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AIG shares jump after report of possible CEO to succeed Peter Hancock


Shares of American International Group spiked Thursday after a report that the insurer may be close to finding a successor to outgoing CEO Peter D. Hancock.

AIG is considering Hamilton Insurance Chairman and CEO Brian Duperreault for the role, Bloomberg reported, citing sources familiar with the board’s discussions.

Other candidates are still being considered to fill Hancock’s position, the news service said, citing one of the sources. AIG is also contemplating an offer to buy Hamilton, the report said, citing one of the people.

Spokespeople for AIG and privately held Hamilton Insurance said the companies don’t comment on speculation.

Intraday performance of AIG shares

Source: FactSet

On March 9, AIG said Hancock informed the board of directors of his intention to resign. Hancock will remain chief executive until a successor is named, the release said.

The news followed shareholders’ and directors’ frustration with AIG’s poor financial performance, despite a two-year turnaround plan Hancock developed. AIG investor and billionaire activist Carl Icahn opposed the plan in favor of splitting the insurer into three parts.

Hamilton’s Duperreault held senior executive positions at AIG and its affiliates from 1978 to 1994, according to his company profile. Duperreault is also chairman of Attune, an insurance distribution platform for small businesses established by AIG, Hamilton and affiliates of Two Sigma Investments last year. He did not immediately respond to a CNBC emailed request for comment.

Shares of AIG briefly rose more than 2 percent Thursday after the report and were last changing hands about 1.5 percent higher. The stock is about 8 percent lower year to date.

— Reuters contributed to this report.



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