AIG To Remain In The Insurance Business


This Robert Benmosche is a pretty sharp guy. He thinks that an insurance company should insure things, even if that means that Tim Geithner & Co. are going to have to wait longer for their money.
AIG has put the kibosh on plans to rid itself of Chartis, its property and casualty unit, which it has spent the last eight months preparing for sale. It even renamed it for the purpose, to get rid of that awful Hank Greenberg smell.

American International Group Inc has halted efforts to sell a stake in Chartis, as Chief Executive Robert Benmosche focuses on expanding the property and casualty unit, a person familiar with the situation said on Tuesday.
The move is consistent with Benmosche's plan to rebuild AIG, as Chartis is seen as core to the insurer, the source said.

AIG halts Chartis unit IPO efforts: source [Reuters]