CEO Hancock steps down at AIG.
PETER D. HANCOCK, AIG's president and chief executive officer, has announced he is resigning from the titan P&C insurer. Hancock, 57, will continue to serve as CEO until a successor has been named. AIG's board will conduct a comprehensive search for a successor.
"I believe this is the right decision to make for the company and all its stakeholders," Hancock said in a statement. "Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress we have made and damage the interests of our policyholders, employees, regulators, debtholders, and shareholders."
Hancock has been beset by vocal shareholders desperate for a return to AIG's previous industry-high profit margins. Its Q4 results, announced on Valentine's Day, marked a critical midpoint in Hancock's ambitious, two-year strategic plan announced in January 2016 that was designed to reverse AIG's fortunes. Unfortunately, the carrier's net loss instead widened to $3.04 billion, or $2.96 per share, in Q4, from $1.84 billion (or $1.50 per share) a year earlier.
The insurer has suffered losses in several key lines, among them commercial vehicle cover and workers' compensation.
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|Title Annotation:||NU ESSENTIALS|
|Publication:||Property Casualty 360-National Underwriter|
|Date:||Apr 1, 2017|
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