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Hartford president and COO Marra to retire: "HARTFORD, Conn.—Thomas M. Marra, president and chief operating officer of Hartford Financial Services Group Inc., will retire effective July 3, the company said Wednesday.
In addition, the 29-year Hartford veteran has resigned from the company's board of directors, effective immediately.
Ramani Ayer, Hartford's chairman and chief executive officer, now will directly oversee Hartford’s property/casualty and life operations, the company said in a statement."
Source: Business Insurance
25 February 2009
AIG's asset management unit attracts bids of $500m
AIG's asset management unit attracts bids of USD 500 Million: "American International Group Inc's asset management business has attracted corporate and private equity buyers with initial bids coming in around $500 million, sources familiar with the matter said.
The asset management business being sold rests within AIG Investments, which had $111.5 billion in client assets under management overall as of September 30.
AIG, which is trying to sell assets to pay back the US government after a bailout, declined to comment.
AIG is trying to dispose of assets at a difficult time. Credit for deals remains difficult to come by due to the financial crisis and many would-be buyers are dealing with their own problems.
The company expects to post a fourth-quarter loss of about $60 billion, the biggest in corporate history, and is in talks with the government for further aid, discussing a number of options to deal with its financial issues.
AIG said Tuesday it will rethink its sales strategy if tough market conditions keep it from getting a good price for its properties.
Asset managers have historically sold in the range of eight to 12 times their earnings before interest, taxes, depreciation and amortisation, said Michael Kim, an analyst at Sandler O'Neill."
Source: The Royal Gazette
The asset management business being sold rests within AIG Investments, which had $111.5 billion in client assets under management overall as of September 30.
AIG, which is trying to sell assets to pay back the US government after a bailout, declined to comment.
AIG is trying to dispose of assets at a difficult time. Credit for deals remains difficult to come by due to the financial crisis and many would-be buyers are dealing with their own problems.
The company expects to post a fourth-quarter loss of about $60 billion, the biggest in corporate history, and is in talks with the government for further aid, discussing a number of options to deal with its financial issues.
AIG said Tuesday it will rethink its sales strategy if tough market conditions keep it from getting a good price for its properties.
Asset managers have historically sold in the range of eight to 12 times their earnings before interest, taxes, depreciation and amortisation, said Michael Kim, an analyst at Sandler O'Neill."
Source: The Royal Gazette
Heritage to close international binders business
Heritage to close international binders business: "Heritage to close international binders business
Heritage, the Lloyd's syndicate owned by Bermudian (re)insurer Argo, is to close its international binders business, Reinsurance understands.
It is not known how many people the business employs.
Heritage said: 'We confirm that we have closed this very small book of business. We continue to focus on our profitable, leading lines of business.'"
Source: Reinsurance Magazine
Heritage, the Lloyd's syndicate owned by Bermudian (re)insurer Argo, is to close its international binders business, Reinsurance understands.
It is not known how many people the business employs.
Heritage said: 'We confirm that we have closed this very small book of business. We continue to focus on our profitable, leading lines of business.'"
Source: Reinsurance Magazine
Allianz poaches professional indemnity team from AIG UK
Allianz poaches professional indemnity team from AIG UK: "Allianz has signed up six senior underwriters from rival AIG UK to set up a professional indemnity team.
AIG UK has lost 12 staff from its 80-strong financial lines team in the past six months.
The news comes as speculation mounts that the insurer’s US parent will announce a $60bn (£41.63bn) fourth-quarter loss on Monday, the biggest in global corporate history.
Lex Baugh, chief executive of AIG UK, said the six underwriters were a small percentage of the financial lines team and they had been replaced with minimal disruption. “When the spotlight is not on, that level of turnover is happening every day in the marketplace,” he said.
“It is not a phenomenon hitting one company or another. In an environment when the spotlight is on AIG, what might be a normal level of turnover looks like something exceptional.”"
Source: Insurance Times
AIG UK has lost 12 staff from its 80-strong financial lines team in the past six months.
