AIG Hires Asset Manager And Restructuring Chief

American International Group Inc. has brought in Paula Rosput Reynolds, the former president of Safeco Corp., to oversee efforts to raise cash by selling assets.

AIG, New York, also has named Richard Booth, who has been the chief administrative officer and head of the Hartford Steam Boiler property-casualty business, to lead the unit responsible for restructuring the smaller company that will emerge after AIG divests the assets needed to pay off an $85 billion emergency credit line and other financing arrangements provided by the Federal Reserve System.

Reynolds will be a vice chairman of AIG and the company’s key liaison to the Fed, AIG says.