Maurice "Hank" Greenberg ran AIG for some 40 years, but now runs an interesting company called C.V.Starr. One can assume that in some fashion, C.V Starr is in some fashion one in the same with Starr International Company Inc. It would be nice to fully qualify this assumption since Starr International Company Inc. would seem to be the largest holder of AIG shares other than the United States taxpayer. This would make since as Maurice "HANK" Greenberg himself was a major holder in AIG as the company's CEO.
Nov. 4, 2002--Congressman Michael Oxley (R-OH), chairman of the influential House Financial Services committee and co-sponsor of the recently-enacted Sarbanes-Oxley Act, and American International Group (AIG) CEO Maurice Greenberg will be among the featured speakers at the 13th Annual Executive Conference for the Property/Casualty Industry.
While you ponder "HANK'S" various and assorted new ventures (this gets complicated), lets briefly take a little detour so we can connect another circle. There is another company in the same area of expertise as AIG and Star known as Ironshore which was started by Robert Clements, John Clements and other members of the Dark Force as yet to be named.
John Clements was with Bankers Trust Co. N.A. (now Deutsche Bank AG THE SAME DEUTSCHE BANK THAT GOT $12 BILLION of our tax dollars from AIG.) where he held various positions from 1987 to 1995, most recently as Vice President of BT Securities Corp. Here is a run down of the board for Ironshore prior to their NEW VENTURE with Starr.
Now imagine the two above companies JOINING FORCES, and all in the past few months. You know, during say the time that the Treasury Department was bailing out AIG to the tune of around $180 BILLION DOLLARS. About the same time that some key AIG executives were offered some LUCRATIVE BONUS MONEY to hang around for awhile to help get AIG through the rough waters....now wouldn't it seem just a little suspicious if eight TOP AIG executives with some MAJOR ability to take clients with them left AIG shortly after getting their bonus money, and ended up in a NEW COMPANY formed by the man who was CEO of AIG for over 40 years?Board Members:
• Jonathan Bilzin Soros Private
Equity,Goldman, Sachs & Co
• Edward Vermont Blanchard, Jr. Merrill
Lynch & Co. Inc
• Scott L. Bok Morgan Stanley & Co
John Clements Bankers Trust Co. N.A. (now Deutsche Bank AG)
• Robert V. Deutsch CNA Financial Corp., Swiss Re, Ernst &
• James Halow Salomon Smith Barney’s Technology Investment Banking
• Kevin H. Kelley Lexington Insurance Company, a Division of AIG
• Russell John retired as the President and Chief Executive Officer of
Swiss Re Underwriters Agency on December 31, 2006.
• Jonathan H. Kagan
• David E. King Mr. King sits on the Board of
Directors of a number of privately held companies, including Cavalry
Investments, LLC, GlobalVantEdge, Inc., Churchill Financial Holdings, LLC, and
Caribbean Financial Group. In addition, Mr. King serves on the advisory board of
Falconhead Capital, LLC, a private equity fund focused on leisure and lifestyle
• Joshua H. Neuman Worked at Donaldson, Lufkin &
Jenrette in the Real Estate Merchant Banking and Leveraged Finance groups.
• Ronald A. Sandler Was with the Boston Consulting Group, Booz Allen
& Hamilton, and as Chief Executive of Martin Bierbaum Group and Exco. He was
Chief Executive Officer of Lloyd’s of London from 1995 until 1999, playing a key
role in Lloyd’s Reconstruction and Renewal, and subsequently Chief Operating
Officer of NatWest Group.
• Mark Williamson Managing Partner of Calera
Capital (formerly Fremont Partners) and a member of the General Partner. Prior
to joining Calera Capital in 1996, Mr. Williamson was a Managing Director at the
Harvard Private Capital Group, Inc.
• Paul J. Zepf Principal of
One thing that quickly strikes the casual observer, is how interwoven everyone is, and how a lot of this company's services seem to MIMIC those of AIG if you look at their Marine Division.
Ironshore Marine Reinsurance
Ironshore's Marine Re will consider all marine reinsurance classes and
specializes in the following:
- Hull and Machinery
- All associated Hull Liabilities
- Cargo Transit Storage Risks
- Inland Marine
- Marine Property
We hold international licenses and have the ability to underwrite risks from around the world through our Pembroke Syndicate 4000 operations. An established marine reinsurance market, Marine Re offers greater flexibility, enhanced security and comfort to our customers. We dedicate ourselves to adding value to sound portfolios and offer a view from experience as we assist management and underwriters through the provision of quota share risk carrying capacity.
