Benmosche wants lots of independent units under AIG name
AIG led US shares close to 14-month highs yesterday, after the company halted plans to sell its Chartis property-casualty unit, The FT reports
AIG rose 10.7% to $31.05 on reports it had cancelled the initial public offering (IPO) of Chartis and was to expand the business instead.
But the Wall Street Journal said Chartis will still get "operational independence" from its AIG and an IPO had been “put on hold”.
Berkshire Hathaway a role model
AIG chief executive Robert Benmosche has said that he would like AIG to be like Warren Buffett’s Berkshire Hathaway. It would be a publicly traded holding company that includes self-sufficient, independent firms.
Chartis will reduce its dependence on AIG for corporate support functions such as payroll, marketing, operations and information technology.
