AIG Names Peter Hancock CEO to Rebuild Insurer

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June 11 (Bloomberg) -- AIG 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. Bloomberg Contributing Editor William Cohan speaks on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg)

In the business.

Peter hancock.

You may not know that name.

It is an important name.

After jpmorgan, he will take up the reins at aig.

He greatly assisted in the development of derivative instruments and works with robert merton.

A bloomberg contributor knows him.

I was thrilled when i heard this news.

He was always regarded as a star.

He was the cfo before the merger with chase.

He everyone spoke well.

What i love about this, he is british u.s.. he is not a guy who plays golf.

He is in the trenches of the business.

He understands risk.

That is an important thing for someone running a company like aig.

How would you respond to the people who said he did derivatives, they are evil and bad, aig should not do that.

That is ridiculous.

Someone who is the creators of derivatives understands the risk.

It does not mean they're going to go wild like they did with aigfp leading up to the financial crisis.

This is the perfect guide.

A brilliant choice.

He has his work cut out for him.

Net income profits only 40% of what they were in 2007. they sold off the crown jewels, the asian businesses.

Where do the profits come from.

They are an insurer.

They have been creative and aggressive.

I assume they will continue to do that.

They will continue to build.

This is a smart guy leading this company at an interesting moment.

If you think about it, this is one of the great turnarounds in american history.

If you thought in 2008 we were going to get $182 billion back from aig -- the government actually got its money back.

Ins fades.

This is one of the few bailouts the government got its pound of flesh in a smart way.

This was the way to stress financing should be done.

It paid off brilliantly.

I want to focus on the risk management.

He was in charge of the property-casualty unit.

He said the unit was fed ready back in 2011. does that mean he says will give him a longer leash to operate?

Who knows what the feds will do.

I would say aig has earned its way out of the penalty box.

All of these financial institutions have figure -- federal regulators crawling all over them.

Does that mean they're going to get more leash and they had been getting?

I think they deserve to.

Jeffrey rosenberg is our guest host.

Is the great moderation open?

This migration to low yields, it has not ended.

It has not.

I think we will transition into a new theme.

Markets can focus on one thing at one time.

We focused on the european moderation and the spread to the global i think we will talk

This text has been automatically generated. It may not be 100% accurate.

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