthand,
the fruition of Bob’s philosophy: When you give people the freedom to
act, and they act responsibly, they’re capable of achieving amazing
things.”
Mr. Hancock said, “I am deeply honored to take on this responsibility as
our entire organization 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.”
Mr. Hancock, 55, joined AIG in 2010 and was named Chief Executive
Officer of AIG Property Casualty in March 2011, when the division was
reorganized into two major global groups: Commercial and Consumer. He
had previously served as Executive Vice President, Finance, Risk, and
Investments, AIG. Mr. Hancock has spent his entire career in financial
services, including 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 AIG from KeyCorp, where he was Vice Chairman, responsible for Key
National Banking.
Mr. Hancock is a member of the Board of the Japan Society and a member
of the International Advisory Board of BritishAmerican Business. He is a
William Pitt Fellow of Pembroke College, Cambridge. He was raised in
Hong Kong and later attended Oxford University, where he earned his
Bachelor of Arts degree in politics, philosophy, and economics.
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not historical facts but instead
represent only AIG’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG’s control. Except
for AIG’s ongoing obligation to disclose material information as
required by federal securities laws, AIG is not under any obligation
(and expressly disclaims any obligation) to update or alter any
projections, goals, assumptions, or other statements, whether written or
oral, that may be made from time to time, whether as a result of new
information, future events or otherwise. Factors that could cause actual
results to differ, possibly materially, from such forward-looking
statements include the factors set forth in AIG’s filings with the
United States Securities and Exchange Commission.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
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AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
Source: AIG
AIG
Jon Diat (Media): +1 212-770-3505
jon.diat@aig.com
or
Liz
Werner (Investors): +1 212-770-7074
elizabeth.werner@aig.com