AIG CEO Peter Hancock to step down after massive loss at insurance giant

[TexasTowelie]

NEW YORK - Three weeks after AIG reported a titanic loss, the person tapped to turn things around at one of the world’s largest insurance companies is stepping down.

AIG said Thursday that CEO Peter Hancock, appointed less than three years ago, will remain as the company’s chief executive until a successor is found.

The announcement came after American International Group Inc. in February reported a fourth-quarter loss of $3.04 billion and a $5.6 billion pre-tax charge to boost its claims reserves. The results missed Wall Street expectations, and company's shares plunged 9 percent in one day.

Weeks earlier, AIG said it had agreed to a reinsurance deal with National Indemnity, a subsidiary of investor Warren Buffett's Berkshire Hathaway. The company agreed to pay $9.8 billion for the agreement.

Read more: http://www.usatoday.com/story/money/2017/03/09/aig-ceo-peter-hancock-step-down-after-massive-loss-insurance-giant/98946930/

[MANative]

1. Right this minute, I'm sitting on the train next to another exec from AIG

A good guy I've known for many years. He was stunned to hear this news, and he's a pretty senior guy. Looking for an exit strategy!

[superpatriotman]

2. Keeping my eye on this

The Great Recession began under similar circumstances.

[doc03]

3. It was AIG then too,right?

[doc03]

4. Are we aware this is the second longest bull market in history,it can't just keep

going up. We are overdue for a major correction.

[BumRushDaShow]

6. AIG had to be bailed out

https://dealbook.nytimes.com/2008/09/17/aigs-85-billion-government-bailout/

...although there is a side issue that I'm not sure the status of (court-wise) - https://www.nytimes.com/2015/06/16/business/dealbook/surprise-ruling-finds-bailout-shorted-aig.html

[Dawson Leery]

7. +1

[pansypoo53219]

5. and turnip is unlikely to talk his way out of a downturn.