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AIG turns lower after CEO exit

  • Okay, the CEO's gone ... now what?
  • AIG knee-jerked higher after the sacking of Peter Hancock, but shares are now marginally lower on the session at midday.
  • Wells Fargo's Elyse Greenspan is a fan, saying new leadership will help the insurer's efforts to turn around its commercial lines business. Among possible replacements would be Greg Case (NYSE:AON), Dan Glaser (NYSE:MMC), Brian Duperreault, Dinos Iordanou (NASDAQ:ACGL). She reiterates her Outperform rating.
  • The team at Credit Suisse says it was "abundantly clear" change was needed at the top, and expects AIG to choose an industry veteran with "thoughtful" P&C background - a trait lacking in previous AIG CEOs. Don't expect much improvement in Q1 earnings, as the new chief is likely to kitchen-sink the quarter, and take another reserve charge.
  • Previously: Hancock out at AIG; shares up 2.4% premarket (March 9)

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