AIG.Investors Hope New Boss Will Keep Its Recovery on Track

最近罗伯特·本米科奇的新闻从美国国际集团的迫在眉睫偏离令人惊讶。9月1日，AIG的总裁兼首席执行官将借鉴5.47亿美元的保险公司全球财产/伤亡单位的首席执行官Peter Hancock。虽然投资者已经预期到70岁的班马克，但仍准备宣布他的退休，集团最新的10-k申请提交委员会建议他将留在2015年。

汉考克拿走了一个掌舵复苏AIG，but the longtime investment banker has big shoes to fill. Insurance industry veteran Benmosche joined the New York–based firm in August 2009 as its fifth CEO in less than four years. Having taken on a disastrous $440 billion in derivatives exposure through its AIG Financial Products Corp. subsidiary in the run-up to the financial crisis, AIG had narrowly avoided bankruptcy thanks to government intervention.

Blunt and contrarian, Benmosche won back investors’ confidence and cleared the path for a full sale of the U.S. government’s 92 percent stake in AIG after a $182 billion bailout from the Treasury and the Federal Reserve. The purchases ofHong Kong subsidiary AIA由英国保险公司审慎和飞机租赁单位国际租赁金融公司由荷兰同行持有Aercap Holdings展示了CEO的谈判技巧。在2010年和2011年次次次贷款的长期投注显示了市场时机的天桥。

“本默切接管了一个不可能的情况和did a fantastic job,” says Josh Stirling, a senior analyst at financial research firm Sanford C. Bernstein & Co. in New York. Benmosche had the force of personality to push back at Congress when AIG was a political pariah and gain the firm breathing room to recover, Stirling adds. “Where everyone else saw a disaster, he saw an opportunity to shift the conversation from dissolving AIG to repaying the government by first pursuing the firm’s rebirth.”

本米科基出口的时机可能会抓住股东后卫，但汉考克的提升是在很大程度上预期的。“We believe the decision to promote Peter Hancock as the new CEO earlier than expected is a sign of confidence in his leadership ability from the board and that it also signals that AIG’s turnaround is complete and the company is looking to become an industry leader again,” says Christian Ledoux, director of equity research at AIG shareholder South Texas Money Management, a San Antonio–based firm with $2.5 billion in assets.

Hancock, 55, was elevated to head of AIG’s then-troubled p/c unit in 2011 after joining the firm the previous year as executive vice president of finance and risk. Although widely regarded as the heir apparent, he wasn’t the only executive touted as a replacement for Benmosche. Jay Wintrob, CEO of AIG Life and Retirement, the firm’s other main division, was also flagged by observers, as were outside candidates.

没有保险部门的正式经验，汉考克很快就犯了他的标记。AIG.adopted a more quantitative, data-driven approach to risk that echoed his time overseeing fixed-income derivatives trading at JPMorgan Chase & Co. After Hancock took control the firm’s accident-year loss ratio contracted steadily, falling to 64 percent last year from 69 percent in 2011. He’s brought AIG’s reserve position closer to that of its better-capitalized peers and invested nearly $1 billion in new systems and risk management.

当汉考克到达时，AIG的电脑设备和物流非常需要升级。在危机之前，该公司的技术在很大程度上是陈旧的，并在业务单位层面进行管理。Hancock已提高索赔进程优先级：AIG现在正在迁移到其新的全球oneClaim平台。也许没有任何揭示他对技术的承诺，而不是创造一个主要的科学官员职位，负责120成员的研发集团，他们认为关注与保险索赔有关的医疗和环境科学。

虽然改善的步伐可能没有戏剧性，但P / C业务的利润继续上升，股东已认出汉考察的成就。“如果鲍勃是有远见的话，那么彼得是建筑师，”伯恩斯坦的斯特林说。“专注于盈利能力，并精简和现代化的公司，他带来了混乱的地方。”

正如他寻求领导AIG的那样，汉考克必须争辩，持久地对公司使用政府援助的苦涩。“作为担任AIG的救助经常被称为债权人和交易对手的救助，其中包括世界上最大的财务问题，”房屋前主席共和党代表斯宾塞巴赫斯表示Financial Services Committee who participated in hearings over the firm’s fate. “The money actually passed through AIG very quickly.”

此外，美联储还尚未发布非银行的新条例，以全身性重要的金融机构释放非银行，但行业观察员预计收紧的储备要求和更具监督和报告义务。他们注意到AIG将需要通过大大提高其利息报道率，这反映了该公司对未偿还债务的利息的能力来安抚评级机构。AIG将继续向其直接投资组合提供撤销，因为在信贷危机继续之前展开巨大的曝光的漫长而缓慢的过程。

AIG.shareholders appear to have accepted Hancock’s assumption of the top job as an extension of the firm’s recovery game plan. Adding to this positive perception is AIG’s recently announced $2 billion stock repurchase. “The stock is still trading at a meaningful discount to the peer group,” South Texas’ Ledoux says of AIG, whose shares stood at about $55 in mid-June, up more than 300 percent since Benmosche took over. “We believe continued improvements in the combined ratio and share buybacks will narrow that discount and one day potentially make it a premium.”

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