Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

AIG adds BlackRock’s Fisher to board

Your article was successfully shared with the contacts you provided.

(Bloomberg) — American International Group Inc. selected Peter Fisher, a former BlackRock Inc. executive and U.S. government official, to join the board of directors as the insurer prepares for increased federal oversight.

Fisher, 57, is a senior fellow at Dartmouth College’s Tuck School of Business, and previously oversaw fixed-income portfolio management at BlackRock, the world’s largest money manager. He’s also worked as the Treasury Department undersecretary for domestic finance and at the Federal Reserve Bank of New York, according to a statement today from AIG. Fisher is a consultant to the BlackRock Investment Institute.

Fisher has “tremendous knowledge and unique perspectives in asset management and government,”AIG Chairman Steve Miller said in the statement. “Fisher’s global experience with the regulation of financial services companies will allow him to provide valuable insight.”

AIG has been designated systemically important by U.S. and global regulators, subjecting the insurer to extra scrutiny. Chief Executive Officer Robert Benmosche, 69, has said he welcomes the Fed as a watchdog and that the oversight can improve discipline in the insurance industry. New York-based AIG, the largest U.S. commercial insurer, in late 2012 finished repaying a $182.3 billion U.S. bailout that began in 2008.

BlackRock helped the New York Fed manage and then auction mortgage-linked assets that were acquired as part of AIG’s bailout. AIG in 2011 hired Brian Peters, a veteran of the New York Fed, as senior managing director in the insurer’s enterprise risk management group.

–With assistance from Alexis Leondis in New York.

See also:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.