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AIG Who?

If Manchester United followers ever wondered what lay behind the acronym on their players' shirts, the publicity about AIG has probably enlightened them.

The giant insurer was near to collapse when, in September, the Federal Reserve Bank of New York took the unprecedented step of providing a huge loan facility to ensure the Group could meet its liquidity needs.

A further cash injection has since been negotiated. The intention is to facilitate a process under which AIG can sell certain of its businesses in an orderly manner. Ed Liddy, the new CEO, at an investors conference on 3 October, said the Group wanted to retain U.S. property and casualty operations, foreign general insurance business (including the UK), and an interest in foreign life.

The rest, including US life operations, is, we are told, up for sale.

Published by BP Insurance, October 2008

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