Inside
Intelligence
NEW VIEW AT AIG
It didn’t take robert benmosche, the newly appointed chief
executive officer of American International group Inc,
long to begin putting his stamp on the once great insurance
giant. Among the former Metlife Inc. boss’s first actions
was his decision to alter the company’s restructuring plan.
he has decided to retain the investment advisory unit that
is part of AIg’s retirement services group.
“Once the world’s
The move shows signs that the new CEO, who took over
on August 10, is already beginning to mould the company
largest insurer, AIG
in his own image. benmosche is also said to be mulling
has been badly
over an earlier restructuring plan to repay taxpayers after
AIg amassed more than $130 billion in loans from the US benmosche is already facing up to the challenge of finding
affected by the
Federal reserve and Treasury. buyers for its larger properties and the company has
current economic
ditched plans to sell stakes in some units through initial
Once the world’s largest insurer, AIg has been badly
public offerings.
downturn. Not so
affected by the current economic downturn. not so badly
that critics don’t blame it and the ample federal funds it has AIg has declined to comment on whether the man who
badly that critics
received for artificially dampening price rises as it clings directed the merger of Kidder Peabody into PaineWebber
don’t blame it
to existing business—contracts that were expected to flow has already decided on any other tweaks to the company’s
easily into the market. restructuring plan.
and the ample
federal funds
LLOYD’S IN
it has received
ExCHANGE ACORD
for artificially
Who says lloyd’s of london is a little behind the
dampening price
times?
rises as it clings to
The venerable mother of all insurance markets recently
existing business—
announced that the first live message was sent across
the lloyd’s Exchange on August 14.
contracts that were
Aspen re and Miller were the first to send the
expected to flow


message—an energy quotation request—that used the
easily into the
ACOrd data standards.
market.”
“We have come to the end of the first trial,” said Sue
langley, lloyd’s director of market operations and
north America. “We’re delighted that the participants
are now starting to use the lloyd’s Exchange.”
, ©iStockphoto.com / GeorgePeters
Three further trials will identify any issues, improve
processes and ensure that more market organisations
can participate.
ben Snape, eCommerce programme manager at
Aspen re, said: “This is an important step forward.
The lloyd’s Exchange makes it easier for brokers
and carriers to connect to each other and provides a
solid basis on which to expand relationships between
business partners over the coming months.” ©iStockphoto.com / simonox, ©iStockphoto.com / Fitzer
8 | INTELLIGENT INSURER | September 2009
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