Former AIG Executive joined Starr International

 

Tuesday, Mar 10,2009, 1:34:22 PM   Click:

Copyright: h Best Company, Inc.
Source: BestWire
Wordcount: 254

Indemnity liability Starr & Co. has named Charles H. Dangelo, former president and chief reinsurance officer of AIG in the world of risk management division, as its president and CEO.

Dangelo will also serve as President and CEO of Starr Surplus Lines Insurance Co. and Director and President of Starr Insurance & Reinsurance Ltd., the company said in a statement. The companies are subsidiaries of Starr International Co. Inc.

"We will seek to take advantage of current market conditions to become an important force in the P / C industry in the years to come," said Maurice "Hank" Greenberg, chairman of SICO.

Greenberg led AIG for decades before being forced to quit in 2005 amid an accounting scandal and government investigations. It is extremely critical of AIG (NYSE: AIG) management and SICO are involved in civil litigation the company of his departure from AIG and the collapse of finance company (BestWire 6 March 2009).

The retention of senior executives and managers has become a problem for AIG as it uses a rescue plan the federal government up to $ 180 billion to stay solvent and to reorganize (BestWire, Feb. 26, 2009).

Shares of AIG were trading at $ 0.36 per share in late morning trading on March 9, up 2.46% from the previous close.

Most of the AIG insurance companies presently have a better financial strength rating of A (Excellent) with a negative outlook.

Starr Insurance & Reinsurance Ltd currently has a better "the financial strength rating of A (Excellent).

(By Alyn Ackermann, senior editor, BestWeek: Alyn.Ackermann @ ambest.com)



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