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AIG

American International Group Inc

6/20/2013, 6:05 AM ET

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Wednesday, June 19, 7:07 AM Buy-rated AIG's price target is hiked to $56 from $52 by Deutsche's Joshua Shanker after meetings with Peter Hancock, the CEO of the insurer's P&C business. Shanker is confident AIG is on track to achieve a 90-95% combined ratio by 2015. A dividend - "modest," but more than "nominal" - and continued share repurchases are looking more certain for 2013. Shares +0.5% premarket. Comment! [Financials]
Tuesday, June 18, 11:54 AM AIG slips 0.9% in an up market as Bernstein's Josh Stirling says investors may want to brace themselves for a headline announcing the termination of the deal to sell an 80% stake in ILFC. Would it be such a bad thing? At least one comparable - Aircastle Limited (AYR) - has rallied 40% since the deal to sell ILFC was inked. Perhaps ILFC would command more than a $5.2B valuation today. 3 Comments [Financials]
Monday, June 17, 9:22 AM Paris Air Show: Embraer (ERJ +4.1%) unveils potential orders for up to 365 of its new more fuel-efficient E-Jets E2 family of aircraft, including a firm order for 100 planes from launch customer SkyWest (SKYW) (PR). The regional carrier also has options for another 100 jets, which would make the whole deal worth $9.36B at list prices. International Lease Finance (AIG) signs a letter of intent (LOI) to acquire 50 jets from Embraer and takes an option for another 50 (PR). Five undisclosed airlines sign LOIs for a further 65 E2s (PR). Comment! [On the Move]
Monday, June 17, 7:58 AM Paris Air Show: Embraer (ERJ) has launched the second generation the E-Jets family of aircraft, and is reportedly already lining up orders for 200 planes. Regional carrier SkyWest will be the launch customer for the E-Jets 2 with a booking for 100 aircraft, while AIG's (AIG) Lease Finance Corp also plans to order 100 of the jets. (PR) Comment!
Monday, June 17, 7:35 AM AIG slips 1.2% premarket after giving the buyers of ILFC another 6 weeks (until July 31) to close on the purchase. During this extended time, AIG will be free to pursue other avenues for ILFC, including sale to another party or an IPO. (8-K) Comment! [Financials, M&A]
Monday, June 17, 4:41 AM Paris Air Show: Airbus (EADSF.PK) is reportedly poised to receive an order for 50 A320neo jets from AIG (AIG) unit International Lease Finance in a deal worth $5B at list prices. Airbus is also set to win a booking worth more than $4B for over 10 A380 planes from leasing company Doric Asset Finance. The A380 has otherwise not been popular with leasing firms, partly because it's expensive to keep refitting the jumbo for different customers. Comment!
Friday, June 14, 2:52 PM Don't be surprised if American International Group (AIG -0.7%) starts paying a dividend again, according to StreetAuthority. By the numbers: Last year, the company's free cash flow topped $3.5B and next year's forecast is for $5B. With 1.7B shares outstanding, a $2-per-share dividend payout could be pulled off. 8 Comments [Financials]
Wednesday, June 5, 9:25 AM The ILFC sale looks to be back on track. AIG reports receipt of the necessary deposit from the Chinese group making the purchase. Shares +3% premarket. Comment! [Breaking News, Financials, On the Move]
Wednesday, June 5, 8:59 AM Though it has a right to, AIG has not terminated its deal to sell ILFC to a Chinese consortium, says CEO Bob Benmosche. "June 14 (the closing date), we have to make a decision ... Whether this deal will get done or not, we don't know." Completion of the sale is crucial, says Benmosche, to show regulators and ratings agencies the insurer is further "derisking" the business. He notes the sale would eliminate about $24B of debt from AIG's books. 4 Comments [Financials]
Tuesday, June 4, 4:23 PM AIG looks to save a bit on interest costs, announcing the redemption of all of its 6.45% Series A-4 junior notes. As of today, the aggregate principal amount of the paper is $750M. (PR) 1 Comment [Financials]
Tuesday, June 4, 3:07 PM Day 2 of Bank of America's (BAC) Article 77 hearing finds an AIG lawyer arguing those who approved the $8.5B settlement - including BlackRock (BLK) and MetLife (MET) were conflicted and never investigated how much money investors actually lost on the MBS originally valued at $105B. A lawyer for BlackRock says it and other firms agreed to the settlement rather than risk BofA putting Countrywide into bankruptcy. Observing the proceeding, Mike Mayo says there's "significant legal tail risk" for BofA. 24 Comments [Financials]
Tuesday, June 4, 7:27 AM Report from Day 1 of Bank of America's (BAC) Article 77 hearing: After several hours of pre-hearing motions - which included a request for delay from the attorney representing the "objectors group" (including AIG) - the hearing got under way. While BofA is the de facto defendant, the actual defendant is BNY Mellon (BK) - the trustee for the 530 Countrywide mortgage trusts at issue. The defendants may want quick resolution, but the Judge told the parties "we're not going to be done with this in June." 19 Comments [Financials]
Tuesday, June 4, 2:05 AM As expected, the Financial Stability Oversight Council has proposed to designate AIG (AIG) Prudential Financial (PRU) and GE Capital (GE) as systemically important. Prudential says it is evaluating whether to appeal the determination, although AIG won't. The Fed has yet to finalize its requirements for systemically important non-bank financial companies, but they're expected to include stress tests and higher capital holdings. 6 Comments [Financials, Top Stories]
Monday, June 3, 5:38 PM In addition to the S&P 500, GM will also take Heinz's spot in the S&P 100. Meanwhile, AIG will replace Baker-Hughes (BHI) in the S&P 100 as of Thursday's close. AIG +0.6% AH, BHI -0.8%. GM pares its gains, shares now +3.5%. Comment! [Consumer, Financials, Energy]
Monday, June 3, 12:47 PM Mark Palmer reiterates his caution on Bank of America (BAC -2.4%) as the Article 77 hearing over its $8.5B MBS settlement gets underway. Stakes are high given BofA has reserved just $8.5B for potential payouts, but objectors - including AIG, Triaxx, and 3 FHLB banks - will point to recoveries received by MBIA and Ambac north of $0.60 on the dollar. With losses at $108B - well, you do the math. Yes, the bar for the objectors to overcome is a high one, but - thanks to a series of recent rulings - not as high as a year ago. 6 Comments [Financials]
Monday, June 3, 7:24 AM The risk of AIG's sale of its ILFC unit to a Chinese group is no longer non-negligible, says Sandler O'Neill, but the insurer should still be in good shape even were that to happen. Markets and credit have improved since the deal was first announced, suggesting AIG could find another buyer (or IPO?). The main risk here is delay. The analysts maintain their Buy with price target raised to $52 from $50, reflecting higher valuation for the broader insurance sector. 3 Comments [Financials]

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