The new CEO of beleaguered giant American Insurance Group plans to trim the company, selling some assets to raise capital and pay back the government following its $85 billion bailout, reports the Wall Street Journal. "There will be a company at the end of this," vowed Edward Liddy, 62, former chief executive of Allstate.
"It'll be smaller. It'll be a lot nimbler," he added. "My game plan is not to liquidate. I want to emerge from this with a set of core assets that are fit to fight." AIG's insurance businesses are still "powerful," and Liddy plans to "keep as many of them as I possibly can," he said. AIG's international and domestic property-casualty operation is a "keeper," along with international and domestic life insurance businesses, he added.