The Board of Directors of American International Group (IAG) has elected Morris Offit as director as well as chairman of the finance and risk management committee of the board.

Offit will serve as a director until the 2013 AIG’s annual meeting of shareholders, who has been serving as an AIG Director from 2005 and was scheduled to retire in 2012, however, the US underwriter has decided to extend his retirement until 2013 AIG’s annual meeting of shareholders.

AIG Board of Directors chairman Robert Miller said, "We look forward to again benefiting from his guidance and deep experience as AIG continues to strengthen its business and work towards making American taxpayers whole plus a profit."

Offit is currently the chairman of Offit Capital, a wealth management advisory firm and had served as the co-chief executive officer of Offit Hall Capital Management from 2002-07.

He has been the founder and former chief executive officer of OFFITBANK, a private bank, from 1990 to 2001.

AIG trades in more than 130 geographies globally and offers life insurance and retirement services in the US and across the globe.