(Bloomberg) -- American International Group Inc. isweighing a plan to hire Brian Duperreault as the company’s seventh chiefexecutive officer since 2005, according to people familiar with theboard’s deliberations.

Other candidates are still being considered as the board seeks areplacement for outgoing CEO Peter Hancock, said one of thepeople, who asked not to be identified discussing privatedeliberations.

Duperreault, 69, is a former deputy to longtime AIG leader Maurice “Hank” Greenbergand went on to lead one of the company’s biggest rivals, Ace Ltd.He later became CEO of the biggest insurance broker, Marsh &McLennan Cos., and then Hamilton InsuranceGroup, a Bermuda-based carrier backed by principals of hedgefund firm Two Sigma Investments. Representatives for AIG andHamilton said the companies don’t comment on speculation. Two Sigmadeclined to comment.

AIG extended gains in New York trading, climbing 1.4 percent to$59.79 at 3:45 p.m.

‘Among the best’

Duperreault is “among the best possible candidates to become AIG’snext CEO,” Barclays Plc analysts led by Jay Gelb wrote in a note toinvestors after Bloomberg reported on the board’s deliberations.“Duperreault would be able to form a workable strategy for AIG andalso attract top industry talent.”

Hamilton has already been working with AIG to improve the use ofanalytics in underwriting. The two insurers partnered last yearwith Two Sigma to form a venture focusing on the $80 billion marketfor small- and medium-sized businesses. And in 2016 he hiredSeraina Macia, a former AIG executive, to run Hamilton’s U.S.operation. AIG has also weighed making an offer to purchaseHamilton, one of the people said.

Hancock lost support of investors

AIG is seeking a replacement for Hancock, who announced March 9that he was stepping down after losing the support of investorsincluding activist billionaire Carl Icahn. The company has becomeincreasingly reliant on commercial property-and-casualty insuranceafter divesting life operations in many nations and exitingbusinesses like plane leasing. Hancock, who has a background inbanking, was stung by higher-than-expected claims costs on policiescovering against environment liabilities and worker injuries.

The new CEO will have to restore the confidence of Wall Street,which has been frustrated by four losses in six quarters. The jobwill also involve efforts to retain commercial clients after NewYork-based AIG endured the departure of many top executives and adowngrade by S&P Global Ratings.

Related: Billionaire John Paulson to exit AIGBoard