Before he lost the confidence of big-name investors and his company’s board members, Peter Hancock squandered the faith of many of his staff. It was November 2015, after a disappointing quarter for American International Group Inc., and Hancock — then a year into his tenure as chief executive officer — told employees they shouldn’t count on lifetime jobs.
Category: American International Group
AIG Says CEO Hancock to Quit as Swelling Losses Hurt Icahn
Peter Hancock will resign as American International Group Inc.’s chief executive officer after the insurer suffered losses four of the past six quarters and faces pressure from activist investors including Carl Icahn and John Paulson. Hancock, 58, will remain CEO until a successor is named, the New York-based insurer said Thursday in a statement.
Paulson Scales Back AIG Stake While Sitting on Insurer’s Board
Paulson & Co. cut its stake again in American International Group Inc. even though the hedge fund firm’s billionaire leader sits on the insurer’s board of directors.
Greenberg Says – Disgraceful’ Legal Case Destroyed Great Firm
Maurice “Hank” Greenberg, the former American International Group Inc. chief executive officer, lambasted the New York State attorney general’s office after admitting that he approved two reinsurance deals that regulators have called fraudulent. shadow of what it was , people lost millions of dollars, billions of dollars.
Greenberg Admits Aiding in Bogus AIG Deals, New York Says
Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg admitted to participating in and approving two fraudulent reinsurance deals as part of a settlement with New York’s attorney general, ending a contentious legal battle that has dragged out for almost a dozen years. The settlement, announced Friday, resolves a court fight in which Greenberg, 91, and his high-powered lawyer, David Boies, squared off against three successive state attorneys general.
AIG to Pay Berkshire $9.8 Billion in Insurance Transfer Deal
American International Group Inc. agreed to pay $9.8 billion to Warren Buffett’s Berkshire Hathaway Inc. to take on long-term risks from commercial policies written in prior years. The reinsurance deal covers 80 percent of the risks on certain U.S. policies from 2015 and earlier, representing reserves of about $34 billion as of Jan. 1, 2016, New York-based AIG said Friday in a statement.
Watsa’s Fairfax Agrees to Buy Allied World for $4.9 Billion
Fairfax Financial Holdings Ltd. agreed to buy insurer Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Prem Watsa’s largest purchase.