AIG boss: We’ll wait till the price is right
Posted on August 28, 2009 at 12:23 pmNew American International Group CEO Robert Benmosche says the insurance giant will take its time selling various divisions — including American General, which employs 1,000 in Brentwood.
“That kind of price talk is ridiculous,” he said, without specifying what he considers a fair price. “I’ve told the government that if we have to sell them right now, we may not be able to pay back what we owe.”
That’s the kind of talk AIG investors have quickly come to like: Shares of the company (TIcker: AIG) have more than tripled since he took the helm less than a month ago.
permalink | Comment on this post
New boss over local AIG unit
Posted on August 20, 2009 at 2:42 pm
The reorganizing American International Group has created a new leadership post for its U.S. life and retirement divisions — which includes Brentwood-based American General Life & Accident — and named 10-year company veteran Jay Wintrob to fill it.
permalink | Comment on this post
AIG to spin off two more units
Posted on June 25, 2009 at 8:21 am
The government is trading part of the debt extended to American International Group last fall for preferred equity in two of the insurer’s subsidiaries. AIG plans to take American International Assurance Co. and American Life Insurance Co. public and raise more capital after that. There’s still no word on the future of AIG’s American General division, which employs hundreds in Brentwood.
permalink | Comment on this post
AIG chief: Rebuilding company could take till 2014
Posted on May 13, 2009 at 2:44 pm
Testifying before a House committee, Edward Liddy says the fallen insurance giant and owner of Brentwood’s American General has a long way to go to clear up its corporate structure.
“We must take the time and exercise the diligence to do this restructuring properly,” Mr. Liddy told lawmakers. “Let me be clear — our plan is explicitly designed to avoid having to divest A.I.G. assets at fire-sale prices.”
…
In a recent memo to A.I.G. employees, Mr. Liddy said the company had developed a restructuring plan called “Project Destiny” that entails either spinning off many of the insurance subsidiaries, either by selling them to other companies or by turning them into independent companies and selling minority stakes through in public stock offerings.
permalink | Comment on this post
Is American General next?
Posted on April 16, 2009 at 6:14 pmYou would think the Brentwood-based AIG unit is in line to find a buyer soon now that the conglomerate has hooked up with Zurich for its auto insurance unit. That makes five deals and a few more to come.
permalink | Comment on this post
AIG? Who’s that?
Posted on March 19, 2009 at 1:43 pm
AIG in Nashville will be going the WorldCom route attempting to rebrand themselves to escape their tainted image.
Within one month a new sign on the building featuring a new name, AGLA, will replace the one that until this week read AIG American General.
permalink | Comment on this post
An IPO for American General?
Posted on February 1, 2009 at 10:41 amUnable to find buyers, AIG is considering splitting off some of its units and selling their shares to the public.
permalink | Comment on this post
Is that code for ‘We don’t really know what they’re worth either?’
Posted on December 10, 2008 at 10:04 pmWSJ.com’s Deal Journal catches up with the asset sales – or billions of dollars of lack thereof – at AIG, which plans to offload Brentwood-based American General.
“They’re really great companies that might come on the market once in a lifetime. We think the kind of buyers for these assets will have the wherewithal to pay what they are worth.”
permalink | Comment on this post
More obligations at AIG
Posted on at 7:10 amThe Wall Street Journal reports on up to $10 billion the insurance giant appears to have invested in derivates that have lost half their value.
The Abacus deals were investment portfolios designed to track the values of derivatives linked to billions of dollars in residential mortgage debt. In what amounted to a side bet on the value of these holdings, AIG agreed to pay Goldman if the mortgage debt declined in value and would receive money if it rose.
permalink | Comment on this post
AIG chips away
Posted on December 3, 2008 at 3:36 pmAIG has lightened its debt load by shedding its obligation to back more than $50 billion in collateralized debt and selling its stake in three joint ventures. No word on who might be circling for its large Brentwood operation.
Recent Comments
In our good state a select few run the place, 20 yrs ago and today....
Southernindie…Unfortunat ely you have suffered a dibilitating...
And…Karl (Marx) Dean is spending one billion dollars...
Someone explain the difference between short stay and observation...
Watching the Chairman of Starwood Hotels yesterday on CNBC...
Funny how the Union’s feel about taxes. They complained about their...
Where is it?
An absolutely ugly structure, which I have always thought did not take...
Too bad that ATT changed the look of the building so that it no longer...
Yeah, well, look at the TN Legislature of good ol’ boys and the...
As long as the red rules, we will be far behind other states. The GOP does...
Nissan CEO Carlos Ghosn: I don’t know what...