While shares in the American International Group have fallen after the company said it would not compromise on the purchase price of its Asia life insurance unit, the insurer’s chief executive, Robert H. Benmosche, is urging employees to keep their heads up.
“We remain confident in the strength, value and potential of A.I.A.,” Mr. Benmosche wrote in a letter obtained by DealBook, referring to the unit, American International Assurance. “Because of the progress A.I.G. has made in the last several months, we will have several options to consider regarding A.I.A. – more than we did in March.” (Read the letter after the jump.)
Mr. Benmosche, one of the deal’s biggest proponents, wrote in the letter that as the economy had improved, so too had the compny’s options for disposing of A.I.A.
He pointed out that A.I.G. was still on track to sell another international life insurance unit, the American Life Insurance Company, to MetLife, and that another unit, the International Lease Finance Corporation, had sold a significant amount of bonds.