American International Group's new chief executive officer, Edward Liddy, said he plans to keep the core insurance property-casualty business as he decides how to sell off assets to pay a government-backed $85 billion bridge loan.
The comments came yesterday during a global meeting with employees broadcast by phone and over the Internet, a company spokesman confirmed.
According to reports, Mr. Liddy said he plans to rebuild the New York-based insurer into a smaller but much more nimble company by the time the process is finished. He said he does not plan to liquidate the company as he sells assets to pay back the government-backed loan.
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