A top American International Group official said the company made a “tragic” but necessary move last week in creating a corporate entity housing AIG's healthy property-casualty operations separately from the parent firm's “damaged brand.”
Last Monday, AIG announced the latest moves being taken to avoid bankruptcy–highlighted by the commitment of an additional $30 billion in federal bailout funds.
However, one major restructuring move received less attention, in which AIG formed a “general insurance holding company”–AIU Holdings Inc.–to include its Commercial Insurance Group, Foreign General unit and other p-c operations.
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