Robert "Bob" Benmosche, former chairman and CEO of Metlife and the man who saved American International Group Inc AIG from a potential bankruptcy, died on Friday.
Current AIG CEO Peter Hancock was on CNBC to discuss the contributions made by Benmosche.
"It's obviously a very sad moment for the whole AIG family," Hancock said.
The Turnaround
When asked if AIG would have survived if Benmosche didn't come out of retirement to head it, Hancock replied, "Certainly not in its current form."
"He recognized that this was a company that was stronger together, he resisted pressure to break it into pieces and recognized that only by focussing on a [going] concern -- serving its 90 million customers around the world -- could it repay the government assistance in full with a considerable profit..."
The Man Who Recognized The Significance Of Insurance
"This is a company that has really pioneered all forms of insurance and brought insurance to many parts of the world," Hancock said.
"And insurance provides a critical role to dampen fears of the future for society. It's often forgotten the hidden role that insurance plays in allowing people to plan for their retirement, to expand their markets and encounter the risks they face in business and day-to-day life."
AIG's CEO concluded: "I think Bob, in his own personal experience -- with his father passing at a young age when Bob was a teenager without life insurance -- recognized the critical role that insurance plays in dealing with life's uncertainties."
Image credit: AIG, Wikimedia
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