Form AIG General Insurance Holding Company
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2 March 2009 Monday 08:15 AM EST
397 words
Form AIG General Insurance Holding Company
David Pilla
NEW YORK
American International Group Inc has announced that it is an insurance holding company which includes its commercial insurance group, generals and other property and casualty operations.
The holding company will be named AIU Holdings Inc, and will have its own board of directors, management team and brand separate from AIG. "The creation of AIU Holdings Inc. AIG assist in preparing for the potential sale of a minority stake in the company, which ultimately May include a public offering of shares, depending on market conditions," said AIG .
Kristian P. Moor, president and chief executive of AIG Property Casualty Group, will be president of the IAU Holdings. Nicholas C. Walsh, currently chairman and CEO of the IAU, will be vice-president of the IAU Holdings. A chairman will be appointed at a later date, AIG said.
Q. John Doyle, currently president and CEO of AIG Commercial Insurance, will assist in the formation of IAU Holdings assuming additional responsibilities for domestic lines of division.
"AIG is the execution of one of the largest programs of corporate restructuring in history," said President and Chief Executive Officer of AIG Edward Liddy in a statement. "The formation of IAU Holdings will protect and enhance the value of these enterprises and their position for the future as more autonomous, transparent companies. "
When formed ISOCARP Holdings will be a franchise, with over 44,000 employees and 500 products and services serving 40 million individual and business customers in 130 countries and jurisdictions, AIG said.
The announcement comes as AIG reported a record $ 61.7 billion in the fourth quarter, the loss due to restructuring charges and ongoing continued deterioration in credit markets.
AIG also announced a new agreement with the U.S. Treasury and the Federal Reserve, which will include Rasing up to $ 30 billion in AIG's capital by the non-issuance of preferred shares Cumulative Treasury "occasionally as required. " AIG said it will also be the transfer of "preferences" in American Life Insurance Co. and American International Assurance Co. Ltd for the Federal Reserve Bank of New York in order to maintain these units at appropriate levels of capitalization.
Most of the AIG insurance companies currently have a Best's financial strength rating of A (Excellent) with a negative outlook.
(By David Pilla, international editor, BestWeek: David.Pilla @ ambest.com)
3 March 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy
2 March 2009 Monday 08:15 AM EST
397 words
Form AIG General Insurance Holding Company
David Pilla
NEW YORK
American International Group Inc has announced that it is an insurance holding company which includes its commercial insurance group, generals and other property and casualty operations.
The holding company will be named AIU Holdings Inc, and will have its own board of directors, management team and brand separate from AIG. "The creation of AIU Holdings Inc. AIG assist in preparing for the potential sale of a minority stake in the company, which ultimately May include a public offering of shares, depending on market conditions," said AIG .
Kristian P. Moor, president and chief executive of AIG Property Casualty Group, will be president of the IAU Holdings. Nicholas C. Walsh, currently chairman and CEO of the IAU, will be vice-president of the IAU Holdings. A chairman will be appointed at a later date, AIG said.
Q. John Doyle, currently president and CEO of AIG Commercial Insurance, will assist in the formation of IAU Holdings assuming additional responsibilities for domestic lines of division.
"AIG is the execution of one of the largest programs of corporate restructuring in history," said President and Chief Executive Officer of AIG Edward Liddy in a statement. "The formation of IAU Holdings will protect and enhance the value of these enterprises and their position for the future as more autonomous, transparent companies. "
When formed ISOCARP Holdings will be a franchise, with over 44,000 employees and 500 products and services serving 40 million individual and business customers in 130 countries and jurisdictions, AIG said.
The announcement comes as AIG reported a record $ 61.7 billion in the fourth quarter, the loss due to restructuring charges and ongoing continued deterioration in credit markets.
AIG also announced a new agreement with the U.S. Treasury and the Federal Reserve, which will include Rasing up to $ 30 billion in AIG's capital by the non-issuance of preferred shares Cumulative Treasury "occasionally as required. " AIG said it will also be the transfer of "preferences" in American Life Insurance Co. and American International Assurance Co. Ltd for the Federal Reserve Bank of New York in order to maintain these units at appropriate levels of capitalization.
Most of the AIG insurance companies currently have a Best's financial strength rating of A (Excellent) with a negative outlook.
(By David Pilla, international editor, BestWeek: David.Pilla @ ambest.com)
3 March 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc.. All rights reserved
Terms and Conditions Privacy Policy
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