On August 26, 2009
‘From Prey to Predator’: AIG Becomes a Buyer, Not a Seller
Looks like there really is a shift in policy at American International Group. In the latest news, CEO Robert Benmosche is not selling off pieces of the former trillion-dollar insurer; he’s buying. According to a story out of the Philippines, AIG’s Philamlife unit, that country’s largest life insurer, said it bought a 51 percent stake in the Bank of the Philippine Islands (BPI)’s life insurance subsidiary. ABS-CBN News described the turnaround as going “from prey to predator.” Last October, Philamlife was on the auction block as part of AIG’s fire sale to pay back the billions it owes the federal government in bailout money. The offer attracted interest from BPI, which is owned by Manila’s elite Ayala family. The two…
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