american international group (AIG) Key Developments
American International Group, Inc. Announces Executive Changes in Bermuda
May 14 13
American International Group, Inc. announced that Anthony Philip is taking over as president and CEO of American International Company Limited in Bermuda with immediate effect. Philip succeeds David Valzania, who was recently named as head of Global Risk Solutions for the US and Canada. In his new role Philip will manage all of the company's daily operations in Bermuda, including financial and general business matters. He will oversee regulatory matters and will act as the company's principal liaison with the Bermuda Monetary Authority. Philip joined the company in 2008 as senior vice president and general counsel in Bermuda, with responsibility for advising on Bermuda law, regulation and corporate governance, and managing corporate administration and compliance for the 35 AIG companies in Bermuda. He also acted as company secretary for all AIG companies in Bermuda.
American International Group, Inc. - Shareholder/Analyst Call
May 8 13
2013 Annual Meeting of Shareholders
American International Group, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Full Year of 2013
May 2 13
American International Group, Inc. reported earnings results for the first quarter ended March 31, 2013. The company reported net income attributable to AIG of $2.2 billion and after-tax operating income of $2.0 billion for the quarter ended March 31, 2013, compared to net income attributable to AIG of $3.2 billion and after-tax operating income of $3.0 billion for the first quarter of 2012. Diluted earnings per share attributable to AIG and after-tax operating income per share attributable to AIG were $1.49 and $1.34, respectively, for the first quarter of 2013, compared with diluted earnings per share attributable to AIG and after-tax operating income per share attributable to AIG of $1.71 and $1.62, respectively, for the first quarter of 2012. Income from continuing operations before income taxes was $2,832 million against $4,466 million a year ago. Income from continuing operations was $2,138 million against $3,385 million a year ago. Net income attributable to AIG was $2,206 million against $3,208 million a year ago. Book value per share was $67.41 as at March 31, 2013 compared to $57.68 as at march 31, 2012. Return on equity was 8.9% against 12.5% a year ago.
For the rest of 2013, the company expects an operating tax rate to be roughly in the range of 30%. The company continues to expect modest net premium growth in 2013 as underwriting actions take hold and write profitable new business.
American International Group, Inc. Announces Appointments to Property Casualty Business Segment
Apr 29 13
American International Group, Inc. announced several executive appointments in its property casualty business segment, effective immediately. Robert Schimek will become President and Chief Executive Officer of AIG Property Casualty's Americas region. Mr. Schimek, one of the company's most experienced executives, will relocate to New York from London, where he has been serving as President and CEO of the Europe, Middle East, and Africa region. Prior to becoming head of EMEA, Mr. Schimek was Chief Financial Officer of AIG Property Casualty. He will continue to report to Peter Hancock, President and Chief Executive Officer of AIG Property Casualty. Nicholas Walsh, who ran AIG's international property casualty businesses for many years, will become President and Chief Executive Officer of EMEA on an interim basis as the company seeks a permanent successor to Mr. Schimek in due course. Mr. Walsh, an AIG veteran of nearly 40 years, Chairman of AIG Europe Ltd., and a resident of the United Kingdom, has been serving as a senior adviser on broker, client, and government relations matters since 2011. He will report to Mr. Hancock. Alexander Baugh will assume responsibility for AIG's global Casualty business, reporting to John Doyle, Chief Executive Officer of Global Commercial Insurance within AIG Property Casualty. As a 29 year veteran of AIG, Mr. Baugh has held several senior roles at the company, including most recently as Chief Risk Officer and Head of Strategy for AIG Property Casualty and before that, served as Chief Executive Officer of Europe.
Court Grants the Motion to Certify Class Action Between International Company Versus USA & American International Group, Inc
Apr 22 13
As the center of attention in this lawsuit, American International Group (AIG) is a nominal Defendant in the action, but the primary parties are the putative class represented by Starr International Co. ("SIC"). Starr, on behalf of a class of AIG shareholders, claims that the federal government assumed a 79.9% equity interest in AIG through an unconstitutional "taking" and then engineered a reverse stock split that, in tandem, denied the shareholders a separate vote and deprived the class members of the value of their holdings. The claims have already survived a motion to dismiss by the Government and, at this stage of the litigation, Plaintiff seeks certification of the class and appointment of class counsel. The Government maintains that the class cannot be certified because the typicality, commonality and adequacy tests that qualify a federal class action are not present. Starr proposes two classes for certification, the Credit Agreement Class and the Stock Split Class. The Court grants certification to each. The Court grants the motion to certify both classes, establishes their defined dimensions, and appoints David Boies as class counsel.