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Former AIG CEO and President Robert Benmosche dies

Former AIG CEO and President Robert "Bob" Benmosche died Friday at NYU Langone Medical Center. He was 70 and had undergone treatment for lung cancer since 2010.

"We announce this news with profound sadness, and our thoughts and prayers are with Bob's family at this difficult time," Chairman Robert S. Miller said in a statement. "Bob was one of the most inspirational and successful leaders in corporate America by any measure."

Benmosche was the commercial insurer's president and CEO from August 2009 until last September.

After bad bets on derivatives nearly sank the company during the financial crisis, Benmosche helped turn it around and steer the it to profitability.

During his tenure, AIG repaid the $182 billion government bailout it got during the financial crisis to avoid bankruptcy.

Before AIG, Benmosche was chairman, president and CEO of MetLife. He also served two terms as a board member at Credit Suisse.

His family said a funeral service will be held in at New York's Riverside Memorial Chapel at 10 a.m. Sunday.

—Reuters contributed to this article

Correction: This article has been updated to reflect AIG's corrected press release about when Benmosche became CEO and president.