Shocking! Truly Shocking! The world has become smaller! I had no idea! He needs to get one of his girls our of her broom closet so she can re-write his sound byte for him. And he needs to have his other girly fire the one who allowed him to release that drivel!
Why am I not surprised? AIG has turned over CEO’s/Officers on a regular basis since they first got into trouble, first with the bid rigging scandal and later the bailout due to all their nefarious activities. They deserve no sympathy for all their troubles.
Put it this way, as an Underwriter I wouldn’t afford D&O insurance to a corporation with this kind of turnover. AIG and its P&C arm Chartis are so unbelievably distressed. Let me put it simply: AIG is a 95′ Chevy Corsica that’s seen its better days, while comparable P&C competitors (USLI, Zurich, Philadelphia) are like a 2010 BMW M6 with a fresh wax. Period.
Moor: couldn’t have happened to a nicer guy
Hancock: height of irony here – “is one of the people that basically developed the credit-default swaps market at JPMorgan in the mid-1990s (Bloomberg article)”. Now he is promoted to one of the top leadership posts at a company that choked on a huge helping of CDS’s, the product he created?
To his credit, Hancock will be a big upgrade as head of Chartis. He is one of the smarter guys on Wall Street. He understands the complexity of these instruments and hopefully how to unwind AIG’s exposure to them. He has a lot of experience in pricing risk – a good quality in an insurance company head. One outstanding question is whether he can run an insurance company, and in particular this one, with it’s unique culture. It’s never paid to bet against Benmosche, though…
Can anyone explain why the AIG Group still gets favorable ratings from Best? Kind of makes me wonder what it takes to get downgraded since they have been in a constant uproar with management changes and financial trouble.
Great comment. I wish I had thought of that new name. There is a lot of wreckage with this group. Kind of like a giant octopus who has had 3/4 of its arms chopped off.
I am of the opinion that we, the people will never see all of our bailout money returned by All Insurance Gone. The last I saw, they still owe in excess of $80 Billion and they have the gall to talk about new investments, real estate etc. If they get into trouble again, they will look to the sugardaddy Feds to bail them out again. It may not be so easy if this administration loses out in November.
Pretty talented team especially with Peter Eastwood and John Doyle taking senior leadership positions. Hancock has never run an insurance company, and it will be interesting to see how he does running Chartis
The key will be to get some of the redundancies in their business units that puts different divisions against each other. There is greater competition among Chartis divisions than there is with other insurance companies.
Shocking! Truly Shocking! The world has become smaller! I had no idea! He needs to get one of his girls our of her broom closet so she can re-write his sound byte for him. And he needs to have his other girly fire the one who allowed him to release that drivel!
Why am I not surprised? AIG has turned over CEO’s/Officers on a regular basis since they first got into trouble, first with the bid rigging scandal and later the bailout due to all their nefarious activities. They deserve no sympathy for all their troubles.
Peter who? I see fame and fortune for Kris “somewhere else”…hummmmm..I wonder where???
Put it this way, as an Underwriter I wouldn’t afford D&O insurance to a corporation with this kind of turnover. AIG and its P&C arm Chartis are so unbelievably distressed. Let me put it simply: AIG is a 95′ Chevy Corsica that’s seen its better days, while comparable P&C competitors (USLI, Zurich, Philadelphia) are like a 2010 BMW M6 with a fresh wax. Period.
You must work for Marsh with tat attitude
Moor: couldn’t have happened to a nicer guy
Hancock: height of irony here – “is one of the people that basically developed the credit-default swaps market at JPMorgan in the mid-1990s (Bloomberg article)”. Now he is promoted to one of the top leadership posts at a company that choked on a huge helping of CDS’s, the product he created?
To his credit, Hancock will be a big upgrade as head of Chartis. He is one of the smarter guys on Wall Street. He understands the complexity of these instruments and hopefully how to unwind AIG’s exposure to them. He has a lot of experience in pricing risk – a good quality in an insurance company head. One outstanding question is whether he can run an insurance company, and in particular this one, with it’s unique culture. It’s never paid to bet against Benmosche, though…
Can anyone explain why the AIG Group still gets favorable ratings from Best? Kind of makes me wonder what it takes to get downgraded since they have been in a constant uproar with management changes and financial trouble.
Really not much left of the old AIG in what is left. Maybe it should be renamed All Insurance Gone!
Great comment. I wish I had thought of that new name. There is a lot of wreckage with this group. Kind of like a giant octopus who has had 3/4 of its arms chopped off.
I wouldn’t bet against this new team. In fact, I’m buying the stock.
AIG is simply rearanging the deck chairs on the Titanic. All aboard!
I am of the opinion that we, the people will never see all of our bailout money returned by All Insurance Gone. The last I saw, they still owe in excess of $80 Billion and they have the gall to talk about new investments, real estate etc. If they get into trouble again, they will look to the sugardaddy Feds to bail them out again. It may not be so easy if this administration loses out in November.
Pretty talented team especially with Peter Eastwood and John Doyle taking senior leadership positions. Hancock has never run an insurance company, and it will be interesting to see how he does running Chartis
The key will be to get some of the redundancies in their business units that puts different divisions against each other. There is greater competition among Chartis divisions than there is with other insurance companies.