Hancock named head of risk at AIG

Peter Hancock has been named executive vice-president in charge of finance, risk and investments at AIG, the US insurer, and is expected to join later this month.

In a newly created position, Hancock will report directly to AIG's chief executive Robert Benmosche and will oversee finance, risk, audit, investments, strategic planning and the insurer's subsidiary AIG Financial Products (AIGFP). AIGFP registered an unrealised market valuation loss of $28.6 billion for 2008 on its super-senior credit

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