AIG Share Sale Adds Pressure on Hancock to Revive Chartis

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

Chief Executive Officer Robert Benmosche chose Hancock, who spent 20 years at a predecessor to JPMorgan Chase & Co., to return AIG’s largest unit to profit as the insurer works to replace government bailout funds with private capital. New York-based AIG and the U.S. Treasury Department plan to sell 300 million shares tomorrow.