HAMILTON, Bermuda, Jan 27, 2009 (A. M. Best via COMTEX) -- AIG Quote Chart News PowerRating -- Maurice "Hank" Greenberg's C.V. Starr & Co. Inc. has entered into a joint venture with Ironshore Inc., the Bermuda-based insurer that has hired away eight top-level American International Group Inc. executives since December.
Now I am sure I am not near as smart as say Mr. Greenburg, but if I were say Congress and was looking to identify some of the former AIG TOP SHELF executives that bolted with those millions of dollars in tax payer bonus checks, thinking I would do a Google search that might turn up the names of Geoff Smith, Shaun Kelly, Kevin Kelley which would return a search that would look something like this:
Reactions - AIG defections will boost Ironshore's US casualt...
Yesterday (December 9), Kevin Kelley, CEO of Lexington Insurance, ... On the same day, Shaun Kelly resigned from his position as president and chief operating ... to be appointed chief executive officer of US operations at Ironshore. ...
www.reactionsnet.com/default.asp?Page=23&PUB=274&ISS=25201... - Similar pages
AIG executive Kelley named Ironshore CEO - InvestmentNews
Ironshore also announced that it has hired Shaun Kelly, Lexington's former ... and chief operating officer, to serve as CEO of Ironshore's U.S. operations. ...
www.investmentnews.com/apps/pbcs.dll/article?AID... - 48k - Similar pages
Ironshore Creates U.S. P/C Operation Run By Former AIG Execs
Jan 22, 2009 ... England was most recently president of AIG Landmark, ... Texas. he will report to Shaun Kelly, CEO of Ironshore's U.S Operations. ...
www.insurancejournal.com/news/national/2009/01/2... - 22k - Similar pages
Former AIG CEO Greenberg, Ironshore in Joint Exces...
He has been critical of AIG management since he left the firm in 2005 and, most recently, ... Shaun Kelly, had been appointed CEO of U.S. Operations. ... formerly with AIG, have joined as CEO and president, respectively, of Ironshore's ...
www.insurancejournal.com/news/national/20... - 24k - Similar pages
[ More results from www.insurancejournal.com ]
Insurance & Finance: Former AIG Execs Creates U.S. P/C Opera...
England was most recently president of AIG Landmark, where he managed the start ... Texas. he will report to Shaun Kelly, CEO of Ironshore's U.S Operations. ...
insurancemoney-finance.blogspot.com/2009/01/form... - 94k - Similar pages
Risk & Insurance Online - Story
9, Ironshore announced that Kevin Kelley, the longtime CEO of AIG's Lexington Insurance Co., the largest excess-surplus carrier, would become Ironshore's CEO. ... Shaun Kelly, the former president and chief operating officer of Lexington under Kelley, also joined Ironshore. He was named the CEO of U.S. operations. ...
www.riskandinsurance.com/story.jsp?storyId=16319... - 28k - Similar pages
Lexington regroups as execs jump ship Business Insurance N...
He was joined by Shaun Kelly, who resigned as Lexington's president and chief operating officer to become CEO of Ironshore's U.S. operations. ... though, noting that AIG CEO Edward M. Liddy has identified Lexington as one of the core ...
www.businessinsurance.com/cgi-bin/article.pl?art... - 36k - Similar pages
The Review - Former AIG Landmark trio to join Ironshore
Mr England will report to Shaun Kelly, CEO of Ironshore's US operations. Jordan Gantz and Jim Dowdy, both former vice presidents at AIG Landmark are to also ...
www.thereview.biz/thereview/viewArticle.do?citat... - 23k - Similar pages
Now if I were a suspicious man, I might start thinking this was a systematic inside job, the ultimate fleecing of shareholders, Wall Street and the American Tax Payer. Searching more deeply, I would find more defections, would want to see if these names match up to those walking away WITH THE LARGEST BONUS MONEY...people like AIG senior reinsurance executive Charles Dangelo who has left AIG to join a company run by its former CEO Maurice "Hank" Greenberg. HMMM....a trend?
Now imagine a company basically sucking itself dry to the core while getting $180 Billion in tax payer dollars! Imaginesaid company (AIG) giving the majority of that money TO ITS BEST CLIENTS and top employees as they walked out the front door with all of AIG's KEY CLIENT LISTS on say a CD ROM, clients they already had personal relationships with! I know, I have a very VIVID imagination, am letting my temper GET THE BETTER OF ME. I'm just stupid and paranoid, there is no way that a bunch of people that created the worst financial mess in American History, almost crashed the stock market would be so devious as to simply open up business in a new shop now would they? They would not start getting themselves in trouble ALMOST IMMEDIATELY now would they?
