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AIG PROMOTES COO ZAFFINO TO PRESIDENT, STOCK RISES - Capital Street FX

18-Dec
20:24 IST

AIG’s stock is currently trading at 51.83-higher by 0.07% as compared to the previous closing price.

The insurance company on Wednesday named Peter Zaffino, its current chief operating officer, as its President effective from 1st January 2020. COO Zaffino replaces CEO Brian Duperreault as president. The COO joined the insurance company two years ago. In May, the company’s insurance business notched its first underwriting profit since 2008. COO Zaffino will continue to serve as the Global COO of the company and CEO of General Insurance.

AIG announced last month that it would sell a 76.6% stake in the Fortitude Re reinsurance company to Carlyle Group and Japan’s T&D holdings for about $1.8 billion. After the deal closes, AIG’s stake in the company will decline to 3.5% from around 80%. American International Group released its earnings for the third quarter in November. The insurance company missed market expectations for the quarterly profit after a difficult catastrophe loss period and a review of assumptions it has used to write life insurance policies.

On the technical front, the RSI is currently at 47.01% and suggests that the market can continue trading sideways. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

 

TRADE SUGGESTION- LIMIT BUY AT 51.77 TAKE PROFIT AT 52.17 STOP LOSS AT 51.57

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