Post by Logan on Mar 9, 2017 23:42:44 GMT -6
AIG CEO Peter Hancock to step down after massive loss at insurance giant
NEW YORK - Three weeks after AIG reported a titanic loss, the person tapped to turn things around at one of the world’s largest insurance companies is stepping down.
AIG said Thursday that CEO Peter Hancock, appointed less than three years ago, will remain as the company’s chief executive until a successor is found.
The announcement came after American International Group Inc. in February reported a fourth-quarter loss of $3.04 billion and a $5.6 billion pre-tax charge to boost its claims reserves. The results missed Wall Street expectations, and company's shares plunged 9 percent in one day.
Weeks earlier, AIG said it had agreed to a reinsurance deal with National Indemnity, a subsidiary of investor Warren Buffett's Berkshire Hathaway. The company agreed to pay $9.8 billion for the agreement.
Read more: www.usatoday.com/story/money/2017/03/09/aig-ceo-peter-hancock-step-down-after-massive-loss-insurance-giant/98946930/
NEW YORK - Three weeks after AIG reported a titanic loss, the person tapped to turn things around at one of the world’s largest insurance companies is stepping down.
AIG said Thursday that CEO Peter Hancock, appointed less than three years ago, will remain as the company’s chief executive until a successor is found.
The announcement came after American International Group Inc. in February reported a fourth-quarter loss of $3.04 billion and a $5.6 billion pre-tax charge to boost its claims reserves. The results missed Wall Street expectations, and company's shares plunged 9 percent in one day.
Weeks earlier, AIG said it had agreed to a reinsurance deal with National Indemnity, a subsidiary of investor Warren Buffett's Berkshire Hathaway. The company agreed to pay $9.8 billion for the agreement.
Read more: www.usatoday.com/story/money/2017/03/09/aig-ceo-peter-hancock-step-down-after-massive-loss-insurance-giant/98946930/