American International Group Inc. is counting on Peter Hancock's experience managing financial risk to make up for his lack of an insurance background.

Robert Benmosche, AIG's CEO, chose Hancock, who spent 20 years at a JPMorgan Chase & Co. predecessor, to return AIG's largest unit to profit as the insurer works to replace government bailout funds with private capital. AIG and the Treasury Department plan to sell 300 million shares Tuesday.

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