During a rainstorm in Washington in early 2009, amid the furor over Wall Street’s post-bailout bonuses, an American International Group employee pulled out an umbrella that had the insurer’s name on it. “Somebody came by, grabbed the umbrella and broke …
Jim Millstein is no stranger to troubled companies. With a long career as a bankruptcy lawyer and former head of Lazard Ltd’s restructuring practice, he’s done his share of turnarounds. But nothing prepared him for the firestorm that was American …
The U.S. Treasury Department plans to sell a large piece of its stake in American International Group in two stock offerings next year, officials briefed on the situation told Reuters. It would sell any remaining stock in AIG in 2012, …
The U.S. Treasury plans to sell about one-fifth of insurer AIG through a stock offering in the first half of 2011, an important test of the government’s ability to profitably exit one of its most controversial bailouts. American International Group …
Investment bankers expect another tough year for insurance sector deals in 2011, although there is hope for the M&A market as insurers come under increasing pressure to show growth coming out of the financial crisis. Large strategic insurance mergers, if …
Company Progressing on Mass Market Strategy Fireman’s Fund’s financials, like other insurance carriers’, got bruised a little in the first half of 2010, following some heavy catastrophe losses. But company President and CEO Mike LaRocco said he’s “very bullish” about …
French reinsurer SCOR Group and Reinsurance Group of America (RGA) are in the race to buy Dutch insurer Aegon NV’s Transamerica Reinsurance unit, sources familiar with the matter said. The auction, which started after Aegon said in June it might …
American International Group Inc. Chief Executive Robert Benmosche appears to be taking on one of the toughest battles of his life in his inimitable scrappy style. AIG said Monday that its 66-year-old CEO had cancer and was undergoing “aggressive chemotherapy.” …
American International Group Inc. and the U.S. government laid out a plan for the insurer to repay its $182.3 billion taxpayer bailout, just over two years after it was rescued from the brink of collapse. The deal, reached after AIG’s …
American International Group Inc. laid out a plan Thursday that sets the insurer on an accelerated path for payback of bailout money, but it also increases the risk for the U.S. government. The plan, which comes a little over two …
