(Bloomberg) -- American International Group Inc. promoted Peter Hancock to chief executive officer as the company focuses on growth after his predecessor stabilized the insurer and paid back a 2008 government bailout.

Hancock, 55, oversees property/casualty insurance and will be CEO and president as of Sept. 1, the New York-based firm said yesterday. He previously spent 20 years at a predecessor to JPMorgan Chase & Co., where he established the derivatives group. He replaces Robert Benmosche, 70, who stayed on longer than previously planned.

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