2 March 2015 Insurance

AIG former CEO Benmosche passes away

Robert Bensmosche, the former president and chief executive officer (CEO) of AIG, passed away on February 27, 2015 after battling lung cancer since 2010.

He has been credited with turning AIG around from near bankruptcy in 2009. Upon arriving at AIG, Benmosche was responsible for a company that had received taxpayer assistance in connection with the 2008 financial crisis totalling some $182 billion.

By 2012, AIG had repaid that assistance plus a combined positive return of nearly $23 billion through divesting various businesses and other restructuring activities. By 2014, AIG had completely returned to profitability.

Benmosche was the former chairman, president, and CEO of MetLife. He led the transition of MetLife from a mutual to a public company in 2000.

“We announce this news with profound sadness, and our thoughts and prayers are with Bob’s family at this difficult time,” said Robert Miller, chairman of the AIG board of directors. “Bob was one of the most inspirational and successful leaders in corporate America by any measure. We will never forget that under Bob’s extraordinary leadership, the people of AIG repaid America in full plus a profit of nearly $23 billion.

“Everyone in the AIG family has been greatly blessed by Bob’s vision, his loyalty, and his friendship during his five years with the company.  Bob was a brilliant man who brought tremendous leadership, energy, passion, and tenacity to his job.   At AIG, we will honour his legacy by continuing to focus on integrity and performance.  He will be deeply missed.”

Peter Hancock, president and CEO of AIG, added: “Like so many people who had the privilege to work with Bob, I am humbled and inspired by the example he set, Bob was piercingly honest and driven by a remarkable belief in the possibility of greatness that exists in every person.

“He poured his energy and focus into enabling AIG’s people to live up to their potential, and that’s why this company today is a sustainable enterprise that understands the importance of meeting and exceeding the expectations all of our stakeholders.

“As we build on his legacy at AIG in so many ways, let’s remember him by living and working according to a belief he stated repeatedly and upheld in the most trying of circumstances: ‘There is no limit to the greatness that good people can accomplish when you give them the freedom to act.’”

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