The individual responding as Maurice Greenberg, could not be the former CEO with such nonsensical talk.
It is a fact that C.V. Starr and Mr. Greenberg built a very powerful conglomerate. But it should not be overlooked that with Mr. Greenberg at the helm, the criminal financial reinsurance fiasco mandated AIG to restate financials decreasing net income by 3.924 billion and stockholders equity by 2.264 billion. The lives that were shredded as a result is a tragedy.
Mr. Greenberg suffers from the empty schoolhouse malady, (no principal and no class). But he does have lots of money.
I am sick and tired of having to compete with a government subsidized company. They get an astronomical amount of money, and then proceed to abandon all underwriting discipline. Why shouldn’t they. They will just get another handout. From YOU.
Loved Bernanke’s comment: “…failure to act could have triggered an economic disaster.”
As opposed to the economic disaster we have now??
Now that we’ve nationalized AIG, why not put it to work writing flood, quake and coastal wind like the rest of the government-backed markets? One big tub of warm spit poured on the uninsurable risk segment. I mean, as long as we’re gonna need to fix a problem ….
I came up against lex this morning on an account. Insured was expiring w/ Lex at $70k,until lex cut the price to $60k. They had the order at 60k but then called the insured and dropped the price to $50k….WITHOUT EVEN BEING ASKED.
I’m glad the bailout money is allowing them to be more reckless than ever.Its beyond cash flow underwriting now seeings how they obviously aren’t investing any of the money. They’re just blindly writing policies at deep discounts to keep money coming in the door with no regard for the future. I guess they’re praying for a miracle huh?
I made this a great company and the United States dragged it down to it’s current state. If I was still there at the helm, none of this would have happened.
Now the new company can be made into a new image. Charge anything they want, regardless of any insurance models or guidelines, screw the industry, and give out huge, well deserved retention bonuses to all the folks who have no clue about writing insurance policies…because the government of the United States will keep throwing bad money after bad money to this disgusting Nationilized company…
The government has no business being in the insurance business, banking or finance…let these dogs go into bankruptcy!!!!!
It is a great country!
AIG can be proud that they helped screw this country into the nightmare it now faces.
Sad to see such ignorant insurance professionals. AIG’s prop and casualty biz never received a dime of gov’t money. It’s all in the annual report – maybe you should read it.
Whether they rec’d direct money or simply are now able to stop subsidizing other divisions, there is no argument that they have clearly abandoned underwriting discipline. I recently bound an oilfield contractor with them-on the GL, Ace was 75k, Arch 65k… AIG??? 36k! Defies explanation.
By stating that they had no choice in the matter, Bernanke has given AIG a blank check to continue with business as usual…
Since when does the government have the right to decide who is too big to go down? I will second the statement “stop the insanity” (and add, let every business go down that has screwed itself by bad decisions.)
Good to see the clown posse out and about. If you spent as much time selling policies as you do blogging the same broken record over and over again you could be alot more profitable. Perhaps you should join the madness and you too could offer ridiculously priced policies to your “new” competitors. GET OVER IT AIG WILL CONTINUE TO EXIST DESPITE YOUR DAILY WHINING.
Wazzup – u hit the nail on the head – what the whiners dont get is that AIG is reinsuring every other insurance company they do business with. AIG goes down, we will all feel the pain. Reality bites, doesnt it?
I can not take it anymore! I work for one of the insurance divisions of AIG. Granted the parent company has gotten it’s share of help from the Fed and US Taxpayers. And even I have had a sense of fatigue as well as the marketplace about being sick and tired of hearing about AIG in the news.
But the insurance companies never needed a dime of government money, have never received a dime of the bailout money and have never asked for a dime of bailout money.
I am sick and tired of reading all this slamming of AIG.
The insurance employees of AIG are hard-working people and have worked hard to keep their heads held high, to promote their products, and u/w with discipline- all in the wake of being slammed everyday by the media, press, and people like you.
They are profitable, they make money and are and will be a force to be dealt with in the market place. It’s a soft market out there. I’ve seen very reputable companies “buy” AIG Insurance customer’s accounts since September. So, try to be sensitive to the employees of AIG who have taken on more than any one of you could ever handle!
I keep hearing AIG people telling people on these boards how “profitable” the P&C units of AIG were. What was the loss ratio for Lexington for calendar year 2008?
A question for the AIG P&C defenders: Do you guys really know if you’re profitable or not? Just because your financial statements say one thing, doesn’t mean that the opposite could be (and likely is) true. After all of the financial reporting monkey-business we’ve seen in the last year or so, I’m taking your protestations of profitability with a huge grain of salt.
GAAP reporting is not the standard for reporting insurance company profits. Statuatory accounting methods must be used to give a real comparison to other insurance companies.
Hey WELL FED TED….BACK TO WORK….your opinion is just like what you sit on….every one has one! IT was the FP division alone that sank the company..a guy named Cassano…there are over 110,000 other people working for the company…get a mitt get in the game…your bad news is stale, boring and out of touch!
key thing everyone forgets is AM BEST/S&P/ETC would have downgraded insurance operations if fed didnt bail them out. once a downgrade is upon us(refer to HIG) for AIG, the flight to quality will be expedited. personally, i’ve seen some irrational nat union/lex quotes lately…
The individual responding as Maurice Greenberg, could not be the former CEO with such nonsensical talk.
It is a fact that C.V. Starr and Mr. Greenberg built a very powerful conglomerate. But it should not be overlooked that with Mr. Greenberg at the helm, the criminal financial reinsurance fiasco mandated AIG to restate financials decreasing net income by 3.924 billion and stockholders equity by 2.264 billion. The lives that were shredded as a result is a tragedy.
