MONTICELLO — Robert Benmosche, a Brooklyn-born Monticello resident who became one of the most respected corporate CEOs in modern times, passed away Friday after a long battle with lung cancer. He was 70.

To much of the world, he was known as a leader capable of turning around deeply struggling insurance firms, including MetLife and AIG.

But to locals like Stacy Cohen, he was always “Bobby.”

“His father died when he was 10, and Bobby lived with my parents,” Cohen recalled yesterday, a day after attending Benmosche's funeral.

The elder Benmosche's fatal heart attack in 1954 left the family $250,000 in debt, with their Patio Motel still unfinished, according to a 2012 profile in Barron's.

“The family saved it by very hard work,” Cohen said.

It's still in business on Broadway today, though under a different name (Travelodge) and ownership.

Cohen was born a few years after the Patio was completed and the creditors paid off, but she remembers Bobby well, along with his mom, Lillian Benmosche. Known to Cohen as “Aunt Lil,” Lillian was the sister of Cohen's father, Julius, making Bobby her first cousin.

“We all lived together at the Patio,” she recalled.

After various jobs in Sullivan County, Benmosche left for upstate Alfred University, where he garnered a bachelor's in math (and ultimately became a board member). He also served with the U.S. Army in Korea during the Vietnam War.

He climbed the ranks of a variety of financial and insurance giants, including PaineWebber, before becoming the CEO of MetLife in 1999. He retired in 2006, only to be called back into service to rescue AIG in the throes of its federal government bailout.

Stepping down last September, Benmosche left AIG in a vastly better financial position, with its government debt paid off and a healthy balance sheet.

“He was a natural-born leader,” said Cohen. “He knew how to get people inspired.”

Yet even with his lofty achievements, a handsomely-appointed home near Suffern, and a beloved bed-and-breakfast and vineyard in Croatia, he stayed close to family.

“He didn't become famous and fly away,” Cohen affirmed. “He was always there for us.”

Indeed, it was his family that taught him the dedication, determination and generosity which defined his life.

“He's just a hometown boy that made good,” Cohen said.

“It's important to have the courage to think about tomorrow. I get a little worried when I hear people say they'll ‘wait for the right opportunity.' If there's one thing I've learned in my career it's to not be afraid to treat every opportunity that comes your way as the most important opportunity that comes your way… it may be the only one that comes your way.”

- Robert Benmosche At the 2013 MCS Hall of Distinction ceremony