ValuePlays

Peter Hancock from Chartis..(36min)

– A much simpler company than at its peak
– More focused
– Mortgage insurance has gone from #4 to #1 ranked in industry (least leveraged in industry)
– ILFC : $25B of debt would come off $AIG’s books in IPO
– Gov’t “exit in sight” $AIA $7-$8B $ILFC ~$7B ML III “Fed has accelerated the monetization of assets” ~$7B
– Chartis: the largest P&C insurer in the world
– 60% consumer
– 50% International
– 97% of Fortune 1000 do business with them
– Rate can go higher
– $67B in reserves. Adjustments Q over Q of no more than .1%
– Willing to take more liquidity risk but not more market risk
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