Embattled U.S. insurer American International Group Inc (AIG) is looking to sell its Hartford Steam Boiler Inspection and Insurance Co. unit to Germany’s Munich Re Group AG, the world’s second-largest reinsurance company, a source familiar with the negotiations told Reuters yesterday (Sunday).
American International Group Inc. (AIG) got a $150 billion government rescue package – almost double the initial bailout deal of less than two months ago and the largest ever granted to a private U.S. company – as the ailing insurer continues to burn through its cash at an accelerating rate.
American International Group Inc, the world’s biggest insurer, has announced it will replace CEO Martin Sullivan. The news comes after AIG reported record losses due to risky mortgage bets.
Sullivan follows the departure of a wave of Wall Street top execs, including the recent bloodletting at ailing investment bank Lehman Brothers.
“On Wall Street, after Bear Stearns fainted, the other financial firms took smelling salts,” says Bill Bonner in The Daily Reckoning.
You can’t deny 2007 was the year of living dangerously in financial markets. So far this losing streak has continued through the first quarter—with the notable exception of soaring commodity markets!
With earnings season starting to wind down, investors are not anticipating many new surprises.