Skip to content
25 May 2013
US global insurance giant AIG has paid back $US39 billion ($38.65 billion) in debt to the US Federal Reserve.
The debt was incurred during AIG’s bailout by the US central bank in September 2008.
The repayment was financed by sales of AIG mortgage debt by the Federal Reserve on the open market as part of its strategy to unwind the risk assets it took on in financial sector bailouts during the global financial crisis.
The Fed also took $US62.1 billion ($61.5 billion) in AIG collateralised debt obligations during the bailout. As these are sold AIG is expected to receive a $US5 billion ($4.95 billion) payout.
The US Treasury still owns 60% of AIG worth about $US30 billion ($29.7 billion) after selling down from 92% in three steps which raised $US17 billion ($16.8 billion).
Analysts say the US Treasury will need to get $US28.72 ($28.43) a share to break even. AIG shares have been trading recently around $US31 ($30.69), leaving the possibility for the insurer to return to private ownership soon.
Prior to its 2008 immolation AIG was the world’s largest insurer valued at $US183 billion ($181.2 billion).
24 May 2013
Excellent opportunity for an experienced Account Executive - immediate start!
23 May 2013
We are a young online insurance firm looking to expand our team with an income protection and life insurance specialist.
15 May 2013
Do you have excellent customer service skills, experience in the administration field and have general insurance knowledge? Then we are looking for you!
8 May 2013
Extremely strong aggregating brand I Warm referrals I Manage existing relationships
6 May 2013
Full-time position I Great team environment I Bring your knowledge and skills to a company who values expertise
29 April 2013
An exciting opportunity exists to join Willis at the Sydney practice as an Account Manager, providing risk management and insurance advice to a broad range of insolvency practitioner clients.