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Breakingviews: Dawn of a new AIG

Wednesday, June 11, 2014 - 03:45

June 11 - Bob Benmosche is retiring after leading the insurer back from its $182 bln bailout. Antony Currie and Richard Beales consider what his legacy means for new boss Peter Hancock.

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Crusty man responsible for helping save AIG and and getting the government's money back on its bailout. Is stepping down. Well that cliche is leaving and she makes this year to be replaced by former chicken -- injury does expect Pete to Hancock is that the firm for three years now. Poison richest and as a whole team's been looking at AIG ever since the -- days of the bailout when they need to hunt and his -- believe. Right now massive bailout that went through seven it's a racist is that wasn't big enough that it was too expensive strategy in its crippling -- -- changed everything. Then they gotta stop get C and have a said he was going for a yet unity was -- in -- retirements. September 2009. Thank you finally got -- committed CIA is still in the mess that you remember that time huge -- Olivia hey even relatively small amounts being paid -- energy derivatives. People I'm it was kind of needed to. Continue winding down the book that's -- atlas AK many immediately criticized new attorney general with some colorful language and he later said he regretted -- If he's a colorful -- at least he kept his job -- -- of exact since he's tutored about Iraq -- one particular decision I would have to guys and he kept his job at least well he's a stroke Eric. One folks in the all of this was to build you know quite impressively Bill Monroe within an idea from unbelievably low level I think that was helpful he's. Off related ton of assets in the meantime streamline the company. I think the way they'd probably say it is same amount of capital that about a hundred billion and half the -- -- they had you know Baghdad today at a trillion dollars in assets now they have about half that. Then I'll just entrances. Hopefully gonna show they got rid -- at financing business again if insurance at least listening is an -- financing of the Asian business they go. So it's it's really trimmed it down below its. It says that go back to a they were a bit they've they've recovered quite. Substantially and I think you can ego the government out at a profit as well as it is you put them which was a major landmark that surely would want to stick around credible -- frankly conniving even when -- on this thing. -- a slight -- away and yet as he did well yeah he managed to the business around the extent that this brings cash -- and so that's that's quite a lot they sold together. I'm between everything and some by banks by AIG's and selling a second reselling it says by the government when the price was above the breakeven level. They managed to get that at twenty billion goes back from a hundred maintenance about it and he is he's a long long time insurance exact right -- right we can -- -- life and yet it. And yet. Hey is doing all this. Financial wizardry that's arguably you'll be the president of Wall Street is not exactly he's taking us and -- pita right now. Speed thankfully the irony in this I -- the list it says that the job now I think he's you know he's been in charge of the the big property casualty business geography is now. He's clearly understands insurance and nobody is not an insurance guy. But his job is now to build an insurance company it's kind of it's no -- to turn -- to fail that it's to build an insurance companies are very different -- -- exciting at least that was sent out to what he's been three. But the it's the slight irony here is that. And Coke used to be what was one of the people he started. -- equivalents global derivatives reprise the grief that invented credit default swaps which arguably. With the instruments that. Let's say he's doubtful in the first place right well. That CI gets on that and see if -- ankle can restrain his sent his previous role as adrift his -- is he takes an -- it this year. I'm will be back with more breaking he's Smart.

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Breakingviews: Dawn of a new AIG

Wednesday, June 11, 2014 - 03:45

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