By By (author) Lawrence A. Cunningham By (author) Maurice R. Greenberg
A mythical CEO tells the interior tale of creating the world's biggest assurance company-and the dramatic story of its near-destruction after he left in early 2005, as successors reworked AIG and drove it to the guts of the monetary trouble of 2008 In 1962, Maurice Greenberg was once passed management of a small, failing assurance corporation. through 2004, American foreign crew (AIG) had turn into the world's eighteenth greatest corporation. Then the monetary situation hit and ""Hank"" Greenberg's tremendous production teetered at the verge of collapse. you might have learn different money owed of AIG. Now learn the interior s. �Read more...
summary: A mythical CEO tells the interior tale of establishing the world's biggest assurance company-and the dramatic story of its near-destruction after he left in early 2005, as successors remodeled AIG and drove it to the heart of the monetary obstacle of 2008 In 1962, Maurice Greenberg used to be passed management of a small, failing coverage corporation. via 2004, American foreign workforce (AIG) had turn into the world's eighteenth greatest corporation. Then the monetary difficulty hit and ""Hank"" Greenberg's terrific construction teetered at the breaking point. you may have learn different debts of AIG. Now learn the interior s
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Greenberg explained his thinking, which he believed applicable not only to American Home but to other AIU members as well as the entire industry. We should not be tethered to outmoded practices, he said, whether the custom of rate-setting associations, the terms of our policies, or anything else. Take the agency system, for instance. Insurance agents worked for themselves in the field writing policies, yet they possessed the authority to bind the insurance companies they represented, including American Home.
V. Starr & Company into the future. From among that group, his successor would be chosen. Through late 1967, Starr’s senior executives met regularly to discuss the future of the organization, often gathering late into the night at Starr’s tastefully decorated office at 102 Maiden Lane. Starr’s heir apparent had long been Youngman. To lead the reorganization effort, Starr floated the idea to create a new post of AIRCO vice chairman and pondered whom to promote into it. Youngman was not sure such a new post was needed; if it were created, however, he was sure that Tweedy was the best choice and recommended him to Starr.
For the National Union acquisition, Morgan Stanley, led by Matthews, arranged the funding. It created a new subsidiary, which it called American International Enterprises, and used it to obtain credit from Chase Manhattan Bank. Locating the shares was more difficult, as there was no central registry in that era for National Union shares. Following the standard practices of the day, Morgan Stanley bankers contacted brokerage firms that had sold small stakes in National Union to customers. 4 Those efforts delivered another 37 percent of the stock, bringing the total to a solid majority of 57 percent.