AIG Chairman Defends Keeping Both Life and P/C Insurance Units
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North american International Group Inc., which is shrinking under great pressure from activist shareholders, is committed to retaining businesses in both life insurance and property/casualty coverage,|is committed to retaining {functions|businesses} in both full life insurance and property/casualty coverage,} Chairman Doug Steenland said.
"We continue to be of the view that this is the right long-term position for AIG," Steenland said Wed at the business's total annual conference in NY. "Although, the precise the different parts of what's in each of these businesses may change."
Billionaire Carl Icahn said this past year that AIG is too large and should put into separate companies. CEO Peter Hancock instead is offering smaller units within an idea to release $25 billion in capital to be delivered to shareholders over 2 yrs. Which has helped ease pressure with activists including John Paulson, who was simply elected to the insurer's table Wednesday plus a agent of Icahn's company.
In January to sell a broker-dealer procedure hancock reached a deal, and AIG's mortgage loan insurance unit submitted in March for a short public offering. The CEO in addition has been reducing careers.
"That is hard and sometimes unpleasant work," he said at the {conference. "We've much left to perform."
AIG advanced 14 cents to $56.49 at 12:15 p.m. in NY. That compares with the final price of $60.92 on Oct. 27, your day before Icahn disclosed a stake in the insurance company and publicly called on Hancock to split up the company.
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