(Reuters) - American International Group Inc said it named Peter Hancock as its new chief executive, effective Sept. 1.
Hancock, head of the insurer's global property-casualty business, succeeds Robert Benmosche, who will retire in September.
Hancock joined AIG in 2010 and has headed the company's property-casualty business since March 2011.
Before joining AIG, he was vice chairman of KeyCorp
"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," AIG chairman Robert Miller said.
Retiring CEO Benmosche, who has been with AIG since 2009, is credited with steering the company through the financial crisis. During his tenure, AIG fully repaid the $182.3 billion in government support it received in 2008 to stave off bankruptcy.
Benmosche, who was diagnosed with cancer in late 2010, was CEO of MetLife Inc
With Benmosche at the helm, the insurer's stock has more than doubled to Tuesday's close of $55.01 on the New York Stock Exchange.
Benmosche will now take up an advisory role at AIG, the company said in a statement.
(Reporting by Avik Das in Bangalore; Editing by Simon Jennings)
