Benmosche hails insurer’s “new beginning”
American International Group has executed its recapitalisation plan and repaid the US government bailout it received in 2008.
The insurance group has repaid the $21bn outstanding balance under its credit facility from the Federal Reserve Bank of New York and exchanged the various forms of government support it received for AIG common shares.
As a result the US Treasury department will own 92% of AIG’s common shares. AIG expects the department to sell its stake over time, subject to market conditions.
“Today, AIG, with the support of countless people, has accomplished a huge goal that many people once thought impossible: completely repaying the Federal Reserve Bank of New York,” said AIG chief executive Robert Benmosche in a statement. “Now, we will continue to focus on strong business performance for the benefit of all of our stakeholders, including our largest shareholder, the Treasury Department.”
He added: “Today truly marks a new beginning. We recognize that we have to stand on our own and meet the expectations of the marketplace.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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