Hancock assumes role as American International Group president & CEO

American International Group, Inc. (AIG) announced Monday that in accordance with the company’s succession plan, Peter D. Hancock has assumed the role of president and chief executive officer.

As disclosed June 10, Hancock succeeds Robert H. Benmosche – who retired and now serves as an advisor to AIG – has also joined AIG’s Board of Directors, notes a press release from AIG, an international insurance organization serving customers in more than 130 countries and jurisdictions.

Hancock, who has spent his entire career in financial services, joined AIG in 2010 and was named CEO of AIG Property Casualty in March 2011, when the division was reorganized into two major global groups: commercial and consumer. His previous roles at AIG include as executive vice president, Finance, Risk and Investments.

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AIG reports that his experience includes 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.

Hancock joined AIG from KeyCorp, where he was vice chairman, responsible for Key National Banking.

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

PHOTO: Peter J. Hancock, president and chief executive officer, American International Group Inc. Photo courtesy of AIG