American International Group Inc. (AIG) selected Peter Fisher, a former BlackRock Inc. (BLK) executive and U.S. government official, to join the board of directors as the insurer prepares for increased federal oversight.
Fisher, 57, is a senior fellow at Dartmouth College’s Tuck School of Business, and previously oversaw fixed-income portfolio management at BlackRock, the world’s largest money manager. He’s also worked as the Treasury Department undersecretary for domestic finance and at the Federal Reserve Bank of New York, according to a statement today from AIG. Fisher is a consultant to the BlackRock Investment Institute.
Fisher has “tremendous knowledge and unique perspectives in asset management and government,” AIG Chairman Steve Miller said in the statement. “Fisher’s global experience with the regulation of financial services companies will allow him to provide valuable insight.”
AIG has been designated systemically important by U.S. and global regulators, subjecting the insurer to extra scrutiny. Chief Executive Officer Robert Benmosche, 69, has said he welcomes the Fed as a watchdog and that the oversight can improve discipline in the insurance industry. New York-based AIG, the largest U.S. commercial insurer, in late 2012 finished repaying a $182.3 billion U.S. bailout that began in 2008.
BlackRock helped the New York Fed manage and then auction mortgage-linked assets that were acquired as part of AIG’s bailout. AIG in 2011 hired Brian Peters, a veteran of the New York Fed, as senior managing director in the insurer’s enterprise risk management group.
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