American International Group is currently focusing on evaluating current personnel as the successor for Robert Benmosche as president and CEO, Benmosche said today.
In comments on Fox Business Network today, Benmosche said he is suggesting that the company also take a look at external candidates to ensure the company has the right leadership to succeed him in running such a “large and complex company.” He also noted that the “company is clearly on the way up” as it continues to gain strength from its near-death experience in 2008.
He also said that in divesting its airline leasing unit, International Lease Finance Corp., it is taking a stake in the company, AerCap, that is buying the airline leasing unit that might extend two or three years. Benmosche said AIG hopes to complete that deal in the second quarter.
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He also said the company is in the process of de-risking its casualty insurance business through stronger underwriting and risk evaluation systems, but cautioned that the business is still “a zig-zap,” that is, subject to ups and downs.
He also said that as a systemically significant financial institution, AIG won’t be subject to the Comprehensive Capital Analysis and Review (CCAR) analysis by the Federal Reserve, or stress tests as they are also known, until 2015; bank ratings are being completed now and will be released shortly.
He also said that the “too big to fail” designation of AIG is a good thing, because it ensures that “we have excess liquidity above and beyond what we think would be necessary to meet a significant, significant stress event.”