American International Group (AIG) has named Peter Hancock as new CEO of Chartis, its property casualty (P&C) business unit.

The appointment is part of the AIG’s strategy to restructure its P&C business.

Hancock, who is currently AIG executive vice president for finance, risk and investments, will succeed Kristian Moor, who has been appointed as vice chairman of Chartis, reporting to Hancock.

Hancock was a principal designer of AIG’s recapitalization plan, which helped AIG to repay its outstanding obligations to the Federal Reserve Bank of New York.

Hancock spent 20 years of his career at JP Morgan, where he held several roles including CFO and chairman of its risk management committee.

He also co-founded a finance company in 2000. Previous to AIG, he served as vice chairman for KeyCorp.

AIG has reorganized Chartis into two global groups, commercial and consumer, with the addition of claims, actuarial, and underwriting disciplines into these two business operations.

The insurer said the global commercial business will be lead by John Doyle, former CEO of Chartis US, while the global consumer business will be headed by Jeffrey Hayman, who is currently chief administrative officer at Chartis.

Reorganization of the unit also included changes in the roles and responsibilities of the division heads as well regional heads.

Nicholas Walsh, previously president and CEO of Chartis International, will lead global distribution, reporting to Hancock.

The P&C unit will include four principal regions: US/Canada; Europe; Far East and Growth Economies ( formerly Emerging Markets). Growth Economies has been expanded with the addition of Asia Pacific region.

Peter Eastwood has been appointed as new president of CEO of Chartis US, in addition to his current role as president of Lexington Insurance.

Chartis Europe Holdings and Far East will be lead by their existing president and CEOs, Alexander Baugh, Jose Hernandez, respectively.

Chartis Growth Economies will also be lead by its current president and CEO Julio Portalatin.

AIG president and CEO Robert Benmosche said that the top priorities for the property casualty businesses are to strengthen all aspects of its underwriting, claims management, reserving, and risk management so that it consistently earn the right risk-adjusted returns.