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FEATURE: AIG down, but not out
14 October 2009
AIG has taken a beating in the past year but has not been knocked out. Reactions looks back at the year and asks AIG executives, shareholders and analysts whether it can get back on its feet.
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[aig]
[american international group]
[ed liddy]
[robert benmosche]
More than a year on from September 16 2008, when the Federal Reserve Bank of New York had to step in with $85bn to prevent the world’s largest insurer from going bust, American International Group (AIG) is in better shape than many could have imagined last autumn.
It recently posted its first profit for seven quarters. It has appointed a new chief executive. Relations with Hank Greenberg have even thawed. In addition, the firm has rebranded AIU Holdings, the holding company for its commercial insurance, general insurance and private client group units, as Chartis.
But the future of AIG, the insurance heavyweight that once stood as an icon of the insurance market throughout the world, is by no means certain. AIG is still looking to dispose of many of its assets, though at a slower place than under former CEO Edward Liddy, and doubts linger about the firm’s ability...
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