American International Group CEO Robert Benmosche has been named Insurance Leader of the Year by St John’s University’s School of Risk Management (SRM).

Mr Benmosche will be honoured at a dinner on Wednesday at 6pm at the Marriott Marquis in New York City.

Brian Duperreault, CEO of Bermuda-based Hamilton Insurance Group, who is also chairman of the SRM Board of Overseers, said: “The Insurance Leader of the Year accolade is traditionally awarded to an industry leader for distinguished achievement over a long career, or for special achievement in the year of recognition.

“Bob has had an extraordinary career worthy of recognition in its own right. However, it is his work at AIG that earns him, not only special recognition in the form of our Leader of the Year Award, but also the gratitude of our industry and our country.”

When Mr Benmosche took over the top job at AIG in August 2009, the company was still reeling from its near collapse during the global financial crisis. About $182 billion of US Government aid enabled AIG to survive.

By the end of 2012, taxpayers had been fully reimbursed — with a profit of $22 billion — thanks to the sale of assets such as American Life Insurance Company, American General Finance and AIA overseen by Mr Benmosche.

The “Insurance Leader of the Year Award,” presented annually since 1995, recognises the contributions of outstanding individuals whose leadership in the worldwide insurance and financial services industry sets them apart from their peers. Last year’s recipient was Nikolaus von Bomhard, chairman of the Board of Management, Munich Re Group.