Robert Benmosche, well-known for his role in the recovery of AIG (American Insurance Company) after its bailout by the government in 2009, died last week at the age of 70.
He took over AIG in August 2009 after the Obama administration rescued the company from collapse with a $182 billion bailout. Before stepping up to the helm of AIG Benmosche had been the chief of MetLife.
The government recruited Benmosche to lead AIG to avoid another collapse of a huge financial institution such as Lehman Brothers at the height of the financial crisis which began in 2008.
Benmosche retired in 2006 after serving as CEO of MetLife since 2000, when it went public. He moved to his villa in Dubrovnik, Croatia, and lived there until being asked to take over at AIG.
Benmosche died of lung cancer on Friday, February 28, at the NYU Langone Medical Center in New York.