Mr. Greenberg suffers from the empty schoolhouse malady, (no principal and no class). But he does have lots of money.
I am sick and tired of having to compete with a government subsidized company. They get an astronomical amount of money, and then proceed to abandon all underwriting discipline. Why shouldn’t they. They will just get another handout. From YOU.
I understand trying to prop up the financial sector but why reward these guys?
Let’s put a govt. person in each non-insurance office.
AND – If they can’t sell the insurance business, put it in RUNOFF!
Loved Bernanke’s comment: “…failure to act could have triggered an economic disaster.”
As opposed to the economic disaster we have now??
Now that we’ve nationalized AIG, why not put it to work writing flood, quake and coastal wind like the rest of the government-backed markets? One big tub of warm spit poured on the uninsurable risk segment. I mean, as long as we’re gonna need to fix a problem ….
I came up against lex this morning on an account. Insured was expiring w/ Lex at $70k,until lex cut the price to $60k. They had the order at 60k but then called the insured and dropped the price to $50k….WITHOUT EVEN BEING ASKED.
I’m glad the bailout money is allowing them to be more reckless than ever.Its beyond cash flow underwriting now seeings how they obviously aren’t investing any of the money. They’re just blindly writing policies at deep discounts to keep money coming in the door with no regard for the future. I guess they’re praying for a miracle huh?
What. A. Crock.
We keep bailing these idiots out but we let Circuit City (and now maybe even Blockbuster) go out of business??? Oh, that’s right, it’s a LOAN to AIG.
Stop the Insanity!!!
I made this a great company and the United States dragged it down to it’s current state. If I was still there at the helm, none of this would have happened.
Now the new company can be made into a new image. Charge anything they want, regardless of any insurance models or guidelines, screw the industry, and give out huge, well deserved retention bonuses to all the folks who have no clue about writing insurance policies…because the government of the United States will keep throwing bad money after bad money to this disgusting Nationilized company…
The government has no business being in the insurance business, banking or finance…let these dogs go into bankruptcy!!!!!
It is a great country!
AIG can be proud that they helped screw this country into the nightmare it now faces.
Sad to see such ignorant insurance professionals. AIG’s prop and casualty biz never received a dime of gov’t money. It’s all in the annual report – maybe you should read it.
Whether they rec’d direct money or simply are now able to stop subsidizing other divisions, there is no argument that they have clearly abandoned underwriting discipline. I recently bound an oilfield contractor with them-on the GL, Ace was 75k, Arch 65k… AIG??? 36k! Defies explanation.
By stating that they had no choice in the matter, Bernanke has given AIG a blank check to continue with business as usual…
Since when does the government have the right to decide who is too big to go down? I will second the statement “stop the insanity” (and add, let every business go down that has screwed itself by bad decisions.)
Good to see the clown posse out and about. If you spent as much time selling policies as you do blogging the same broken record over and over again you could be alot more profitable. Perhaps you should join the madness and you too could offer ridiculously priced policies to your “new” competitors. GET OVER IT AIG WILL CONTINUE TO EXIST DESPITE YOUR DAILY WHINING.
Wazzup – u hit the nail on the head – what the whiners dont get is that AIG is reinsuring every other insurance company they do business with. AIG goes down, we will all feel the pain. Reality bites, doesnt it?
I can not take it anymore! I work for one of the insurance divisions of AIG. Granted the parent company has gotten it’s share of help from the Fed and US Taxpayers. And even I have had a sense of fatigue as well as the marketplace about being sick and tired of hearing about AIG in the news.
But the insurance companies never needed a dime of government money, have never received a dime of the bailout money and have never asked for a dime of bailout money.
I am sick and tired of reading all this slamming of AIG.
The insurance employees of AIG are hard-working people and have worked hard to keep their heads held high, to promote their products, and u/w with discipline- all in the wake of being slammed everyday by the media, press, and people like you.
They are profitable, they make money and are and will be a force to be dealt with in the market place. It’s a soft market out there. I’ve seen very reputable companies “buy” AIG Insurance customer’s accounts since September. So, try to be sensitive to the employees of AIG who have taken on more than any one of you could ever handle!
Give us a break!
JLS – you are absolutely correct – don’t pay attention to the whining agents who apparently don’t understand the insurance business. Hang in there!
I keep hearing AIG people telling people on these boards how “profitable” the P&C units of AIG were. What was the loss ratio for Lexington for calendar year 2008?
A question for the AIG P&C defenders: Do you guys really know if you’re profitable or not? Just because your financial statements say one thing, doesn’t mean that the opposite could be (and likely is) true. After all of the financial reporting monkey-business we’ve seen in the last year or so, I’m taking your protestations of profitability with a huge grain of salt.
read the 10k! we made $$ via Gaap reporting
GAAP reporting is not the standard for reporting insurance company profits. Statuatory accounting methods must be used to give a real comparison to other insurance companies.
Hey WELL FED TED….BACK TO WORK….your opinion is just like what you sit on….every one has one! IT was the FP division alone that sank the company..a guy named Cassano…there are over 110,000 other people working for the company…get a mitt get in the game…your bad news is stale, boring and out of touch!
key thing everyone forgets is AM BEST/S&P/ETC would have downgraded insurance operations if fed didnt bail them out. once a downgrade is upon us(refer to HIG) for AIG, the flight to quality will be expedited. personally, i’ve seen some irrational nat union/lex quotes lately…