Joseph Johnson, an insurance executive whose career at the Bermuda offices of commercial insurance giant American International spanned more than five decades, officially retires from the company today.

Mr. Johnson, 68, quit his post as president and chief executive of American International Company, Ltd., the AIG operation in Bermuda, a year ago. He continued until now as chairman, a post he assumed several years ago from then-AIG chief executive Maurice 'Hank' Greenberg.

No decision has yet been made on who is to succeed Mr. Johnson as AICo chairman, George Cubbon said yesterday.

Mr. Cubbon succeeded Mr. Johnson a year ago as AICo president and chief executive.

Mr. Johnson, a Bermudian, went to work for a predecessor company of AIG Bermuda at 17, after deciding he was not cut out for a career working his grandfather's farm.

Over his career, he rose to the top of AICo and also carved out a respected position in the community through a wide involvement in various organisations. These included a long association with the Bermuda Chamber of Commerce and its international business division, and in the Bermuda Senate. He also held directorships in several companies: Mr. Johnson was chairman of the Bank of Bermuda until May, and today steps down as chairman of IPC Holdings Ltd.

"For many years AIG's Bermuda companies have been key parts of its overseas operations and strategy. Joe Johnson has played an enormously important role in the management of these companies and his influence and contacts have spread far beyond Bermuda," Mr. Cubbon said.