Greenberg would never have LET the investments SIT in that garbage. No job and a big loan. Typical liberal ideas that cost all taxpayers money. Greenberg is thrown out by Hooker-Boy and see where he is now?
The gov’t should MANDATE that Hank gets back into AIG if/when they extend the cash. No one – repeat, NO ONE – could run that company like he did. Frankly a little megalomania is a good thing in a culture where “A Prime” persoanlities are thought of as gods.
Hank’s motto was that if an opportunity fit his three criterias he would do it: 1) is it profitable 2) is it legitimate and 3) why isn’t anyone else doing it?
Knock them all you want but AIG is a key part of our market. Maybe underselling the competition isn’t the best way to keep market share (we’ve always tempered their pricing with the adage that they don’t pay claims or service their book) but they provide vital capacity and are willing to think outside the box. That can be value-added.
I had a number of lunches “upstairs” at AIG and have had family members in the business work much closer with execs there and the one word ALWAYS used about Hank and his team was DYNAMIC.
I can only hope that the bailout isn’t like what the feds did for Chrysler back in the 80’s – unless they have a Lee Iacocca for ever. Hank IS that Lee – but without continuity planning the end result can only be selloffs to foreign parents, and ultimately to venture cap markets.
Best of luck to ALL our friends at AIG/Lex/NU etc.
This is an extract of a communication from AIG. I don’t work for them and I don’t vouch for its accuracy or its statements, but you asked:
AIG’s challenges do not impact AIG Commercial Insurance’s capital position.
Here are a few more facts we think are important for you to know…
The liquidity of AIG Commercial Insurance remains very strong.
AIG Commercial Insurance’s substantial capital position is independent of its parent, and cannot be used by the parent to satisfy its liquidity needs.
Since 2005, AIG Commercial Insurance’s statutory surplus has increased by over 50% to $26.7 billion.
AIG Commercial Insurance’s ability to pay claims and its commitment to writing challenging risks is undiminished.
AIG Commercial Insurance continues to exhibit strong financial performance with 2008 second quarter operating income of nearly $1 billion, net written premiums of $5.99 billion and a profitable combined ratio of 93.7%.
The articles mentions ‘AIG Commercial Insurance’. What exactly does this mean relative to the personal home, auto, excess, boat, etc., policies individuals have placed with AIG?
This is where the concern is. People are panicked.
Let’s get one thing straight. The Fed is not the government. It is not a federal instituition any more than Federal Express. It is a privately held institution that is not controlled by the Government. They controll our money supply but we do not control them. So the credit extended to AIG would not be from the government.
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Greenberg would never have LET the investments SIT in that garbage. No job and a big loan. Typical liberal ideas that cost all taxpayers money. Greenberg is thrown out by Hooker-Boy and see where he is now?
How the mighty have fallen.
The gov’t should MANDATE that Hank gets back into AIG if/when they extend the cash. No one – repeat, NO ONE – could run that company like he did. Frankly a little megalomania is a good thing in a culture where “A Prime” persoanlities are thought of as gods.
Hank’s motto was that if an opportunity fit his three criterias he would do it: 1) is it profitable 2) is it legitimate and 3) why isn’t anyone else doing it?
Knock them all you want but AIG is a key part of our market. Maybe underselling the competition isn’t the best way to keep market share (we’ve always tempered their pricing with the adage that they don’t pay claims or service their book) but they provide vital capacity and are willing to think outside the box. That can be value-added.
I had a number of lunches “upstairs” at AIG and have had family members in the business work much closer with execs there and the one word ALWAYS used about Hank and his team was DYNAMIC.
I can only hope that the bailout isn’t like what the feds did for Chrysler back in the 80’s – unless they have a Lee Iacocca for ever. Hank IS that Lee – but without continuity planning the end result can only be selloffs to foreign parents, and ultimately to venture cap markets.
Best of luck to ALL our friends at AIG/Lex/NU etc.
What do we tell the flood of clients who are calling questioning whether AIG is the company they should be insuring their assets with?
This is an extract of a communication from AIG. I don’t work for them and I don’t vouch for its accuracy or its statements, but you asked:
AIG’s challenges do not impact AIG Commercial Insurance’s capital position.
Here are a few more facts we think are important for you to know…
The liquidity of AIG Commercial Insurance remains very strong.
AIG Commercial Insurance’s substantial capital position is independent of its parent, and cannot be used by the parent to satisfy its liquidity needs.
Since 2005, AIG Commercial Insurance’s statutory surplus has increased by over 50% to $26.7 billion.
AIG Commercial Insurance’s ability to pay claims and its commitment to writing challenging risks is undiminished.
AIG Commercial Insurance continues to exhibit strong financial performance with 2008 second quarter operating income of nearly $1 billion, net written premiums of $5.99 billion and a profitable combined ratio of 93.7%.
Stick around. Try telling them that.
The articles mentions ‘AIG Commercial Insurance’. What exactly does this mean relative to the personal home, auto, excess, boat, etc., policies individuals have placed with AIG?
This is where the concern is. People are panicked.
Did you see IJ interview series with Greenberg? Not exactly the topic of this story, but still very interesting, watch here.
http://www.insurancejournal.tv/?s=greenberg
I wonder if IJ could get Greenberg comments on this news?
I don’t handle those lines and wouldn’t care to comment on things I know even less about than that which I already am short on.
Since Warren has not returned their calls, the Execs at AIG have a call in to Jimmy Buffett. They’ll take the money from anyone at this point.
Let’s get one thing straight. The Fed is not the government. It is not a federal instituition any more than Federal Express. It is a privately held institution that is not controlled by the Government. They controll our money supply but we do not control them. So the credit extended to AIG would not be from the government.
Danny, who bailed out Bear Stearns?