In a sweeping reorganization of its property-casualty business, American International Group Inc. has tapped a career risk manager and former JPMorgan veteran as CEO.
Several other top executives received new titles and responsibilities.
Peter Hancock, who joined the company early last year as an executive vice president for finance, risk and investments, will be CEO of AIG's Chartis unit, according to a release from the firm this morning. AIG said Hancock was the primary architect of its recapitalization plan and helped unwind the toxic positions in its pilloried financial products unit.
In a statement on Hancock's appointment this morning, AIG CEO Robert Benmosche said "risk management" and earning "the right risk-adjusted returns" were "top priorities."
The firm declined further comment on the move as it relates to its risk-management policies.
Hancock will replace Kristian Moor, a 30-year AIG veteran who will take the role of vice-chairman and will report to Hancock.
AIG is also splitting Chartis into two groups, one to focus on commercial business and one dedicated to consumer business. The business was previously divided between operations in the U.S. and "international" business in other countries.
John Doyle, previously head of Chartis in the U.S., will run the commercial business, while chief administrative officer Jeffrey Hayman will head up the consumer unit. Both will report to Hancock.
Several other executives took on new roles and responsibilities, including Nicholas Walsh, now vice chairman and chief distribution officer, Peter Eastwood, president and CEO of Chartis U.S., Alexander Baugh, president and CEO of Chartis Europe Holdings Limited, Jose Hernandez, president and CEO of Chartis Far East Holdings K.K., and Julio Portalatin, president and CEO of Chartis Growth Economies.
AIG, though stable, had mixed results in 2010. It swung to a $7.8 billion profit for the full-year, but that result was boosted significantly by the sale of some 33 business units.
At the same time, headcount at the insurance giant dropped from 96,000 to 63,000, a 34% decrease, primarily because it offloaded so many pieces of the company.
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