Magazine date:
Apr 2005 President of the first world insurer AIG for about forty years, Maurice Greenberg has been forced to step down from his post. His departure underscores the unprecedented confidence crisis witnessed by a sector which has been tarnished by scandals of illicit commissions and opaque management.
This shock wave has claimed two new victims: the sales director Howard Smith and Christian Milton, Vice-President, in charge of reinsurance. Both have been dismissed for refusing to collaborate with investigators.
The immediate consequence of this stir: the fall of stock market shares and serious threats of downgrading of the group rating which the different agencies have placed under negative perspective.