American General Life & Accident wants to add 4,000 salespeople to its staff of about 5,000 in the coming years and is kicking off a national recruiting drive this month. The traveling job fair will make a stop at the company's 800-person Brentwood offices on the 29th.
Sep 15, 2010 8:11 AM
The private-equity firms that own locally based auto insurer Direct General have recruited Bob Sandler, a 40-year veteran of American International Group, to be the company's non-executive chairman. Sandler retired from AIG in April 2008 as executive vice president of domestic personal lines. He raised some eyebrows soon after when he paid cash for a Central Park pad.
Jun 4, 2010 7:58 AM
New American International Group CEO Robert Benmosche says the insurance giant will take its time selling various divisions — including American General, which employs 1,000 in Brentwood.
"That kind of price talk is ridiculous," he said, without specifying what he considers a fair price. "I've told the government that if we have to sell them right now, we may not be able to pay back what we owe."That's the kind of talk AIG investors have quickly come to like: Shares of the company (TIcker: AIG) have more than tripled since he took the helm less than a month ago.
Aug 28, 2009 12:23 PM
The reorganizing American International Group has created a new leadership post for its U.S. life and retirement divisions — which includes Brentwood-based American General Life & Accident — and named 10-year company veteran Jay Wintrob to fill it.
Aug 20, 2009 2:42 PM
The Washington Post reports that troubled insurance giant AIG plans to pay out millions more in bonuses to senior executives just months after a similar move caused a public outrage.
American International Group is preparing to pay millions of dollars more in bonuses to several dozen top corporate executives after an earlier round of payments four months ago set off a national furor. The troubled insurance giant has been pressing the federal government to bless the payments in hopes of shielding itself from renewed public outrage. The request puts the administration's new compensation czar on the spot by seeking his opinion about bonuses that were promised long before he took his post. AIG doesn't actually need the permission of Kenneth R. Feinberg, who President Obama appointed last month to oversee the compensation of top executives at seven firms that have received large federal bailouts. But officials at AIG, whose federal rescue package stands at $180 billion, have been reluctant to move forward without political cover from the government. "Anytime we write a check to anybody" it is highly scrutinized, said an AIG official, who declined to speak on the record because the negotiations with Feinberg are ongoing. "We would want to feel comfortable that the government is comfortable with what we are doing." The payments coming due next week include $2.4 million in bonuses for about 40 high-ranking executives at AIG, according to administration documents from earlier this year. Though the actual sum may have changed since then, the payments are much smaller than those that caused the upheaval in March.
Jul 10, 2009 7:38 AM
The government is trading part of the debt extended to American International Group last fall for preferred equity in two of the insurer's subsidiaries. AIG plans to take American International Assurance Co. and American Life Insurance Co. public and raise more capital after that. There's still no word on the future of AIG's American General division, which employs hundreds in Brentwood.
Jun 25, 2009 8:21 AM
Ed Liddy has told the insurer's board he is out as soon as his chairman and CEO roles are filled by two different people.
I am proud that we are now implementing this repayment plan. As we all know too well, our pace of success will depend on global economic conditions and financial markets. It is likely to take several years. All of you should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion.
May 22, 2009 1:05 AM
Testifying before a House committee, Edward Liddy says the fallen insurance giant and owner of Brentwood's American General has a long way to go to clear up its corporate structure.
“We must take the time and exercise the diligence to do this restructuring properly,” Mr. Liddy told lawmakers. “Let me be clear — our plan is explicitly designed to avoid having to divest A.I.G. assets at fire-sale prices.” ... In a recent memo to A.I.G. employees, Mr. Liddy said the company had developed a restructuring plan called “Project Destiny” that entails either spinning off many of the insurance subsidiaries, either by selling them to other companies or by turning them into independent companies and selling minority stakes through in public stock offerings.
May 13, 2009 2:44 PM
Responding to lawmakers' questions, the insurance giant has disclosed for the first time that it paid out more than $450 million in 2008 performance bonuses.
The payments are in addition to an about $120 million corporate bonus pool designated for holding company employees and executives at subsidiary companies. The performance bonus plans for the various AIG units were set before the company teetered on the brink of bankruptcy, forcing them to take government aid last September.
May 6, 2009 12:52 PM