The news comes as speculation mounts that the insurer’s US parent will announce a $60bn (£41.63bn) fourth-quarter loss on Monday, the biggest in global corporate history.
Lex Baugh, chief executive of AIG UK, said the six underwriters were a small percentage of the financial lines team and they had been replaced with minimal disruption. “When the spotlight is not on, that level of turnover is happening every day in the marketplace,” he said.
“It is not a phenomenon hitting one company or another. In an environment when the spotlight is on AIG, what might be a normal level of turnover looks like something exceptional.”"
Source: Insurance Times
John Williams quits AIG for Torus
John Williams quits AIG for Torus: "Torus Insurance has appointed former AIG executive John Williams as Global Head of Business Operations.
In his new role, Williams is responsible for Torus’ business architecture and management of workflow processes.
Williams previously worked as senior vice president of operations in AIG’s small business division, one of the fastest growing commercial units in the US.
His 20 year career also includes working with KPMG and Mercer Management Consulting (now Oliver Wyman).
Clive Tobin, Torus CEO, commented on the appointment: “John’s breadth of experience across both processing and technology will be a great asset to Torus.”
Williams said: “The application of the right technology and processes can be a huge advantage to business especially if they are applied in the earliest stages of its development.
“Focusing on getting these areas right in the short term, as Torus is doing, means greater opportunity for growth in the longer term.”
Williams joins a number of AIG executives lured to other companies following the insurance giant’s demise in which it requested billions of dollars in aid from the US government."
Source: Insurance Daily
In his new role, Williams is responsible for Torus’ business architecture and management of workflow processes.
Williams previously worked as senior vice president of operations in AIG’s small business division, one of the fastest growing commercial units in the US.
His 20 year career also includes working with KPMG and Mercer Management Consulting (now Oliver Wyman).
Clive Tobin, Torus CEO, commented on the appointment: “John’s breadth of experience across both processing and technology will be a great asset to Torus.”
Williams said: “The application of the right technology and processes can be a huge advantage to business especially if they are applied in the earliest stages of its development.
“Focusing on getting these areas right in the short term, as Torus is doing, means greater opportunity for growth in the longer term.”
Williams joins a number of AIG executives lured to other companies following the insurance giant’s demise in which it requested billions of dollars in aid from the US government."
Source: Insurance Daily
AIG may abandon asset sales plan: report
AIG may abandon asset sales plan: report: "American International Group Inc (NYSE:AIG - News) may scrap a plan to repay a $60 billion U.S. government loan by selling businesses, after failing to find enough promising bidders, Bloomberg said, citing people with knowledge of the matter.
AIG Chief Executive Edward Liddy, who took charge in September and unveiled the strategy the following month, has concluded it will not work, the people told the news agency on condition of anonymity.
AIG is proposing additional ways to reduce the company's debt to the U.S. government, including handing over stakes in some operations directly to the government, a person told the news agency."
Source: Yahoo! Finance
AIG Chief Executive Edward Liddy, who took charge in September and unveiled the strategy the following month, has concluded it will not work, the people told the news agency on condition of anonymity.
AIG is proposing additional ways to reduce the company's debt to the U.S. government, including handing over stakes in some operations directly to the government, a person told the news agency."
Source: Yahoo! Finance
Marsh and McLennan Downgraded
Marsh and McLennan (MMC) NewsBite - MMC Downgraded By Friedman, Billings, Ramsey & Co.: "Marsh and McLennan (MMC) was downgraded today by analysts at Friedman, Billings, Ramsey & Co. and the stock is now at $19.16, down $0.27 (-1.39%) on volume of 1,692,597 shares traded. The analysts downgraded the stock to 'Underperform' from 'Market Perform.' Over the last 52 weeks the stock has ranged from a low of $18.52 to a high of $36.82. Marsh and McLennan stock has been showing support around $18.20 and resistance in the $20.08 range. Technical indicators for the stock are bullish and S&P gives MMC a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MMC the stock seems like it could be a candidate for a July out-of-the-money bear-call credit spread above the 25 range."
Source: Market Intelligence Center
Source: Market Intelligence Center
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