Ironshore's subsidiaries' ratings put under review
Posted On: Feb. 03, 2009 9:54 AM CST
OLDWICK, N.J.—A.M. Best Co. placed Ironshore Inc.'s financial strength rating of A- on its operating subsidiaries under review with negative implications Tuesday.
In a statement, Best said that the Bermuda-based insurer's "material deviation" from its original business plan is giving the Oldwick, N.J.-based ratings agency cause for concern.
Best analysts said they believe the change in Ironshore's business plan will "ultimately enhance" the franchise, but current market conditions will make it difficult for the insurer to execute key elements of the plan. Best added that the negative implications for Ironshore imply that the current ratings could be affirmed, but should the insurer's revised business and capital plans fail, a rating downgrade could occur.
Late last month, Ironshore partnered with C.V. Starr & Co. Inc. to form Iron-Starr Excess Agency Ltd., a specialty lines insurance and reinsurance managing general agency.
Insurance executive fined $1,500 for importing cannabis
CV Starr & Co subsidiary Starr Specialty Lines Insurance Agency has formed an alliance with Zurich Financial Services Group’s US subsidiary Zurich North America Commercial (ZNAC) to offer additional capacity on primary, buffer and excess of loss layers for North American commercial property risks.
American International Group (AIG) has taken another step in its asset disposal programme with an agreement to sell its Canadian life insurance unit to BMO Financial Group (BMO) for around $308mn.
The deal will see BMO buy AIG Life Insurance Company of Canada for a cash sum of Can$375mn, subject to any change in net worth between 30 September last year and closing date, which is expected to be 1 June 2009.
The steady flow of senior executives out of American International Group (AIG) continued into the New Year as the heads of the beleaguered insurance giant’s environmental unit left to launch a new business at Bermudian Ironshore.
The departures of AIG Environmental CEO Joe Boren and its president and COO John O’Brien are the latest in a succession of management-level exits from the insurer since its initial US government bailout last September.
Former American International Group (AIG) executive Christian Milton was handed down a four-year custodial sentence and given a $200,000 fine for his role in the $500mn finite reinsurance fraud involving AIG and Berkshire Hathaway owned reinsurer General Re.
Ironshore Inc has continued its raid on American International Group (AIG) with the appointment of a trio of executives to man a newly created US property/casualty operation.
Ironshore, Inc. Appoints Mitch Blaser as Chief Executive Officer
Ironshore, Inc. announced that Mitch Blaser has been named chief executive officer. In addition to being the CEO of Ironshore Bermuda, Blaser will continue to serve in his capacity as chief operating officer and chief financial officer of Ironshore's global operations. Blaser has been with Ironshore since the company's launch in January 2007. He helped to found the company along with industry leaders Bob and John Clements in late 2006. Before coming to Ironshore, Blaser was the CFO for Swiss Re's Americas Division from 2001 through 2005 and also served as a director of Swiss Re America.
C.V. Starr & Co. Announces Joint Venture with Ironshore, Inc
C.V. Starr & Co. Inc. has launched Iron-Starr Excess Agency Limited ('Iron-Starr Excess'), a joint venture with Ironshore Inc. Iron-Starr Excess will act as a specialty lines insurance and reinsurance managing general agency, domiciled in Bermuda. Initially, Iron-Starr Excess will focus on the production of excess financial and commercial lines insurance and reinsurance products through U.S. insurers, Bermuda or other offshore carriers, including catastrophic excess casualty insurance for Fortune 2000 and other clients. It will issue policy limits up to $75 million.
Ironshore Inc. Announces Executives Appointments
Ironshore Inc. announced the appointment of three more executives from American International Group Inc. to its management team. Steven England, who was president of AIG Landmark, was named executive vice president responsible for running Ironshore National Branch, its new U.S. property/casualty underwriting operation based in St. Louis. Jordan Gantz and Jim Dowdy, both senior vice presidents at AIG Landmark, will join England at Ironshore National Branch. Ironshore has now hired eight senior AIG executives since December. Last week, Geoff Smith, president of AIG Cat Excess Liability, was named worldwide head of the specialty insurer's newly launched excess liability facility.