Yesterday, American International Group Inc. (AIG) announced that its Board of Directors has elected Henry S. Miller as a Director.
Mr. Miller is the Chairman, Managing Director and co-founder of Miller Buckfire & Co. LLC, an investment bank that specializes in corporate restructuring, mergers and acquisitions, debt and equity financing and strategic advisory services. Additionally, he is the Chairman and Chief Executive Officer of its affiliated business Marblegate Asset Management.
According to the Chairman of the AIG Board of Directors, the addition of Mr. Miller to the Board is a strategic fit as the company continues with its restructuring efforts to strengthen its business and repay the federal bailout money.
The company had received federal support worth $182.5 billion that prevented its collapse in September 2008. It has been trying for the past several quarters to sell assets and streamline its operations.
Last week, the U.S. Department of the Treasury has appointed two members to the AIG Board of Directors. Donald H. Layton (the former Chairman of the Board and Chief Executive Officer of E*Trade Financial Corporation) and Ronald A. Rittenmeyer (the retired Chairman, President and Chief Executive Officer of Electronic Data Systems) were named to the Board.
In a separate development, yesterday AIG reached a $9 million settlement with the Ohio Attorney General over a 2007 antitrust lawsuit. Along with some other insurers, AIG was charged on grounds of conspiracy for faking competition and fixing commercial casualty insurance prices during 2001 to 2004. The other companies include Chubb Corp. (CB) and Hartford Financial Services Group Inc. (HIG).
Read the full analyst report on “AIG”
Read the full analyst report on “CB”
Read the full analyst report on “HIG”
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