AIG struggles to survive financial tsunami

[WWF-VT]

AIG is a company highlighted in today's Wall Street meltdown along with Lehman Brothers and Merrill Lynch. Wondering what this means for Stowe and the hundreds of millions that AIG is pouring into the Spruce Peak base area development.....

 

[Marc]

It means that my company may get a bigger share of the property insurance market and maybe I'll get a bigger bonus next year.

 

[thetrailboss]

Sssshhhhh....

We here at AZ are in the middle of a hostile takeover of Stowe Mountain Resort.


:wink:

 

[Grassi21]

It means that my company may get a bigger share of the property insurance market and maybe I'll get a bigger bonus next year.

phew... i was worried about you in all this mess. ;-)

 

[roark]

It means that my company may get a bigger share of the property insurance market and maybe I'll get a bigger bonus next year.

+1

 

[deadheadskier]

Well, glad I switched from AIG six months back. Don't want to have to deal with them dropping my coverage.

 

[ski_resort_observer]

They do have to sell off assets. I think Stowe is worth about $150-175m. Any other guesses?

 

[JD]

couldn't happen to a nice bunch, IMO.

 

[Phillycore]

oh crap... I have AIG car insurance...
Does this mean anything might happen??

 

[wintersyndrome]

oh crap... I have AIG car insurance...
Does this mean anything might happen??

Depends on what assets they are going to sell off, right now they are talking about thier Airplane leasing and annuity businesses, Most likely if they do not raise enough capital
($70-$75 Billion, yes billion with a "B") other portions of their business will be sold off to other insurers and asset management companies....today has been an historical event as messy as it is, it just presents opportunities if you know where to look.

In your situation, I would suggest speaking with your insurance broker and discussing a transfer of business.

 

[fixedgrip16]

A little more info. . . http://seekingalpha.com/article/95256-aig-the-mark-to-lehman-market

 

[Marc]

phew... i was worried about you in all this mess. ;-)

Well I knew that, so I wanted to put your mind at ease.

 

[Moe Ghoul]

oh crap... I have AIG car insurance...
Does this mean anything might happen??

very remote, Core. They'll get spun off, bought out, or reorganized. I'm sure there's a few companies picking over the bones while AIG tries to get a "bridge loan" from Treasury. They never have a problem coming up with a fancy term for "hosing the taxpayer".

 

[Phillycore]

GREAT.... I don't have a broker per say... I am with American International (aig) but it's like an online thing. I do have a phone number to call for claims and whatnot...so I guess that is where I start.
This bites because my rate through them is great for my area, and they handled my wife's claim pretty good. I'd really hate to have to go back to Allstate...ugh

 

[wintersyndrome]

GREAT.... I don't have a broker per say... I am with American International (aig) but it's like an online thing. I do have a phone number to call for claims and whatnot...so I guess that is where I start.
This bites because my rate through them is great for my area, and they handled my wife's claim pretty good. I'd really hate to have to go back to Allstate...ugh

there is an article from smart money regarding what to do if your an AIG shareholder.
http://www.smartmoney.com/deal-of-the-day/index.cfm?story=20080915-aig&cid=1122

any claims should be supported by the state in which your policy is domiciled

for rate comparison, try progressive if they serve your area.

hey at least you didn't buy Lehman preferred shares at 75 last october.

 

[Phillycore]

there is an article from smart money regarding what to do if your an AIG shareholder.
http://www.smartmoney.com/deal-of-the-day/index.cfm?story=20080915-aig&cid=1122

any claims should be supported by the state in which your policy is domiciled

for rate comparison, try progressive if they serve your area.

hey at least you didn't buy Lehman preferred shares at 75 last october.

I guess it's just a wait and see thing for now... Thanks..

 

[RichT]

I think that Maurice "Hank" Greenberg (AIG's ex CEO) owns Stowe?

 

[millerm277]

I think that Maurice "Hank" Greenberg (AIG's ex CEO) owns Stowe?

I'm pretty sure it's AIG.

 

[ski220]

They should have thrown his ass in jail instead of allowing him to retire. But that's what a lifetime of buying politicians gets you. Some of his buddies at AIG and Gen Re execs are facing life sentences for the massive fraud at AIG. Federal sentencing guidelines go up with the dollar amount.

 

[GrilledSteezeSandwich]

They should have thrown his ass in jail instead of allowing him to retire. But that's what a lifetime of buying politicians gets you. Some of his buddies at AIG and Gen Re execs are facing life sentences for the massive fraud at AIG. Federal sentencing guidelines go up with the dollar amount.

I don't think people should get life in prison for financial stuff unless they are robbing a bank with a gun...yes fraud is bad but murderers usually don't even get life sentences..The federal mandatory minimum sentences are a bunch of BS...they are merely costing society more to keep them fed, housed and supervised in Prison..They should get a Pinapple shoved up their ass in front of all the people they f4cked over..kind of like in Little Nicky..lol

AIG is as far as I know..the biggest insurance company in the world..and there are going to be some bad apples..I don't see this affecting Stowe..maybe more fresh Poe..this season since all the AIG execs in prison were tracking out all the mad Edgar Allen Poe in the woods..ya heard..