“In all of our discussions with Mr. Hancock it was abundantly clear to us that he is not willing to take the bold steps that we, and so many other shareholders, believe are long overdue,” Icahn said. “He failed to lay out any alternative strategic plan with the potential to unlock value for shareholders or to provide compelling reasons as to why these businesses belong together.”

The insurer rose 53 cents to $62.74 at 10:52 a.m. in New York trading. That compares with $60.92 on Oct. 27, the day before Icahn sent a letter urging the company to split into three separate entities, one selling life insurance, another offering property-casualty protection, and the third backing mortgages.

‘No sacred cows’

Hancock, 57, told analysts this month that there are “no sacred cows” as he seeks to narrow the company’s focus, meaning he would be prepared to sell more units after divestitures in Central America and Taiwan and the exit from an aircraft-leasing business. He said that separating life and property-casualty segments could be negative for bondholders, and reiterated that AIG has still been able to repurchase billions of dollars of stock in recent years.

The insurer said Monday that it will “accelerate its previously announced strategy” and will provide further details before reporting fourth-quarter results.

“AIG maintains an active dialogue with shareholders, including Carl Icahn,” according to a statement from AIG. “Management and the board have carefully reviewed a separation of AIG’s businesses on many occasions, including in the recent past, and have concluded it did not make financial sense.”

Icahn disclosed in Monday’s statement that his firm has more than 42 million shares of AIG. That would make him the fifth-largest investor in the company, according to data compiled by Bloomberg.

‘Too important’

“AIG is too important, and the current situation is too time-sensitive, to wait years,” Icahn said in Monday’s statement. “In fact, we believe the current situation is too time-sensitive to even wait until the company’s annual meeting next spring, especially when all of the stakeholders who have reached out to us believe management’s current plan (or lack thereof) is insufficient.”

AIG trades for less than book value, while the stocks of many of its property-casualty insurance peers sell for more than the measure of assets minus liabilities. The activist also said the insurer suffers from being deemed a systemically important financial institution by the U.S. government, which can add compliance costs and stricter capital rules.

Icahn cited in his October letter the support of billionaire hedge fund manager John Paulson, who also is among the largest holders of AIG. Paulson & Co. could also support a plan to sell life and mortgage insurance assets as an alternative to spinoffs, people familiar with the firm’s thinking said earlier this month.

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